Presstek ’09 loss nears $50m

Monday, January 10, 2011

Printing equipment manufacturer Presstek Inc. lost nearly $50 million last year, according to the company's most recent filing.

The company, headquartered in Greenwich, Conn., but with substantial operations in Hudson, posted a net loss of $1.2 million in the last quarter of 2009, or 4 cents a share. That caps off the year with an annual net loss to $49.85 million or $1.34 a share.

The recession hit the company hard. Sales – at $33.5 million – were down 21 percent compared to the fourth quarter of 2008. Annual revenue -- $134.5 million – was down 40 percent for the year. Equity fell to $56 million, a little more than half of the $102.5 million of stockholder’s equity the previous year.

On the other hand, the news could have been far worse. The company cut its fourth-quarter operating costs by 29 percent, largely due to a cost-reduction program implemented in August, and fourth-quarter revenue rose slightly compared to the third quarter of 2009.

While offering no guidance, the company pointed to several positive trends: settlement of an investigation by the Securities and Exchange Commission, the sale of its Lasertel division, which until recently, has been a drag on sales, a favorable decision by the International Trade Commission on a key patent case, and renegotiation of the company’s debt.

All this, said Jeff Jacobson, Presstek’s chairman, president and chief executive, “gives us a great deal of momentum as we move forward.” – BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

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