Presstek’s results for the third quarter of 2007 show a net loss from continuing operations of $3.6M, compared with a net loss of $40,000 in the third quarter of the previous year. Consolidated revenue from continuing operations was $59.6M, down $1.8M from the same quarter last year.
Presstek president and ceo Jeff Jacobson said: “We have experienced some temporary disruptions to our business over the past several months related to an extensive worldwide review of inventory and receivables, as well as certain European business processes and revenue recognition practices. These have negatively impacted our third quarter results and will also impact our fourth quarter results to a lesser extent.
“Our Business Improvement Plan is well underway and on track and, based upon actions already taken, we now expect we will exceed our previously announced nine per cent reduction in headcount. We are looking forward to a much improved 2008.”
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