Ellomay Capital Ltd.

Foreign Filer Report • Nov 18, 2002

6-K 1 form6-k111802.htm FORM 6-K Form 6-K>

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

Report of Foreign Private Issuer Pursuant to Rule 12a-16 or 15d-16 of the Securities Exchange Act of 1934

November 14, 2002

Commission File No. 0-26498

NUR MACROPRINTERS LTD. (Exact Name of Registrant as specified in its Charter) Not Applicable (Translation of Registrant's Name into English)

12 Abba Hilel, Silver Street Lod 71111 Israel (Address and principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b).

Attached hereto and incorporated by reference herein is a press release of the registrant dated November 14, 2002.

NUR MACROPRINTERS LTD. ANNOUNCES THIRD QUARTER AND NINE MONTHS FINANCIAL RESULTS

MARKER FORMAT-SHEET="Center Rule"

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MARKER FORMAT-SHEET="Para Hang Roman In 1"

ThirdQuarter Revenues of $20.9 Million; Gross Margins grow to 36.2% from 30.6% in Q2, Operating loss of $680,000, down from $1,800,000 in Q2 2002

MARKER FORMAT-SHEET="Para Justify"

LOD, Israel, Nov. 14 NUR Macroprinters Ltd. (NASDAQ: NURM), a world leading manufacturer of wide-format and superwide digital printing systems and consumables for the out-of-home advertising market, today announced its consolidated financial results for the third quarter and nine months ended September 30, 2002.

MARKER FORMAT-SHEET="Para Justify"

Revenues for the third quarter of 2002 were $20.9 million compared to $30.1 million during the third quarter of 2001. Net loss for the third quarter of 2002 was $(1.2) million, or $(0.07) per share, as compared to a net profit of $83,000, or $0.01 per share, during the third quarter of 2001.

MARKER FORMAT-SHEET="Para Justify"

Gross profit for the third quarter was $7.6 million compared to $11.9 million in the third quarter of 2001. Operating expenses for the third quarter were $8.3 million compared to $11.1 million in the comparable quarter last year. Operating loss for the third quarter was approximately $(0.7) million, compared to an operating income of $0.8 million in the third quarter last year.

MARKER FORMAT-SHEET="Para Justify"

Revenues for the first nine months of 2002 were $65.7 million compared to $91.8 million in the first nine months of 2001. Net loss for the nine month period was $(7.0) million or $(0.41) per share, compared to a net loss of $(6.5) million for the first nine months of 2001 or $(0.44) per share.

MARKER FORMAT-SHEET="Para Justify"

Gross profit for the first nine months of 2002 was $20.6 million, compared to a gross profit of $32.9 million for the first nine months of 2001. Operating expenses for the period were $26.4 million compared to $36.7 million in the first nine months of 2001. Operating loss for the first nine months of 2002 was $(5.8) million, as compared to an operating income of $(3.7) million for the first nine months of 2001.

MARKER FORMAT-SHEET="Para Justify"

Erez Shachar, CEO of NUR Macroprinters, commented on the results, “Although we faced a decrease in our revenues this quarter, we managed to improve our gross margin, resulting in a higher gross profit compared to the second quarter of this year. Another encouraging figure is the decline in quarterly operating loss compared to second quarter 2002 results; this, we believe, reflects the Company’s ability to manage our resources and expenses during tough times. As for the cash-flow figures, we managed to improve our cash flow from operating activities compared to both first and second quarter 2002 results.”

MARKER FORMAT-SHEET="Para Justify"

Erez Shachar further stated, “During the fourth quarter 2002, we began a restructuring process of our operations in the Asia Pacific region. We are working with third-party distributors that have a strong presence in specific markets and regions. We appointed the Computer And Sign Technology Co., Ltd (CAST), part of the Kobond Group, as NUR Asia Pacific’s exclusive distributor for the NUR Fresco product line in the People’s Republic of China. CAST is now responsible for sales and support of the NUR Fresco™ product line to new customers throughout the Chinese market. In conjunction with the appointment of CAST to market and support the NUR Fresco product line in China, we are moving the Asia Pacific headquarters to a new and significantly expanded facility located in Hong Kong. By revitalizing our presence in this part of the world, we seek not only to reduce costs and streamline our operations, but also to update our sales, marketing and support strategy to better focus on the needs of our Asian customers and the changing conditions in the marketplace overall. We believe this new strategy will put us in a better position to more effectively pursue the variety of new opportunities that are emerging in countries throughout the Asia Pacific region.”

MARKER FORMAT-SHEET="Para Justify"

Finally, Erez Shachar added, “We recently attended the SGIA 2002 trade show in St. Louis (US), where we unveiled several new products, including two new wide-format printing systems - the NUR Tempo, a flatbed digital inkjet press that will print on a wide variety of both rigid and flexible materials, and the NUR Ultima HiQ, a new family of lower cost printers to complement the top-of-the-line NUR Fresco™ series of production printers. Also introduced were new substrates and consumables that extend the usability and vibrancy of the prints. Our entire product line generated an enormous amount of interest and enthusiasm.”

MARKER FORMAT-SHEET="Para Justify"

The Company will host a conference call to discuss these results on Thursday November 14th, at 11:00AM, EDT/6:00 PM, Israel time.

