FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 12a-16 or 15d-16 of
the Securities Exchange Act of 1934
November 9, 2000
Commission File No. 0-26498
NUR MACROPRINTERS LTD.
(Exact Name of Registrant as specified in its Charter)
Not Applicable
(Translation of Registrant's Name into English)
5 David Navon Street
Moshav Magshimim
56910 Israel
(Address and principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b).
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Attached hereto and incorporated by reference herein is a press release of
the registrant dated November 9, 2000.
NUR Macroprinters Ltd. Reports 14th Consecutive Record Quarter in Revenues
and Record Net Profits before one time Salsa Digital acquisition related costs
Record Third Quarter Revenues of $36.6 million and record adjusted earnings
(before one time Salsa Digital acquisition related costs) of $3.66 million or
$0.24 per share on a fully diluted basis
Magshimim, Israel, November 9, 2000 - NUR Macroprinters Ltd. (NASDAQ: NURM), a
leading manufacturer and marketer of wide and superwide format digital inkjet
printers and consumables, today announced record revenues and record profits
before one time Salsa Digital acquisition related costs for the third quarter
ended September 30, 2000. This marks the fourteenth consecutive quarter of
record revenues and earnings growth for the company.
The adjusted earnings excludes the one time effect of Salsa Digital acquisition
related costs amounting to $4.9 million, comprising of $4.3 million for
write-off of in-process R&D and $0.6 million for other acquisition related
costs.
Revenues for the third quarter of 2000 increased 143% to $36.60 million,
compared to $15.08 million for the same quarter last year. Gross profit
increased 142% to $17.30 million versus $7.14 million for the comparable period
last year. Total operating expenses increased 169% to $12.17 million in the
third quarter of 2000 from $4.53 million in the third quarter of 1999, due
primarily to a 150% and 205% increase in research and development expenses and
selling expenses, respectively. Net income before the one time Salsa Digital
acquisition related costs of $4.9 million and after intangibles amortization
cost of $0.73 million and interest expenses of approximately $0.45 million, both
related to the Salsa Digital acquisition, increased by 75% to $3.66 million from
$2.09 million for the comparable period last year. The $0.73 cost of intangibles
amortization, reducing the net income to $3.36 million, is an expected recurring
quarterly expense for an average of six years, resulting from the Salsa Digital
Acquisition. Earnings per share (excluding one time Salsa Digital acquisition
related costs) increased by 42% to $0.24 per share on a fully diluted basis, as
compared to $0.16 per share for the comparable period last year. Taking into
account the one time Salsa Digital acquisition related costs the company
reported a net loss of $1.24 and loss per share of $0.08 on a fully diluted
basis.
Revenues for the nine months ended September 30, 2000 were $82.23 million, an
increase of 105%, compared to $40.14 million for the same period the previous
year. Gross profit increased to $39.37 million from $19.75 million for the same
period last year, an increase of 99%. Excluding M. NUR Marketing & Communication
GmbH`s results from the nine months ended September 30, 1999 period (an
operation that was sold during the third quarter of 1999), revenues increased
118% from $37.68 million for the same period the previous year and gross profit
increased 111% from $18.63 million for the same period last year.
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Net income, before one time Salsa Digital acquisition related costs and after
intangibles amortization cost and interest expenses related to the acquisition,
was $9.33, or $0.64 per share on a fully diluted basis, for the nine months
ended September 30, 2000 compared to $4.83 million or $0.39 per share for the
comparable period last year. Taking into account the one time Salsa Digital
acquisition related costs the company reported net income of $4.43 and earning
per share of $0.31 on a fully diluted basis.
NUR Macroprinters' third quarter financial results include the financial
results of Salsa Digital (formerly known as Signtech Ltd. of San Antonio,
Texas). The following are highlights of pro forma results (in thousands of US $)
assuming the merger took place on July 1st, 1999 and excluding the one time
acquisition costs:
PRO FORMA
(In thousands US$)
Three months ended Nine months ended
Sept. 30 Sept. 30 Sept. 30 Sept. 30
2000 1999 2000 1999
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Revenues 36,602 23,814 99,727 64,472
Operating income 4,410 1,679 10,290 3,713
Net income 3,658 1,125 8,554 2,550
"We are very pleased with the financial results for the third quarter of 2000,
commented Erez Shachar, President and CEO of NUR Macroprinters Ltd. "The quarter
was again, by far, the best in NUR Macroprinters' history. It has been a quarter
full of achievements including the closing of the Salsa Digital acquisition, the
completion of a $10 million private placement, and most importantly, the full
integration and unification of the NUR and Salsa organizations, including the
sales and marketing and customer support staffs. "In addition, we plan to retain
and leverage the strengths of the two R&D and manufacturing locations; our
operations in Israel will continue to focus on high-end, high productivity
products, while the former Salsa R&D and manufacturing operation in San Antonio,
TX will continue to be involved with lower cost machines that are manufactured
in high volume."
Mr. Shachar further commented "The Company has continued its aggressive growth
during the quarter. For the first time in the company's history sales of wide
format digital printers were higher then those of super wide."
NUR Macroprinters results include for the first time the results of the
integrated Salsa Digital, said Hilel Kremer, VP Finance & CFO. Mr. Kremer
continued; "Starting already in the first quarter of integration, the company's
earning per share before one time acquisition costs, but
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including intangibles amortization cost and interest expense, were accretive at
$0.24 compared with $0.22 last quarter".
About NUR Macroprinters Ltd.
NUR Macroprinters (Nasdaq: NURM) is a global market leader in wide and superwide
digital printing solutions for the out-of-home advertising market. From its
photorealistic printers to its high throughput production presses, NUR's
comprehensive line of digital printers and consumables addresses the complete
range of wide and superwide format digital printing requirements. NUR's fully
digital printing solutions help customers in more than 50 countries worldwide
deliver the high quality and fast turnaround they need to meet their customers'
wide ranging printing requirements.
CERTAIN STATEMENTS MADE HEREIN THAT USE THE WORDS "ESTIMATE," "PROJECT,"
"INTEND," "EXPECT," "BELIEVE" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY
FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. THESE FORWARD-LOOKING STATEMENTS INVOLVE KNOWN
AND UNKNOWN RISKS AND UNCERTAINTIES WHICH COULD CAUSE THE ACTUAL RESULTS,
PERFORMANCE OR ACHIEVEMENTS OF NUR MACROPRINTERS LTD. TO BE MATERIALLY DIFFERENT
FROM THOSE WHICH MAY BE EXPRESSED OR IMPLIED BY SUCH STATEMENTS, INCLUDING,
AMONG OTHERS, CHANGES IN GENERAL ECONOMIC AND BUSINESS CONDITIONS AND
SPECIFICALLY, DECLINE IN DEMAND FOR NUR MACROPRINTERS LTD.'S PRODUCTS, INABILITY
TO TIMELY DEVELOP AND INTRODUCE NEW TECHNOLOGIES, PRODUCTS AND APPLICATIONS AND
LOSS OF MARKET SHARE AND PRESSURE ON PRICES RESULTING FROM COMPETITION. FOR
ADDITIONAL INFORMATION REGARDING THESE AND OTHER RISKS AND UNCERTAINTIES
ASSOCIATED WITH THE COMPANY'S BUSINESS, REFERENCE IS MADE TO NUR MACROPRINTERS
LTD.'S REPORTS FILED FROM TIME TO TIME WITH THE SECURITIES AND EXCHANGE
COMMISSION.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
NUR MACROPRINTERS LTD.
Date: November 9, 2000 By: /s/ Erez Shachar
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Name: Erez Shachar
Title: Chief Executive Officer
