Presstek cuts 1Q loss


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
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