Presstek reports loss increased in 2011’s Q4
Hudson-based Presstek Inc. lost another $3.8 million (10 cents a diluted share) in its fourth quarter – an improvement over the previous year’s finish – but still resulting in a $12.4 million annual loss (33 cents a share), a slightly bigger loss than in 2010.
Presstek’s quarterly revenue was down by $1.3 million, to $29.8 million. Still, its quarterly losses were nearly a $3 million improvement over its losses in the last quarter of 2010, thanks to cuts in expenses.
But the company was not able to make up the $8.6 million decline in annual sales, which totaled $120 million last year. The company’s net loss was $1.8 million greater than it was in 2010.
“Presstek faced another challenging year in 2011, as adverse economic and industry conditions continued to negatively impact print volumes,” said CEO Stanley E. Freimuth. “However, we were pleased with activity in the fourth quarter. We had previously reported that we expected fourth quarter revenue and gross margin dollars to be flat relative to third quarter numbers, and our results were better than expected. “
The maker of commercial printing equipment and supplies has struggled of late. It decided to switch its stock listing to the Nasdaq Capital Market from the Nasdaq Global Select market last April, giving Presstek another 180 days to avoid delisting. The Hudson company has not been able to keep its stock price above $1.
– New Hampshire Business Review