PRESSTEK INC /DE/

CIK:0000846876|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Revenue
Equipment	$ 6,386	$ 6,230	$ 9,886	$ 11,348
Consumables	17,557	19,252	35,120	39,986
Service and parts	5,718	5,913	11,681	11,941
Total revenue	29,661	31,395	56,687	63,275
Cost of revenue
Equipment	6,081	6,269	10,294	11,833
Consumables	10,678	10,386	21,632	21,615
Service and parts	4,380	4,783	8,940	9,925
Total cost of revenue	21,139	21,438	40,866	43,373
Gross profit	8,522	9,957	15,821	19,902
Operating expenses
Research and development	770	1,110	1,744	2,185
Sales, marketing and customer support	4,343	5,609	8,285	10,873
General and administrative	3,380	4,135	6,207	8,452
Amortization of intangible assets	289	210	535	411
Restructuring and other charges		48		363
Total operating expenses	8,782	11,112	16,771	22,284
Operating loss	(260)	(1,155)	(950)	(2,382)
Interest and other income (expense), net	(487)	(360)	(984)	(675)
Loss before income taxes	(747)	(1,515)	(1,934)	(3,057)
Provision (benefit) for income taxes	8	183	45	181
Net Income (Loss)	(755)	(1,698)	(1,979)	(3,238)
Unrealized foreign currency translation adjustment	(227)	26	109	553
Comprehensive loss	$ (982)	$ (1,672)	$ (1,870)	$ (2,685)
Loss per share (basic and diluted)	$ (0.02)	$ (0.05)	$ (0.05)	$ (0.09)
Weighted average shares outstanding - basic and diluted	37,395	37,213	37,395	37,259

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
Operating activities
Net Income (Loss)	$ (1,979)	$ (3,238)
Adjustments to reconcile Net Income (Loss) to net cash provided by (used in) operating activities:
Depreciation	1,680	1,715
Amortization of intangible assets	535	411
Provision for warranty costs	60	16
Provision for accounts receivable allowances		143
Amortization of loan origination fees	180	180
Stock compensation expense	409	920
Accrual for non-cash bonus plan		80
Loss on disposal of long-lived assets		42
Changes in operating assets and liabilities:
Increase (Decrease) in Accounts receivable	917	(340)
Increase (Decrease) in Inventories	3,472	42
Increase (Decrease) in Other current assets	(235)	(1,551)
Increase (Decrease) in Other noncurrent assets	(10)	11
Increase (Decrease) in Accounts payable	396	330
Increase (Decrease) in Accrued expenses	(1,376)	(1,636)
Restructuring and other charges		363
Increase (Decrease) in Deferred revenue	(721)	111
Net cash provided by (used in) operating activities	3,328	(2,401)
Investing activities
Purchase of property, plant and equipment	(101)	(176)
Investment in patents and other intangible assets	(30)	(1,116)
Net cash used in investing activities	(131)	(1,292)
Financing activities
Net proceeds from issuance of common stock		64
Net borrowings (repayments) under line of credit agreement	(2,944)	2,645
Net cash provided by (used in) financing activities	(2,944)	2,709
Effect of exchange rate changes on cash and cash equivalents	109	539
Net increase (decrease) in cash and cash equivalents	362	(445)
Cash and cash equivalents, beginning of period	2,539	4,165
Cash and cash equivalents, end of period	2,901	3,720
Supplemental disclosure of cash flow information
Cash paid for interest	590	356
Cash paid for income taxes	$ 29	$ 22

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 2,901	$ 2,539
Cash - restricted	516	512
Accounts receivable, net	14,987	15,904
Inventories	21,178	25,038
Other current assets	1,580	1,345
Total current assets	41,162	45,338
Property, plant and equipment, net	17,363	18,543
Intangible assets, net	4,496	5,001
Other noncurrent assets	769	931
Total assets	63,790	69,813
Current liabilities
Line of credit	10,813	13,757
Accounts payable	7,260	6,864
Accrued expenses	4,210	5,472
Deferred revenue	3,752	4,473
Total current liabilities	26,035	30,566
Other long-term liabilities		31
Total liabilities	26,035	30,597
Stockholders' equity
Common stock	374	374
Additional paid-in capital	125,400	124,992
Accumulated other comprehensive loss	(3,275)	(3,384)
Accumulated deficit	(84,744)	(82,766)
Total stockholders' equity	37,755	39,216
Total liabilities and stockholders' equity	$ 63,790	$ 69,813