Presstek Narrows Loss for Fiscal Year, Logs Third 75DI Press Order

For fiscal 2010, it reported total revenue of $128.6 million, a decline of 4 percent from 2009, and adjusted EBITDA of $4.0 million, a $5.6 million improvement from the prior year. The company also reported a 50 percent reduction in debt net of cash in 2010.

During the fourth quarter of 2010, Presstek recorded two significant non-cash charges, a $1.9 million expense related to a single customer bad debt reserve and a $2.7 million valuation allowance against certain deferred tax assets outside the United States. Although reserved in the fourth quarter, the benefits of these deferred tax assets remain available to offset the company’s future income tax liabilities. Presstek anticipates implementing tax planning strategies which management believes will make possible the reversal of some or all of this allowance in future periods.