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Presstek's Strategic Initiatives Strengthen Future Business Opportunities25 January 2005
Presstek, Inc. (Nasdaq: PRST - News), a leading manufacturer and marketer of environmentally responsible high tech digital imaging solutions for the graphic arts and laser imaging markets, announced today that its strategic initiatives have resulted in greatly enhanced capacity and capabilities in virtually every part of its business.
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Presstek opens fiscal 2005 with an expanded product line, a greatly broadened customer base, new customer segments, and a stronger manufacturing infrastructure. In addition, the company has extended its market coverage, geographic footprint and channels to market, and now has the necessary marketing infrastructure to reach and service its new customers.
Presstek will be hosting a conference call tomorrow, Tuesday, January 25, 2005, at 9:00 a.m. (Eastern) to discuss its recent acquisitions and the status of its strategic initiatives. See below for details.
Presstek's President and CEO Edward J. Marino said, "As a result of the significant strategic, marketing and operational changes implemented in 2004 we are now a new, much stronger and more exciting Presstek. Looking ahead, Presstek's original belief in the inherent value of digital solutions, streamlined workflow and environmental responsibility will continue to form the underpinnings of our strategic direction. As we move into 2005, there will be many more important changes in our organization and the way we do business. We will continue our work to strengthen the leadership of our company - we are particularly pleased with the addition of Susan McLaughlin to our team. We will also strengthen our market channels, specifically our new direct sales, field service operations and eCommerce system. We will continue to use multiple technologies, some developed and manufactured by ourselves and some by others, to compete in our expanded markets. In addition, we will upgrade the human, capital and operating assets recently acquired, as well as properly scale and streamline all the operations effected by the acquisitions."
Commenting on the financial aspects of the acquisitions, Chief Financial Officer Moosa E. Moosa said, "We are currently in the process of finalizing our plans to streamline and integrate the operations at ABDick, as well as the Presstek operations that were impacted by the acquisition. This will be a multi-step process, which is expected to commence immediately and be substantially complete by the end of the second quarter of this year. Our goal is to generate savings from these efforts of approximately $7 million."
Moosa continued, "Let me highlight a few key points. As a result of the acquisitions, we have more than doubled the revenue base of the company. Our core Presstek business continues to generate consistent profitability and good cash flow. With the exception of certain charges relating to operational improvements made in the fourth quarter of 2004, our PLC unit is also expected to be profitable. We also expect that our ABDick unit will begin to generate profit and cash flow once our streamlining and integration efforts are complete. We continue to believe that the ABDick acquisition will be accretive to earnings by the end of 2005."
Marino concluded, "From both a financial and strategic perspective, we believe we now have the critical mass to fuel our company's future. Throughout that process our goal will be to consistently deliver profitability and positive cash flows."
Business Update Conference Call
Presstek has scheduled a conference call and webcast to discuss the recent acquisitions and the status of its strategic initiatives on Tuesday, January 25, 2005 at 9:00 a.m. (Eastern).
To participate in the call, dial (800) 299-9086, access code 36257374, five to ten minutes prior to the scheduled start time. To listen to a live web cast of the call, click on the IR Calendar in the Investor section of Presstek's website, http://www.presstek.com, fifteen minutes prior to start time. The webcast will be archived and available for replay until midnight on February 1, 2005. You may also listen to a telephone replay of the call from 1:00 p.m. on January 25, 2005 to 12:00 a.m. on February 1, 2005, by dialing (888) 286-8010, access code 44849445.
About Presstek
Presstek, Inc. is a leading manufacturer and marketer of environmentally responsible high tech digital imaging solutions to the graphic arts and laser imaging markets. Presstek's patented DI®, CTP and plate products provide a streamlined workflow in a chemistry-free environment, thereby reducing printing cycle time and lowering production costs. Presstek solutions are designed to make it easier for printers to cost effectively meet increasing customer demand for high-quality, shorter print runs and faster turnaround while providing improved profit margins.
Presstek subsidiary Precision Lithograining Corporation is a manufacturer of high quality digital and conventional printing plate products, including Presstek's award-winning, chemistry-free Anthem plate. Presstek subsidiary Lasertel, Inc., manufactures semiconductor laser diodes for Presstek's and external customers' applications. ABDick, a Presstek Company, manufactures and markets graphic arts and printing equipment and supplies for all stages of document creation - pre-press, press and post-press - and provides continuing service and support.
For more information visit http://www.presstek.com, http://www.precisionlithograining.com and http://www.abdick.com, or call 603-595-7000 or email: info@presstek.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the performance of existing and future products, the market's acceptance of and demand for the Company's existing and newly introduced products, the ability of the Company to obtain and maintain normal terms with its customers, vendors and dealers, the ability of the Company to expand its long-term business and growth opportunities, and the strength of the Company's various strategic partnerships (both on manufacturing and distribution). Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the performance and productivity of newly introduced products, the Company's dependency on its strategic partners, the strength of the Company's various strategic partnerships (both on manufacturing and distribution), market acceptance of and demand for the Company's products, the effects of the introduction of competing products, the ability to successfully integrate Presstek and the A.B.Dick Company and the impact of general market factors in the print industry generally and the economy as a whole. Other risks are detailed in Presstek's filings with the Securities and Exchange Commission. The words "looking forward," "looking ahead," "anticipates," "expects," "will," "believe(s)," "may," "is expected to," "likely", and similar expressions, among others, identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to update any forward-looking statements contained in this new release.
CONTACTS:
Moosa E. Moosa Jane Miller
Executive Vice President/ Corporate Relations Manager
Chief Financial Officer (603) 594-8585 ext. 3346
(603) 595-7000 jmiller@presstek.com
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Source: Presstek, Inc.
Source: PR Newswire via Yahoo
All trademarks and copyrighted information contained herein are the property of their respective owners.
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