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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
August 8, 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)
6 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 / /
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-b(b) under the Securities Exchange Act of
1934.
Yes / / No /X/
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 August 8, 2000.
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NUR MACROPRINTERS LIMITED REPORTS 13TH CONSECUTIVE RECORD QUARTER IN REVENUES
AND PROFIT
QUARTERLY REVENUES FROM CONTINUING OPERATIONS INCREASED BY 101%; QUARTERLY
EARNINGS MORE THAN DOUBLED
Magshimim, Israel, August 8, 2000 - NUR Macroprinters Limited (NASDAQ: NURM), a
leading manufacturer and marketer of wide and superwide format digital inkjet
printers and consumables, today announced record revenues and record profits
for the second quarter ended June 30, 2000. This marks the thirteenth
consecutive quarter of record revenues and earnings growth for the company.
Revenues for the second quarter of 2000 increased 79% to $24.16 million,
compared with $13.48 million for the same quarter last year. Gross profit
increased 75% to $12.1 million versus $6.92 million for the comparable period
last year. Total operating expenses increased 65% to $8.23 million in the
second quarter of 2000 from $5.01 million in the second quarter of 1999, due
primarily to a 94% increase in research and development expenses. Net income
increased by 111% to $3.10 million from $1.47 million for the comparable
period last year. Earnings per share increased by 83% to $0.22 per share on a
fully diluted basis, as compared to $0.12 per share for the comparable period
last year.
Excluding M. NUR Marketing & Communication GmbH's ("NUR Germany") results
from the second quarter of 1999 (an operation that was sold during the third
quarter of 1999), revenues for the second quarter increased 101% from $12.02
million in the second quarter of 1999. Gross profit increased 94% from $6.23
million for the comparable period last year.
Revenues for the six months ended June 30, 2000 were $45.63 million, an
increase of 82%, compared to $25.06 million for the same period the previous
year. Gross profit increased to $22.05 million from $12.61 million for the
same period last year, an increase of 75%. Excluding M. NUR Marketing &
Communication GmbH's results from the six months ended June 30, 1999 (an
operation that was sold during the third quarter of 1999), revenues increased
102% from $22.6 million for the same period the previous year and gross
profit increased 92% from $11.5 million for the same period last year. Net
income was $5.65, or $0.40 per share on a fully diluted basis, for the six
months ended June 30, 2000 compared to $2.75 million or $0.23 per share for
the comparable period last year.
"We are very pleased with the financial results for the second quarter of
2000, commented President and CEO of NUR Erez Shachar, Macroprinters Ltd.
"The quarter was by far the best in NUR Macroprinters' history. The company
has continued its aggressive growth during the quarter, and the first half of
2000. The growth in both revenues and earnings are attributed to the
continued success of the NUR Blueboard HiQ+, leading strongly the superwide
format printing market, the growing number of installations of the newly
introduced NUR Fresco, NUR's digital alternative to the screen printing
market, and continued aggressive growth in consumable usage, indicating a
strong growth in the printed output generated by our customers."
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Commenting on the success of the NUR Fresco wide-format digital production
press, Erez Shachar said, "We began commercial distribution of the NUR Fresco
in January 2000. Our manufacturing and installation capabilities have
significantly improved since the beginning of the year. To date, we have
installed over 30 NUR Fresco units worldwide. We estimate that we will
surpass initial forecasts and install over 60 units by the end of the year."
Mr. Shachar also commented on the recent acquisition of Salsa Digital Limited
(formerly known as Signtech Limited of San Antonio, Texas), "We are pleased at
how quickly the acquisition and, more importantly, the unification of the two
organizations has taken place. The new NUR Macroprinters is now clearly the
strongest supplier of wide and superwide production digital printers in the
industry with a comprehensive product line that addresses a wider spectrum of
user requirements in terms of quality level, types of jobs, and production
volumes."
"Now that the integration of the unified sales and marketing organization is
complete we are working to ensure that the unification and integration of our
customer support staffs are complete by the end of the third quarter of this
year," continued Mr. Shachar. "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."
NUR Macroprinters' second quarter financial results do not include the
financial results of Salsa Digital Limited NUR Macroprinters purchased
substantially all of the assets of Salsa Digital in July 2000, for $30
million, consisting of $20 million in cash and $10 million in NUR
Macroprinters ordinary shares.
NUR Macroprinters reported that the cash portion of the acquisition
transaction, a sum of $20 million, was financed through bank debt. "The
company is now in the process of raising up to $10 million in equity to
re-finance part of the debt through a private placement mainly in Europe,"
said VP Finance and CFO Hilel Kremer, of NUR Macroprinters.
NUR's current financing plans also include the possibility of a public
offering of $50 to $60 million in equity by mid 2001. NUR does not have any
commitments in contemplation of such an offering."
Mr. Kremer continued, "The financial results of the former Salsa Digital
Limited will be consolidated with those of NUR Macroprinters as of the third
quarter of 2000. We expect that our third quarter results will include a
one-time expense of approximately $3 million related to in-process R&D and
Salsa Digital acquisition related costs. NUR Macroprinters is now in the
process of auditing the financial records of the former Signtech Limited and
carving out the acquired Salsa Digital assets from those records."
"NUR Macroprinters estimates Salsa Digital's 1999 revenues to be
approximately $25 million. For the six months ended June 30, 2000, NUR
estimates the Salsa Digital revenues at approximately $14.5 million. For the
three months ended June 30, 2000 our estimate of Salsa Digital's revenues is
approximately $8.5 million."
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ABOUT NUR MACROPRINTERS LIMITED
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.
The securities offered in the mentioned private placement will not be
registered under the US Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an applicable exemption from
registration.
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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NUR MACROPRINTERS LTD.
CONDENSED BALANCE SHEETS, US$ IN THOUSANDS
<TABLE>
<CAPTION>
June 30, December 1, Percent
2000 1999 Change
----------- ----------- -----------
<S> <C> <C> <C>
CURRENT ASSETS :
Cash and cash equivalents $ 8,295 $ 9,190 -10%
Accounts receivable - trade 22,437 11,647 93%
Other receivables and prepaid expenses 5,640 3,673 54%
Inventories 12,106 10,689 13%
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TOTAL CURRENT ASSETS 48,478 35,199 38%
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INVESTMENTS
Investments and other non-current assets 1,162 1,115 4%
Severance pay funds 614 514 19%
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1,776 1,629 9%
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PROPERTY AND EQUIPMENT, NET 2,695 2,723 -1%
OTHER ASSETS, NET 21 97 -78%
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Total assets 52,970 39,648 34%
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES :
Short - term bank credit 4,675 2,743 70%
Current maturities of long - term loans 762 832 -8%
Trade payables 8,951 8,243 9%
Accrued expenses and other liabilities 10,160 5,573 82%
Advances from customers 605 1,791 -66%
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TOTAL CURRENT LIABILITIES 25,153 19,182 31%
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LONG -TERM LIABILITIES :
Long - Term loans 1,237 1,650 -25%
Long - Term Liabilities 147 293 -
Accrued severance pay 853 660 29%
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2,237 2,603 -14%
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SHAREHOLDERS' EQUITY :
Share capital 3,138 2,940 7%
Capital surplus 19,919 17,702 13%
Cumulative translation adjustment (458) (114) 302%
Accumulated Earnings (Deficit) 2,981 (2,665) -212%
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TOTAL SHAREHOLDERS' EQUITY 25,580 17,863 43%
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 52,970 39,648 34%
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NUR MACROPRINTERS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. $ IN THOUSANDS, EXCEPT PER SHARE DATA
<TABLE>
<CAPTION>
Six months ended Percent Three months ended Percent
6/30/00 6/30/99 Change 6/30/00 6/30/99 Change
--------- --------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Revenues
Sales of printers and related products $ 45,627 $ 22,600 101.89% $ 24,158 $ 12,021 100.96%
Sales of printed materials 2,460 -100.00% 1,459 -100.00%
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45,627 25,060 82.07% 24,158 13,480 79.21%
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Cost of revenues
Cost of sales of printers and related products 23,580 11,108 112.28% 12,081 5,787 108.76%
Cost of sales of printed materials 1,344 -100.00% 778 -100.00%
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23,580 12,452 89.37% 12,081 6,565 84.02%
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Gross profit 22,047 12,608 74.87% 12,077 6,915 74.65%
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50.31% 51.30%
Research & Development expenses 4,062 2,414 68.27% 2,135 1,194 78.81%
Less-Grants (215) (276) (1) (94)
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Research & Development expenses, net 3,847 2,138 79.93% 2,134 1,100 94.00%
Selling expenses, net 7,338 4,510 62.71% 3,989 2,492 60.07%
General and administrative expenses 4,184 2,732 53.15% 2,165 1,422 52.25%
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11,522 7,242 59.10% 6,154 3,914 57.23%
Operating income (loss) 6,678 3,228 106.88% 3,789 1,901 99.32%
Financial expenses net (375) (339) 10.62% (122) (248) -50.81%
Other income net 8 68 -88.24% 7 1 600.00%
Taxes on income (525) (182) 188.46% (247) (160) 54.38%
Equity in the earnings of affiliates, net of taxes (140) - (326) -
Minority interest (29) -100.00% (24) -100.00%
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Net income for the period $ 5,646 $ 2,746 105.61% $ 3,101 $ 1,470 110.95%
========= ========= ========== ========= ========= =========
12.37% 10.96% 12.93% 12.84% 10.91% 17.71%
Earning per share $ 0.46 $ 0.25 84.56% $ 0.25 $ 0.13 86.67%
========= ========= ========= =========
Dilluted earnings per share $ 0.40 $ 0.23 76.52% $ 0.22 $ 0.12 83.35%
========= ========= ========= =========
Weighted average number of shares
outstanding during the period 12,145,662 10,902,346 12,345,750 10,924,693
=========== ========== ========== ==========
Weighted average number of shares outstanding
during the period used for dilluted earnings 14,164,349 12,160,788 14,222,232 12,361,385
per share
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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: August 8, 2000 By: /s/ Erez Shachar
---------------------------
Name: Erez Shachar
Title: Chief Executive Officer
