Presstek hires former Kodak exec as CFO
Jeffrey Cook, a former Kodak executive, has been hired to replace Presstek CFO Moosa E Moosa.
Cook served as CFO and CIO of Kodak Polychrome Graphics from 2000 to 2005, and had been working on some “private equity opportunities” before signing on to the Hudson-based manufacturer of digital printing equipment.
Moosa, who has been with Presstek since 2002 and the CFO since February 2005, is leaving to “pursue other interests,” according to the company release.
“We thank Moosa for his contributions to Presstek and wish him well,” said Edward Marino, Presstek’s CEO, and did not offer further comment regarding Moosa’s departure.
Of Cook’s hiring, Marino said his “broad experiences as a proactive, business-oriented financial leader” whose “multi-national experience in the graphic arts industry combined with his knowledge of business management process brings valuable experience to Presstek in this phase of our growth.”
In other company news, Presstek’s last earnings release was delayed for more than a week because of complications due to the discontinuation of analog operations resulting in a $2.4 million write-off and some $2.6 million of good will.
An environmental accident in the company’s analog facility in Massachusetts was the impetus for dropping that line.
The company did post positive financial gains despite the discontinued operations, ending the fourth quarter of 2006 with a net income of $4.6 million, nearly twice that of the same quarter of 2005. Annual profits for 2006 were $9.7 million (27 cents per share). — BOB SANDERS