Ellomay Capital Ltd.

Foreign Filer Report • May 9, 2002

6-K 1 form6knurmac5-08.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

May 8, 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 May 8, 2002.

NUR MACROPRINTERS LTD. ANNOUNCES 2002 FIRST QUARTER RESULTS

First Quarter Revenues of $21.4 Million; Net Loss of $3.8 million

Announce Three-pronged Growth Renewal Plan

LOD, Israel; May 8, 2002 — 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 first quarter ended March 31, 2002.

Revenues for the first quarter of 2002 were $21.4 million compared to $31.4 million during the first quarter of 2001. Net loss for the first quarter was $(3.8) million, or $(0.23) per share, as compared to a net loss of $(6.5) million or $(0.45) per share fully diluted, including one-time inventory write-offs of $4.0 million and $2.5 million of restructuring costs in the comparable quarter last year.

Gross profit for the first quarter was $5.9 million compared to $9.0 million, including a one-time inventory write-off of $4.0 million during the first quarter of 2001. Operating expenses for the first quarter were $9.1 million, compared to $14.5 million, including $2.5 million of restructuring costs in the comparable quarter last year. Operating loss for the first quarter was approximately $(3.3) million, compared to $(5.5) million, including one-time charges, in the first quarter last year.

Commenting on the results, Erez Shachar, CEO of NUR Macroprinters, said, “The results of the first quarter were disappointing, the shortfall in sales has turned into a loss for the quarter. We believe the Company’s performance in the first quarter of 2002 has been affected by factors such as continued slowdown in capital equipment investments, a weaker than expected performance in the North American and Japanese markets, a slow demand of consumables, and delays in purchasing decisions by our customers in expectation of the International Sign Association (ISA) show, held during the first week of April in Orlando, Fl.”

“As a result of the decreasing sales, we are instituting a major three-pronged growth-renewal program. First, we are implementing a corporate reorganization creating a more centralized, functional and cost-effective organization. Second, we are reducing headcount by sixty positions, or 15%, and implementing salary cuts across the board. Third, we are rejuvenating and expanding our portfolio of products. We plan to release new products currently in the pipeline to increase market share and spur growth.”

Mr. Shachar continued, “We are totally committed and determined to this turn-around plan. Recently, we have re-engineered our leading product the Fresco line of printers, and now firmly believe that our product lines are highly competitive with those of our competitors and will regain market share. For example, at the International Sign Association (ISA) Expo 2002, which we recently attended in Orlando, our entire product line, especially the Fresco 8-Color model, generated an enormous amount of interest and enthusiasm. The Fresco 8-Color was hailed by many as the best model on the market for production wide format printing.”

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NUR Macroprinters Page 2

Mr. Shachar concluded, “We believe that the cumulative effect of all the restructuring and reorganization efforts of the past twelve months, the dedication and commitment of the NUR staff, combined with our current highly competitive product portfolio, positions NUR for an effective recovery. During the first quarter of 2002, we improved our financial position with a $7.0 million private placement in the Company; this follows the rescheduling of our long-term debt in the fourth quarter of 2001, which delays most of our principal payments to the end of 2005.”

THE COMPANY WILL HOST A CONFERENCE CALL TO DISCUSS THESE RESULTS ON WEDNESDAY MAY 8TH, AT 10:00AM, EDT/5:00 PM, ISRAEL TIME. TO PARTICIPATE, PLEASE CALL; 1-800-233-2795 (U.S. TOLL FREE), 1-800-262-424 (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 1-800-234-0494 (U.S.) / 1-402-220-2971 (INTERNATIONAL). THE CALL WILL ALSO BE AVAILABLE FOR REPLAY IN ISRAEL FOR 72 HOURS STARTING, WEDNESDAY, MAY 8, AT 19:00, BY CALLING 03-925-5946

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 .

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/

NUR MACROPRINTERS LTD. Condensed Balance Sheets, U.S. $ in thousands 3/31/02 12/31/01 Current Assets: Cash and cash equivalents $ 17,435 $ 12,486 Accounts receivable - trade 33,421 36,262 Other receivables and prepaid expenses 6,388 6,783 Inventories 24,441 24,998 Total Current Assets 81,685 80,529 Investments and other non-current assets Long-term accounts receivables - trade 2,060 2,674 Investments and other non-current assets 1,191 1,137 Severance pay funds 731 751 3,982 4,562 Property and Equipment, net 12,853 12,578 Other assets, net 13,253 13,739 Total assets 111,773 111,408 Liabilities and Shareholders' Equity Current Liabilities: Short - term bank credit 6,923 5,061 Current maturities of long - term loans 2,094 2,057 Trade payables 16,134 19,667 Accrued expenses and other liabilities 10,527 10,465 Advances from customers 344 433 Total Current Liabilities 36,022 37,683 Long - Term Liabilities: Long - Term loans 31,213 32,720 Accrued severance pay 950 1,008 32,163 32,728 Shareholders' Equity: Share capital 4,186 3,674 Capital surplus 45,616 39,493 Cumulative translation adjustment (981) (782) Accumulated Earnings (Deficit) (5,233) (1,388) Total Shareholders' Equity 43,588 40,997 Total Liabilities and Shareholders' Equity 111,773 111,408 NUR MACROPRINTERS LTD. Consolidated Statements Of Operations U.S. $ in thousands, except per share data Three months ended 3/31/02 3/31/01 3/31/01 As As Pro forma reported reported(1) Revenues Sales of printers and related products $ 21,386 $ 31,443 $ 31,443 21,386 31,443 31,443 Cost of revenues Cost of sales of printers and related products 15,493 18,419 18,419 One time inventory write-offs -- 3,989 -- 15,493 22,408 18,419 Gross profit 5,893 9,035 13,024 27.56% 28.73% 41.42% Research & Development expenses 2,431 3,078 3,078 Less-Grants (353) 0 0 Research & Development expenses, net 2,078 3,078 3,078 Selling expenses, net 3,540 4,647 4,647 General and administrative expenses 3,055 3,544 3,544 Amortization of goodwill and other intangible assets 486 726 726 Restructuring and other one time expenses 0 2,543 0 7,081 11,460 8,917 Operating income (loss) (3,266) (5,503) 1,029 Financial expenses net (490) (1,013) (1,013) Other expense net (89) 0 0 Income (loss) before taxes on income and equity losses (3,845) (6,516) 16 Taxes on income 0 0 0 Equity in profits (losses) of affiliates, net of taxes 0 (59) (59) Net loss for the period $(3,845) $(6,575) $(43) -17.98% -20.91% -0.14% Loss per share $(0.23) $(0.45) $(0.00) Loss per share $(0.23) $(0.45) $(0.00) Weighted average number of shares outstanding during the period 16,698,920 14,562,674 14,562,674 Weighted average number of shares outstanding during the period used for diluted loss per share 16,698,920 14,562,674 14,562,674 (1) Excluding one time inventory write-offs of $4 million and $2.5 million of restructuring and other one time expenses

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: May 9, 2002 By: /s/ EREZ SHACHAR Erez Shachar Chief Executive Officer