HUDSON, N.H., March 13 /PRNewswire-FirstCall/ -- Presstek, Inc. , a leading manufacturer and marketer of high tech digital imaging solutions for the graphic arts and laser imaging markets, today announced that the Company will file a Form 12b-25 with the Securities and Exchange Commission (SEC) for an extension to file its Annual Report on Form 10-K for the year ended December 30, 2006.
As a result of a routine inspection of BDO Seidman, LLP, our former auditors, by the Public Company Accounting Oversight Board (PCAOB), the PCAOB has issued a comment to BDO Seidman disagreeing with the manner in which Presstek accounted for certain new product costs in fiscal 2005. The Company has consistently accounted for these costs, totaling approximately $1.0 million over fiscal 2005 and 2006, as intangible assets. Presstek is sending a letter to the SEC staff requesting that they not object to its accounting for this matter, but does not anticipate that a reply will be received before the Company's Form 10-K filing deadline. As such, Presstek is filing a Form 12b- 25 with the SEC for an extension of time.
Upon conclusion of the SEC staff review, Presstek will submit all required filings as quickly as possible. This matter does not impact the Company's cash flow and does not change guidance previously provided on the Company's financial performance in 2007.
About Presstek
Presstek, Inc. is a leading manufacturer and marketer of high tech digital imaging solutions to the graphic arts and laser imaging markets. Presstek's patented DI(R), CTP and plate products provide a streamlined workflow in a chemistry-free environment, thereby reducing printing cycle time and lowering production costs. Presstek solutions are designed to make it easier for printers to cost effectively meet increasing customer demand for high-quality, shorter print runs and faster turnaround while providing improved profit margins. Presstek subsidiary, Lasertel, Inc., manufactures semiconductor laser diodes for Presstek's and external customers' applications. For more information visit http://www.presstek.com/, or call 603-595-7000 or email:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, regarding revenue and profitability and the ability of the company to achieve its stated objectives. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, market acceptance of and demand for the company's products and resulting revenue; further review and finalization of the Company's results and subsequent audit review of transaction documentation; the ability of the company to meet its stated financial and operational objectives, the company's dependency on its strategic partners (both on manufacturing and distribution), and other risks detailed in the company's Annual Report on Form 10-K and the company's other reports on file with the Securities and Exchange Commission. The words "looking forward," "looking ahead," "believe(s)," "should," "may," "expect(s)," "anticipate(s)," "project(s)," "likely," "opportunity," and similar expressions, among others, identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The company undertakes no obligation to update any forward-looking statements contained in this news release.
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