Presstek posts larger 4th-quarter loss on lower sales; cuts expenses

Presstek posts larger 4Q loss but trims costs

GREENWICH, Conn. — Digital printing products maker Presstek Inc. posted a larger fourth-quarter loss Wednesday as revenues sank, though it said its overall financial position has grown stronger.

Presstek said its operating expenses fell 42 percent during the fourth quarter, largely on $40 million in cost cuts.

The company posted a loss of $1.3 million, or 3 cents per share, compared with a loss of $456,000, or a penny per share, in the same period a year earlier.

Revenue fell 21 percent to $33.5 million from $42.3 million, hurt by lower equipment sales amid the recession.

The company said its sales increased sequentially and added that its financial position is strengthening “as we were able to significantly reduce our debt net of cash in the quarter.”

Expenses fell 29 percent to $12 million.

For the full year, Presstek posted a loss of $49.8 million, or $1.36 per share, compared with a profit of $524,000, or a penny per share, in 2009.

Revenue fell 30 percent to $134.5 million from $193.3 million.

Shares rose 7 cents, or 2.3 percent, to $3.17 in morning trading. The stock has traded in the 52-week range of $1.10 and $3.30.