Scitex reports Q2 revenues dropped 11% from parallel quarter

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."

More from Technology

EU Apple Users Can Now Download All the Info It Has on Them

EU Apple Users Can Now Download All the Info It Has on Them

Did Trump Just Torpedo the Stock Market Again?

Did Trump Just Torpedo the Stock Market Again?

Venture Capital Funding Surges 49% as Tech Innovation Piques Investor Interest

Venture Capital Funding Surges 49% as Tech Innovation Piques Investor Interest

10 Questions for PayPal Ahead of Its Big Investor Day

10 Questions for PayPal Ahead of Its Big Investor Day

How the Public Really Feels About Autonomous Driving Right Now

How the Public Really Feels About Autonomous Driving Right Now