MARKER FORMAT-SHEET="Para Justify"

To participate, please call; 1-800-233-2795 (U.S. toll free), 1-800-286-285 (Israel toll free), 1-785-832-1077 (international), id code: NUR. The conference call will also be webcast live at: www.nur.com/investors, and will be available for replay at that site starting 2PM EDT on the day of the call, or by calling 1-888-566-0822 (U.S.) / 1-402-220-0116 (international). The call will also be available for replay in Israel for 72 hours after the call by dialing 011-972-3-925-5946

MARKER FORMAT-SHEET="Para Justify"

ABOUT NUR MACROPRINTERS LTD. NUR Macroprinters (NASDAQ: NURM) is a global market leader in wide and super wide digital printing solutions for the out-of-home advertising market. From its photorealistic printers to its high throughput production presses, NUR’s comprehensive line of digital printers and consumables address the complete range of wide and super wide format digital printing requirements. NUR’s fully digital printing solutions help customers worldwide deliver the high quality and fast turnaround they need to meet their customers’ wide ranging printing requirements. NUR Macroprinters Ltd. can be found on the Internet at www.nur.com.

MARKER FORMAT-SHEET="Para Justify"

SAFE HARBOR: Certain statements made herein that use the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of NUR Macroprinters Ltd. to be materially different from those which may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in demand for NUR Macroprinters Ltd’s products, inability to timely develop and introduce new technologies, products and applications and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to NUR Macroprinters Ltd.‘s reports filed from time to time with the Securities and Exchange Commission. This press release is available at www.nur.com and www.portfoliopr.com/

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NUR MACROPRINTERS LTD. Consolidated Statements of operations U.S. $ in thousands, except per share data

Nine months ended Three months ended

	9/30/02 As reported		9/30/01 As reported		9/30/02 As reported		9/30/01 As reported
Revenues
Sales of printers and related products	$ 65,734		$ 91,825		$ 20,925		$ 30,127
	65,734		91,825		20,925		30,127
Cost of revenues
Cost of sales of printers and related products	45,094		54,914		13,357		18,219
One time inventory write-offs			3,989
	45,094		58,903		13,357		18,219
Gross profit	20,640		32,922		7,568		11,908
	31.40	%	35.85	%	36.17	%	39.53	%
Research & Development expenses	6,854		8,659		2,257		2,664
Less-Grants	(1,110	)	(450	)	(546	)	(200	)
Research & Development expenses, net	5,744		8,209		1,711		2,464
Selling expenses, net	9,437		13,866		2,937		4,668
General and administrative expenses	8,873		9,869		3,101		3,275
Amortization of goodwill and other intangible assets	1,505		2,178		503		726
Restructuring and other one time expenses	848		2,543		0		0
	20,663		28,456		6,541		8,669
Operating income (loss)	(5,767	)	(3,743	)	(684	)	775
Financial expenses net	(929	)	(2,669	)	(473	)	(747	)
Other expense net	(135	)	(54	)	(27	)	5
Income (loss) before taxes on income and equity losses	(6,831	)	(6,466	)	(1,184	)	33
Taxes on income	(127	)	0		(52	)	0
Equity in profits (losses) of affiliates, net of taxes	0		14		0		50
Net loss for the period	$ (6,958	)	$ (6,452	)	$ (1,236	)	$ 83
	-10.59	%	-7.03	%	-5.91	%	0.28	%
Loss per share	$ (0.41	)	$ (0.44	)	$ (0.07	)	$ 0.01
Loss per share	$ (0.41	)	$ (0.44	)	$ (0.07	)	$ 0.01
Weighted average number of shares
outstanding during the period	16,898,965		14,622,894		17,099,010		14,726,775
Weighted average number
of shares outstanding during the period used for dilluted loss per share	16,898,965		14,622,894		17,099,010		15,143,768

NUR MACROPRINTERS LTD. Condensed Balance Sheets, US$ in thousands

	9/30/02		12/31/01
Current Assets :
Cash and cash equivalents	$ 12,863		$ 12,486
Accounts receivable - trade	32,466		36,262
Other receivables and prepaid
expenses	9,028		6,783
Inventories	22,789		24,998
Total Current Assets	77,146		80,529
Investments and other non-current
assets
Long-term accounts receivables - trade	1,953		2,674
Investments and other non-current
assets	939		1,137
Severance pay funds	822		751
	3,714		4,562
Property and Equipment, net	11,639		12,578
Other assets, net	12,240		13,739
Total assets	104,739		111,408
Liabilities and Shareholders' Equity
Current Liabilities :
Short - term bank credit	6,616		5,061
Current maturities of long - term loans	1,942		2,057
Trade payables	14,904		19,667
Accrued expenses and other liabilities	9,406		10,465
Advances from customers	280		433
Total Current Liabilities	33,148		37,683
Long -Term Liabilities :
Long - Term loans	30,529		31,720
Accrued severance pay	1,036		1,008
	31,565		32,728
Shareholders' Equity :
Share capital	4,197		3,674
Capital surplus	45,673		39,493
Cumulative translation adjustment	(1,498	)	(782	)
Accumulated Earnings (Deficit)	(8,346	)	(1,388	)
Total Shareholders' Equity	40,026		40,997
Total Liabilities and Shareholders'	104,739		111,408
Equity

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NUR MACROPRINTERS LTD

Date: November 18, 2002 By: /s/ EREZ SHACHAR Erez Shachar Chief Executive Officer