Revenues for the quarter declined $16.3m, or 32%, to $34.5m, driven by a 62% drop in equipment sales, which Presstek said reflected "customer delays in major capital commitments, as well as continued tightening in the credit markets".
Presstek added that it had "partially offset" the negative impact of falling sales through continued improvements in operating expenses, driven by the company's 'Business Improvement Plan' as well as continued restructuring in late 2008.
Jeff Jacobsen, president and chief executive officer at the US-based pre-press manufacturer, said: "Our vigilance in reducing costs has allowed us to offset a significant portion of the negative impact of the sales decline driven by the current economic uncertainty.
"We also remain intensely focused on managing costs and reducing debt, and we believe that these actions, combined with the expected revenue growth from our new product initiatives, will position Presstek for great success."
The company reported a 57% reduction in its debt net of cash, which stood at $9.7m, compared to $22.3m a year earlier.
"Our consistent financial discipline has enabled the company to generate positive cash earnings from continuing operations in the quarter, and reduce debt net of cash 57% below prior year levels despite economic pressures," said executive vice president and chief financial officer Jeff Cook.
Presstek's results excluded the company's Lasertel affiliate which is currently being marketed for sale.
Presstek suffers Q1 reverse, pins hopes on cost reductions and product launches
Presstek has reported a first-quarter operating loss of $1.8m (1.2m), down 200% from a profit of $1.8m in the first three months of 2008, as the global economic climate took its toll on equipment sales.
