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98% drop in Presstek income

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Presstek vice president of sales, marketing and customer support Efrem Lieber said the last quarter of 2001 was one of the hardest we have faced after the firm reported a 98% fall in net income for the three months to 29 December.

Net income fell to just 26,000 ($37,000), while revenue dropped to 16.2m, 7% down on 2000.

Total revenue from Heidelberg for the quarter fell 20% to 7m, which Lieber said was due to a reduction in orders due to the economic slowdown.

Pressteks shipments of DI imaging kits and presses were lower than expected at 70 units. Shipments of its Dimension platesetters were steady at 32 units.

Full-year revenues rose 17% to 72m, but Presstek reported a net loss of 1.1m, compared to a net income of 4m the previous year.