Revenue for the year was $256 million. In the fourth quarter, the loss widened to $35.8 million, and revenue declined to $59.1 million. CEO Yeoshua Agassi: “We would like to see moderate revenue growth in 2002”. (we bet that the shareholders would also like it…)
During the fourth quarter of 2001, Scitex conducted extensive negotiations with the Internal Revenue Service with regard to the conclusion of audits of US subsidiaries for the years 1992-1996 and made an advance payment of $20 million. Scitex is expecting the final IRS position to be received in the coming few months. (more…)
Click to hear =>the Scitex 2001 year end conference call (until Mar 14, 2002).
Scitex lost $250m in 2001
Globes correspondent
07.03.2002 17:15
Scitex (Nasdaq: SCIX), a supplier of inkjet technologies and digital imaging solutions, today reported a net loss of $35.8 million, or $0.83 per share in the fourth quarter of 2001. The net loss compares with a $15.9 million loss in the corresponding period of 2000 and a $40.8 million loss in the preceding quarter.
Revenue for the fourth quarter was $59.1 million, a decrease of 9% from revenue of $64.5 million that was posted in the fourth quarter of 2000. Revenue fell 11% compared with the preceding quarter, when revenue was $66.6 million.
Operating loss before amortization of intangibles (of $18.1 million) and restructuring costs (of $1.7 million) was $0.5 million in the fourth quarter of 2001.
Revenue for 2001 totaled $256.2 million, and was 13% higher than the combined revenue of Scitex Digital Printing and Scitex Vision in 2000. Operating profit for 2001 was $11.9 million (before restructuring costs and amortization of intangibles). Net loss was $250.3 million, of which $219 million was associated with Scitex’s holding in Creo and $27 million associated with amortization of intangibles.
The company recorded a profit of $75 million in 2000. Scitex said a year over year comparison of 2001 to 2000 was not meaningful because starting the second quarter of 2000, the company’s involvement in Creo Products changed from full ownership to an equity investment.
Agasi
Scitex CEO and president Yeoshua Agassi said, `Year 2001 is the first full year in which Scitex was mainly focused on its industrial ink jet digital printing business activities. During the year, we primarily demonstrated this focus by continuous investments by Scitex Digital Printing and Scitex Vision in new products and markets and by the increase in our share in Aprion Digital to a total of 43%. In addition, during the final quarter of the year, we sold a major portion of the shares held in Creo Products, bringing our holding in that company from 27% down to approximately 13%, and significantly improving our cash position. As for the financial results and the economic slowdown, especially in the second half of the year, both Scitex Digital Printing and Scitex Vision took measures to reduce their expenses by reducing their workforce and cutting various expenses.”
Agassi concluded, “The considerable revenue growth of our subsidiaries during the first three quarters of 2001 was affected in the last quarter by adverse market conditions. As for 2002, while global economic conditions remain uncertain, we would like to see moderate revenue growth, as well as some improvements in gross margin and profitability.”
During the fourth quarter of 2001, Scitex conducted extensive negotiations with the Internal Revenue Service with regard to the conclusion of audits of US subsidiaries for the years 1992-1996 and made an advance payment of $20 million. Scitex is expecting the final IRS position to be received in the coming few months.
Scitex shares closed on Nasdaq at $3.52 on Wednesday.
Published by Israel’s Business Arena on 7 March, 2002
