Scitex Corporation (Nasdaq, TASE:SCIX), which makes industrial inkjet digital printing solutions, said second quarter revenues dropped 11% form the parallel quarter to $58.8 million

For the second quarter of last year it reported sales of $66.4 million.

The company lost a net $2.2 million, roughly half its loss of the parallel quarter - $4 million.

Operating income was $0.8 million (before amortization of intangibles of $0.8 million), compared to $4 million in the second quarter of 2001.

Geographically, Europe contributed 38% of the revenues, a relatively strong performance, followed by the Americas with 36% of revenues and Asia Pacific (including Japan) trailed with 26% of revenues.

Scitex president and CEO Yeoshua Agassi blamed the slide on the general market slowdown and on U.S. capital equipment purchases in particular.

"Despite the challenging market environment, Scitex managed to improve gross margins and maintain a positive operating income on a slightly lower revenues level, all as compared to the previous quarter," Agassi said. "The strengthening of the euro vis-a-vis the U.S. dollar aversely affected us this quarter and played a major role in the increase in the net loss for the quarter.

"As for the coming quarters, visibility is limited and markets are expected to remain tough, yet we will exert our efforts mainly to increase our revenues and broaden our customer base, following extremely successful trade shows this quarter, as well as to improve our operations' efficiency."

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