Presstek sees hike in 2Q profits
Presstek, a Hudson-based manufacturer of sophisticated digital imaging solutions for the printing industry, posted record consolidated revenues for the second quarter of 2006.
The company reported that revenues were $74.2 million for the quarter, up 5 percent from the first quarter and 6 percent from the same quarter a year ago. Net income was $2.7 million, or 8 center per diluted share, up 17 percent from $2.3 million, or 7 cents per diluted share, in the second quarter of 2005.
The financial numbers come from Presstek’s digital imaging equipment revenue, which rose 38 percent from the first quarter of 2006 and skyrocketed 117 percent from the same quarter a year ago.
Presstek’s European sales also rose dramatically, up 28 percent on the quarter and 135 percent for the same quarter in 2005.
The company also paid down nearly $2 million in long-term debt during the second quarter ending July 1.
Presstek did see some losses in the second quarter, mainly in its analog consumable sector, which fell about 1 percent from the same quarter a year ago, and in the service sector. Service costs rose $600,000 on higher equipment costs.
Gross profits remained essentially flat for both the quarter and the first half of 2006.
The company expects to achieve annual revenue growth of 10 percent for the full-year 2006.
In other news, Presstek appointed William C. Keller to senior vice president of operations. Keller has over 20 years of experience in manufacturing. Prior to Presstek, Keller served as senior vice president of global operations for Brooks Automation Inc. of Chelmsford, Mass. — CINDY KIBBE