Presstek cuts 1Q loss



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Despite flat revenue, Presstek Inc. was able to reduce its losses by cutting expenses and slashing debt, according to the company’s first quarter earnings report, released Monday.The Hudson-based provider of commercial printing equipment supplies and services posted a net loss of $622,000, or 2 cents a diluted share, slightly more than half the $1.2 million loss posted the same quarter in 2009.Sales remained flat at $24.5 million, only $31,000 more than the previous year, but the company cut operating expenses by $2.3 million. Presstek also slashed it debt, primarily by selling its unprofitable Lasertel subsidiary in March for $8 million in cash and $2 million in inventory.The company didn’t put the money in the bank, however. Cash fell from $5.8 million to $3.5 million. Instead it appears the money was mainly used to help cut current liabilities by $15 million to $32 million in a single quarter. Indeed, Lasertel itself was listed as a $5.2 million liability. "Our current debt net of cash of $5.4 million represents an 85 percent reduction from our high point of $37 million three years ago this quarter," said Presstek's chairman, president and chief executive, Jeff Jacobson.In other news concerning the company, Dr. Lawrence Howard has retired as a member of the company's board of directors, the company announced Wednesday. Howard co-founded Presstek in 1987 with his father Robert and served as president and chief executive from 1988 to 1992. He has served as a member of the Board since 1987.Presstek's stock price closed Monday at $4.10 a share, down 20 cents. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags