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The HP board of directors has declared a regular cash dividend of 8 cents per share on the company’s common stock.

The dividend, the third in HP’s fiscal year 2010, is payable on July 7, 2010, to stockholders of record as of the close of business on June 16, 2010.

HP has approximately 2.4 billion shares of common stock outstanding.

About HP

HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world’s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP (NYSE: HPQ) is available at http://www.hp.com/.

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PALO ALTO, Calif., May 18, 2010 (BUSINESS WIRE) –HP (NYSE:HPQ) today announced financial results for its second fiscal quarter ended April 30, 2010, with net revenue of $30.8 billion, up 13% from a year earlier including a favorable currency benefit of four percentage points.

In the second quarter, GAAP diluted earnings per share (EPS) was $0.91, up from $0.71 in the prior-year period. Non-GAAP diluted EPS was $1.09, up from $0.86 in the prior-year period. Non-GAAP financial information excludes after-tax costs of approximately $0.18 per share and $0.15 per share in the second quarter of fiscal 2010 and 2009, respectively, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.

“HP had an exceptional quarter with strong performance across every region,” said Mark Hurd, HP chairman and chief executive officer. “We’ve built the best portfolio in the industry, and our customers are responding. We’re winning in the marketplace, investing for the future and confident in the enormous opportunity that lies ahead.”

Information about HP’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below. Unless otherwise noted, all growth rates included in the narrative below reflect year-over-year comparisons.

Second quarter revenue was up 11% in the Americas to $13.5 billion. Revenue was up 11% in Europe, the Middle East and Africa and up 19% in Asia Pacific to $11.8 billion and $5.5 billion, respectively. When adjusted for the effects of currency, revenue was up 9% in the Americas, up 7% in Europe, the Middle East and Africa and up 10% in Asia Pacific. Revenue from outside of the United States in the second quarter accounted for 66% of total HP revenue, with revenue in the BRIC countries (Brazil, Russia, India and China) increasing 25% while accounting for 10% of total HP revenue.

“HP drove double-digit revenue growth and improving profits, contributing to our twentieth consecutive quarter of year-over-year operating margin expansion,” said Cathie Lesjak, HP executive vice president and chief financial officer. “With the improving demand environment, we are accelerating investments for growth while raising our full-year outlook.”

Services

Services revenue increased 2% to $8.7 billion. Infrastructure Technology Outsourcing revenue increased 6%, while revenue in Technology Services and Business Process Outsourcing were roughly flat year over year. Application Services revenue was down 2% versus the prior-year period. Operating profit was $1.4 billion, or 15.9% of revenue, up from $1.2 billion, or 13.8% of revenue, in the prior-year period.

Enterprise Storage and Servers

Enterprise Storage and Servers (ESS) reported total revenue of $4.5 billion, up 31%. Industry Standard Server revenue increased 54%, while Storage revenue increased 16% with the midrange EVA product line up 3%. Business Critical Systems revenue declined 17%, while ESS blade revenue was up 45%. Operating profit was $571 million, or 12.6% of revenue, up from $250 million, or 7.2% of revenue, in the prior-year period.

HP Software

HP Software revenue declined 1% to $871 million. Business Technology Optimization revenue increased 3%, and Other Software revenue decreased 8%. Operating profit was $162 million, or 18.6% of revenue, up from $157 million, or 17.8% of revenue, in the prior-year period.

Personal Systems Group

Personal Systems Group (PSG) posted a 20% increase in unit shipments and maintained the leading market share position in PCs worldwide. PSG revenue increased 21% to $10.0 billion. Notebook revenue for the quarter was up 17%, while Desktop revenue increased 27%. Commercial client revenue was up 19%, while Consumer client revenue increased 25%. Operating profit was $465 million, or 4.7% of revenue, up from $378 million, or 4.6% of revenue, in the prior-year period.

Imaging and Printing Group

Imaging and Printing Group (IPG) revenue increased 8% to $6.4 billion. Supplies revenue was up 6%, while Commercial hardware revenue and Consumer hardware revenue increased 13% and 16%, respectively. Printer unit shipments increased 9%, with Commercial printer hardware units down 8% and Consumer printer hardware units up 15%. Operating profit was $1.1 billion, or 17.2% of revenue, versus $1.1 billion, or 18.2% of revenue, in the prior-year period.

Corporate Investments

ProCurve revenue increased 31%, and HP Networking overall increased 58% year-over-year including the impact of the 3Com acquisition.

HP Financial Services

HP Financial Services (HPFS) revenue increased 18% to $755 million. Financing volume increased 20%, and net portfolio assets increased 21%. Operating margin was 9.1%, up from 7.2% in the prior-year period.

Asset management

HP generated $3.1 billion in cash flow from operations for the second quarter. Inventory ended the quarter at $6.4 billion, flat year over year in days of inventory. Accounts receivable of $14.8 billion was down 5 days year-over-year. Accounts payable ended the quarter at $13.4 billion, up 2 days over the prior-year period. HP’s dividend payment of $0.08 per share in the second quarter resulted in cash usage of $196 million. HP also utilized $1.8 billion of cash during the quarter to repurchase approximately 35 million shares of common stock in the open market. HP exited the quarter with $14.3 billion in gross cash.

Outlook

For the third quarter of fiscal 2010, HP estimates revenue of approximately $29.7 billion to $30.0 billion, GAAP diluted EPS in the range of $0.87 to $0.89, and non-GAAP diluted EPS in the range of $1.05 to $1.07. Third quarter fiscal 2010 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.18 per share, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.

HP expects full year fiscal 2010 revenue growth of approximately eight to nine percent. HP expects full year fiscal 2010 GAAP diluted EPS to be in the range of $3.76 to $3.81, down from its previous estimate of $3.79 to $3.86, and non-GAAP diluted EPS to be in the range of $4.45 to $4.50, up from its previous estimate of $4.37 to $4.44. Full year fiscal 2010 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.69 per share, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.

The non-GAAP diluted EPS estimates for both the third quarter and the full year fiscal 2010 include the expected dilution associated with the proposed acquisition of Palm, Inc. that HP announced on April 28, 2010. However, HP has not included any revenue associated with the Palm acquisition in its revenue outlook for either the third quarter or the full year fiscal 2010.

More information on HP’s quarterly earnings, including additional financial analysis and an earnings overview presentation, is available on HP’s Investor Relations website at http://www.hp.com/investor/home.

HP’s Q2 FY10 earnings conference call is accessible via an audio webcast at http://www.hp.com/investor/2010q2webcast.

About HP

HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. As the world’s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP is available at http://www.hp.com.

Use of non-GAAP financial information

To supplement HP’s consolidated condensed financial statements presented on a GAAP basis, HP provides non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share and gross cash. HP also provides forecasts of non-GAAP diluted earnings per share. A reconciliation of the adjustments to GAAP results for this quarter and prior periods is included in the tables below. In addition, an explanation of the ways in which HP management uses these non-GAAP measures to evaluate its business, the substance behind HP management’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP management compensates for those limitations, and the substantive reasons why HP management believes that these non-GAAP measures provide useful information to investors is included under “Use of Non-GAAP Financial Measures” after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for operating profit, operating margin, net earnings, diluted earnings per share, or cash and cash equivalents prepared in accordance with GAAP.

Forward-looking statements

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margins, expenses, earnings, tax provisions, cash flows, benefit obligations, share repurchases, currency exchange rates, the impact of acquisitions or other financial items; any statements of the plans, strategies and objectives of management for future operations, including the execution of cost reduction programs and restructuring plans; any statements concerning the expected development, performance or market share relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; execution and performance of contracts by HP and its suppliers, customers and partners; the challenge of managing asset levels, including inventory; the difficulty of aligning expense levels with revenue changes; assumptions related to pension and other post-retirement costs; expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2009 and HP’s other filings with the Securities and Exchange Commission, including HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2010. As in prior periods, the financial information set forth in this release, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts in HP’s Form 10-Q for the fiscal quarter ended April 30, 2010. In particular, determining HP’s actual tax balances and provisions as of April 30, 2010 requires extensive internal and external review of tax data (including consolidating and reviewing the tax provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HP’s Form 10-Q. HP assumes no obligation and does not intend to update these forward-looking statements.

© 2010 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice.

The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

Use of Non-GAAP Financial Measures

To supplement HP’s consolidated condensed financial statements presented on a GAAP basis, HP provides non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share and gross cash. HP also provides forecasts of non-GAAP diluted earnings per share. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP operating profit is earnings from operations. The GAAP measure most directly comparable to non-GAAP operating margin is operating margin. The GAAP measure most directly comparable to non-GAAP net earnings is net earnings. The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted net earnings per share. The GAAP measure most directly comparable to gross cash is cash and cash equivalents. Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above.

Use and Economic Substance of Non-GAAP Financial Measures Used by HP

Non-GAAP operating profit and non-GAAP operating margin are defined to exclude the effects of any restructuring charges, charges relating to the amortization of purchased intangible assets, acquisition-related charges and in-process research and development charges recorded during the relevant period. Non-GAAP net earnings and non-GAAP diluted earnings per share consist of net earnings or diluted net earnings per share excluding those same charges. In addition, non-GAAP net earnings and non-GAAP diluted earnings per share are adjusted by the amount of additional taxes or tax benefit associated with each non-GAAP item. HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding those items mentioned above from these non-GAAP financial measures allows HP management to better understand HP’s consolidated financial performance in relationship to the operating results of HP’s segments, as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:

• Restructuring charges consist of costs primarily related to severance and benefits for employees terminated pursuant to a formal restructuring plan, including strategic reallocations or workforce reductions and early retirement programs. HP excludes these restructuring costs (and any reversals of charges recorded in prior periods) for purposes of calculating these non-GAAP measures because it believes that these historical costs do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of HP’s current operating performance or comparisons to HP’s past operating performance.
• Purchased intangible assets consist primarily of customer contracts, customer lists, distribution agreements, technology patents, and products, trademarks and trade names purchased in connection with acquisitions. HP incurs charges relating to the amortization of these intangibles, and those charges are included in HP’s GAAP presentation of earnings from operations, operating margin, net earnings and net earnings per share. Amortization charges for HP’s purchased intangible assets are inconsistent in amount and frequency and are significantly impacted by the timing and magnitude of HP’s acquisitions. Consequently, HP excludes these charges for purposes of calculating these non-GAAP measures to facilitate a more meaningful evaluation of HP’s current operating performance and comparisons to HP’s past operating performance.
• In-process research and development charges relate to amounts assigned to tangible and intangible assets to be used in research and development projects that have no alternative future use and therefore are charged to expense at the acquisition date. Charges for in-process research and development in connection with HP’s acquisitions are reflected in HP’s GAAP presentation of earnings from operations, operating margin, net earnings and net earnings per share. In-process research and development expenses are not indicative of HP’s ongoing operating costs and are generally unpredictable. Accordingly, HP believes that eliminating these expenses for purposes of calculating these non-GAAP measures contributes to a meaningful evaluation of HP’s current operating performance and comparisons to HP’s past operating performance.
• HP incurs costs related to its acquisitions, some of which are treated as non-capitalized expenses. Because non-capitalized, acquisition-related expenses are inconsistent in amount and frequency and are significantly impacted by the timing and nature of HP’s acquisitions, HP believes that eliminating the non-capitalized expenses for purposes of calculating these non-GAAP measures facilitates a more meaningful evaluation of HP’s current operating performance and comparisons to HP’s past operating performance.

Gross cash is a non-GAAP measure that is defined as cash and cash equivalents plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. HP’s management uses gross cash for the purpose of determining the amount of cash available for investment in HP’s businesses, funding strategic acquisitions, repurchasing stock and other purposes. HP’s management also uses gross cash for the purposes of evaluating HP’s historical and prospective liquidity, as well as to further its own understanding of HP’s segment operating results. Because gross cash includes liquid assets that are not included in GAAP cash and cash equivalents, HP believes that gross cash provides a more accurate and complete assessment of HP’s liquidity and segment operating results.

Material Limitations Associated with Use of Non-GAAP Financial Measures

These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

• Items such as amortization of purchased intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this loss in value is not included in non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings and non-GAAP diluted earnings per share and therefore does not reflect the full economic effect of the loss in value of those intangible assets.

• Items such as restructuring charges that are excluded from non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings and non-GAAP diluted earnings per share can have a material impact on cash flows and earnings per share.
• HP may not be able to liquidate immediately the long-term investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure.
• Other companies may calculate non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share and gross cash differently than HP does, limiting the usefulness of those measures for comparative purposes.

Compensation for Limitations Associated with Use of Non-GAAP Financial Measures

HP compensates for the limitations on its use of non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share and gross cash by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides robust and detailed reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within this press release and in other written materials that include these non-GAAP financial measures, and HP encourages investors to review carefully those reconciliations.

Usefulness of Non-GAAP Financial Measures to Investors

HP believes that providing non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share and gross cash to investors in addition to the related GAAP measures provides investors with greater transparency to the information used by HP’s management in its financial and operational decision-making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that are calculated in a similar manner.

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STAMFORD, Conn., May 11, 2010 – Pitney Bowes Inc. (NYSE: PBI) is planning for growth by emphasizing focused strategic approaches to its two main customer segments.

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– Sequential quarterly revenue growth of $1.0 million
– $1.4 million increase in year-on-year adjusted EBITDA on a level
revenue base
– Year-on-year equipment revenue increase of 28%, CTP plate revenue
increase of 10%, and operating expense decline of 16%
– $6.7 million sequential reduction brings debt net of cash to
three-year low of $5.4 million

Presstek, Inc. (NASDAQ: PRST), a leading supplier of digital offset printing solutions to the printing and communications industries, today reported financial and operating results for the first quarter ended April 3, 2010. The Company reported total revenue of $34.5 million in the first quarter of 2010, level with the amount reported in the first quarter of 2009 and an increase of $1.0 million, or approximately 3 percent versus the fourth quarter of 2009.

The Company had an operating loss of $271,000 in the first quarter of 2010, a $1.6 million improvement from a loss of $1.8 million in the 2009 first quarter. In the quarter, the Company had adjusted EBITDA of $1.8 million, an increase of $1.4 million when compared to the first quarter of 2009. During the first quarter of 2010, the Company incurred a net loss from continuing operations of $0.5 million, or $0.02 per share, compared to a net loss from continuing operations of $1.1 million, or $0.03 per share, in the first quarter of 2009. (See “Information Regarding Non-GAAP Measures”)

“For the second straight quarter we have increased our sequential revenue, grown our adjusted EBITDA and significantly reduced our debt net of cash. Our current debt net of cash of $5.4 million represents an 85 percent reduction from our high point of $37.0 million three years ago this quarter,” said Presstek Chairman, President and Chief Executive Officer, Jeff Jacobson. “We are pleased with our progress and the momentum that we have generated over the past two quarters. As we look to the remainder of 2010 we believe that we will see an increase in revenue versus the prior year as we continue to expand our market presence with our new product offerings and expanded distribution footprint. With this increased annual revenue we also expect to see continued positive adjusted EBITDA levels for the remainder of 2010.”

First Quarter 2010 Financial Results Total revenue in the first quarter of 2010 was $34.5 million, the same level that was achieved in the first quarter of 2009, and an increase of $1.0 million from $33.5 million in the fourth quarter of 2009.

– Equipment revenue increased 28 percent to $6.4 million in the first
quarter of 2010, compared with $5.0 million for the same period last
year. This increase was driven by increased DI press sales and a
favorable mix of 52DI units with aqueous coating. The first quarter
equipment revenue represents a sequential quarterly revenue increase
of $0.6 million, or 10 percent due primarily to increased unit
volumes, partially offset by an unfavorable mix of products versus the
fourth quarter of 2009.

– Consumables revenue totaled $21.5 million in the first quarter of
2010, compared with $21.9 million for the same period last year.
Increases in the “growth” DI plates and thermal CTP plates of 6
percent and 10 percent, respectively, were more than offset by
reductions in the “traditional” other consumables and polyester CTP
product categories. Sequential quarterly revenue for consumables
increased $0.9 million, or 4.5 percent from the fourth quarter of 2009
levels.

– Service revenue declined approximately 13 percent to $6.6 million in
the first quarter of 2010 compared to the year ago quarter primarily
due to the impacts on service of the overall decrease in equipment
placements that occurred in 2009 and a general trend by customers to
delay service calls and maintenance to save money in a difficult
economy. Sequential quarterly revenue for service was down $0.5
million versus the fourth quarter of 2009.

Gross margin percent for the first quarter of 2010 was 33.0% compared to 35.1% in the first quarter of 2009, and 33.9% in the fourth quarter of 2009. The reduction versus the first quarter 2009 was due primarily to a higher proportion of equipment revenue which typically has lower margins and reduced productivity due to lower manufacturing volumes.

First quarter 2010 operating expenses of $11.7 million represented a reduction of $2.3 million, or 16 percent, from the first quarter of 2009. The decline in operating expenses was primarily related to reduced payroll costs, professional service fees and travel expenses, and the timing of trade shows; offset partially by increased non-cash stock compensation expenses. Operating expenses declined by $0.4 million from the fourth quarter of 2009 levels.

Results from continuing operations exclude the results from the Company’s Lasertel subsidiary which were recorded as discontinued operations. On March 5, 2010, the Company completed the sale of Lasertel for approximately $10 million, comprised of $8 million of cash and $2 million of laser diode inventory for Presstek’s future product requirements. Lasertel operating results for the period prior to the sale were a loss from operations of $0.6 million. Including the $0.5 million gain on the sale, Lasertel provided a net loss of $0.1 million which was equal to the loss reported in the prior year’s first quarter.

Debt net of cash totaled $5.4 million at the end of the first quarter, a reduction of $6.7 million versus the fourth quarter of 2009. The primary cause of the reduction was the net cash proceeds received from the sale of the Company’s non-core Lasertel subsidiary, which also provided cash from operations benefits in the period.

“Cash management continues to be a strong point and an area of focus for our entire organization,” said Presstek Executive Vice President and Chief Financial Officer, Jeff Cook. “We continue to strive to maintain a proper balance of maximizing cash generation from operations while investing strategically in our long-term growth initiatives.”

“This month we are introducing our new 75DI press at the IPEX trade show in the United Kingdom,” commented Jacobson. “This press, with its revolutionary reduction in make-ready time, represents a major step forward in our strategic initiatives to drive our products into larger customers and to a broader market segment. The introduction of the Presstek 75DI press is the culmination of three years of major strategic improvements to our Company, and we are now in a great position to capitalize on these initiatives to grow our business. We are very excited about the significant opportunity we have in front of us. We participate in large and growing markets; we have leading edge products and technologies; and with our expanded portfolio and distribution networks, we are entering into new segments and geographies. We believe we are at a turning point and look forward to continuing the momentum we have started.”

Information Regarding Non-GAAP Measures In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides non-GAAP financial measures, including operating expenses excluding special charges; adjusted EBITDA; working capital excluding short-term debt; debt net of cash; and other GAAP measures adjusted for certain charges, which the Company believes are useful to help investors better understand its past financial performance and prospects for the future. A full reconciliation of GAAP to non-GAAP measures is provided in the financial tables below. Supplemental financial information has been provided with this release to provide additional details on the Company’s performance.

Conference Call and Webcast Information Management will discuss Presstek’s first quarter 2010 results in a conference call on Monday, May 10, 2010 at 10:30 a.m. Eastern Time. Conference call information is below:

Conference Call Access:
Domestic Dial In: (866) 383-8009
International Dial In: (617) 597-5342
Passcode: 22657156

In addition, for those unable to participate at the time of the call, a rebroadcast will be available following the call from Monday, May 10, 2010 at 1:30 PM Eastern Time until Monday, May 17, 2010 at 11:59 PM Eastern Time.

Rebroadcast Access:
Domestic Dial In: (888) 286-8010
International Dial In: (617) 801-6888
Passcode: 74444755

An archived webcast of this conference call will also be available on the “Investor Events Calendar” page of the Company’s web site, www.presstek.com.

About Presstek Presstek, Inc. is a leading supplier of digital offset printing solutions to the printing and communications industries. Presstek’s DI(R) digital offset solutions bridge the gap between toner and conventional offset printing, enabling printers to cost effectively meet increasing customer demand for high quality, short run color printing with a fast turnaround time while providing improved profit margins. The Company’s CTP portfolio ranges from two-page to eight-page systems, many of which are fully automated. These systems support Presstek’s line of chemistry-free plates as well as Aeon, a no preheat thermal plate which offers run lengths up to one million impressions. Presstek also offers a range of workflow solutions, pressroom supplies, and reliable service. Presstek is well positioned to support print environments of any size on a worldwide basis. Visit www.Presstek.com or call +1.603.595.7000 for more information. DI is a registered trademark of Presstek, Inc.

“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 expected revenue, adjusted EBITDA, expectations of customer demand, 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: the severity and length of the current economic downturn, the impact of the economic downturn on the availability of credit for the Company’s customers, market acceptance of and demand for the Company’s products and resulting revenue and adjusted EBITDA, the ability of the Company to successfully expand into new territories, the ability of the Company to meet its stated financial and operational objectives, the Company’s dependence on its partners (both manufacturing and distribution), and other risks and uncertainties detailed in the Company’s 2009 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,” expressions of optimism concerning future events or results, 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.

PRESSTEK, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
April 3, January 2,
2010 2010
———— ————
ASSETS
Current assets
Cash and cash equivalents $ 3,477 $ 5,843
Accounts receivable, net 22,178 22,605
Inventories 28,687 30,378
Assets of discontinued operations – 12,624
Deferred income taxes 243 243
Other current assets 3,002 2,598
———— ————
Total current assets 57,587 74,291

Property, plant and equipment, net 23,643 24,307
Intangible assets, net 4,735 4,316
Deferred income taxes 1,349 1,140
Other noncurrent assets 1,378 481
———— ————

Total assets $ 88,692 $ 104,535
============ ============

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Line of credit $ 8,849 $ 17,910
Accounts payable 10,394 9,887
Accrued expenses 7,442 8,049
Deferred revenue 5,878 6,497
Liabilities of discontinued operations – 5,203
———— ————
Total current liabilities 32,563 47,546

Other long-term liabilities 131 141
———— ————

Total liabilities 32,694 47,687
———— ————

Stockholders’ equity
Preferred stock – -
Common stock 368 368
Additional paid-in capital 120,560 120,005
Accumulated other comprehensive loss (4,593) (3,810)
Accumulated deficit (60,337) (59,715)
———— ————
Total stockholders’ equity 55,998 56,848
———— ————

Total liabilities and stockholders’
equity $ 88,692 $ 104,535
============ ============

PRESSTEK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share data)
(Unaudited)
Three months ended
April 3, April 4,
2010 2009
———— ————
Revenue
Equipment $ 6,393 $ 4,987
Consumables 21,495 21,909
Service and parts 6,603 7,564
———— ————
Total revenue 34,491 34,460
———— ————

Cost of revenue
Equipment 6,098 4,692
Consumables 11,846 11,685
Service and parts 5,154 5,989
———— ————
Total cost of revenue 23,098 22,366
———— ————

Gross profit 11,393 12,094
———— ————

Operating expenses
Research and development 1,081 1,260
Sales, marketing and customer support 5,284 6,365
General and administrative 5,077 5,972
Amortization of intangible assets 210 254
Restructuring and other charges 12 84
Total operating expenses 11,664 13,935
———— ————

Loss from operations (271) (1,841)
Interest and other expense, net (372) 460
———— ————

Loss from continuing operations before income
taxes (643) (1,381)
Benefit for income taxes (99) (275)
———— ————

Loss from continuing operations (544) (1,106)
Loss from discontinued operations, net of
income taxes (78) (85)
———— ————

Net loss $ (622) $ (1,191)
============ ============

Loss per share – basic
Loss from continuing operations $ (0.02) $ (0.03)
Loss from discontinued operations (0.00) (0.00)
———— ————
$ (0.02) $ (0.03)
============ ============
Loss per share – diluted
Loss from continuing operations $ (0.02) $ (0.03)
Loss from discontinued operations (0.00) (0.00)
———— ————
$ (0.02) $ (0.03)
============ ============
Weighted average shares outstanding
Weighted average shares outstanding – basic 36,872 36,637
Dilutive effect of stock options – -
———— ————
Weighed average shares outstanding – diluted 36,872 36,637
============ ============

PRESSTEK, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
$000′s
(Unaudited)

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010
——– ——– ——– ——– ——–
Key Units
DI Presses (Excludes
QMDI) 13 11 12 15 17
CTP Platesetters
(Excludes DPM) 24 21 15 10 16

Product Revenue – Growth
Portfolio
DI Presses (Excludes
QMDI) 3,521 3,732 2,923 5,634 4,792
Presstek Branded DI
Plates 4,025 4,301 4,318 4,022 4,255
——– ——– ——– ——– ——–
Total DI Revenue 7,546 8,033 7,241 9,656 9,047

Thermal CTP Platesetters
(Excludes DPM) 1,109 1,505 1,081 578 992
Thermal CTP Plates 3,426 3,678 3,745 3,523 3,766
——– ——– ——– ——– ——–
Total CTP Revenue 4,535 5,183 4,826 4,101 4,758

——– ——– ——– ——– ——–
Total Product Revenue -
Growth 12,081 13,216 12,067 13,757 13,805
——– ——– ——– ——– ——–

Product Revenue -
Traditional Portfolio
QMDI Platform 2,962 2,987 3,056 3,155 2,853
Polyester CTP Platform 3,575 3,178 3,228 2,896 3,230
Other DI Plates 1,295 1,128 1,438 1,521 1,288
Conventional/Other 7,774 6,608 6,772 5,825 7,139
——– ——– ——– ——– ——–
Total Product Revenue -
Traditional 15,606 13,901 14,494 13,397 14,510
——– ——– ——– ——– ——–

Gross Product Revenue 27,687 27,117 26,561 27,154 28,315

Installation Transfer (791) (793) (784) (764) (427)

——– ——– ——– ——– ——–
Net Product Revenue 26,896 26,324 25,777 26,390 27,888
——– ——– ——– ——– ——–

Service Revenue 7,564 7,186 7,229 7,092 6,603

——– ——– ——– ——– ——–
Total Revenue 34,460 33,510 33,006 33,482 34,491
——– ——– ——– ——– ——–

Gross Product Revenue
Components %
Growth 43.6% 48.7% 45.4% 50.7% 48.8%
Traditional 56.4% 51.3% 54.6% 49.3% 51.2%

Geographic Revenues
(Origination)
North America 26,715 26,076 26,810 26,436 26,894
Europe 7,745 7,434 6,196 7,046 7,597
——– ——– ——– ——– ——–
Consolidated 34,460 33,510 33,006 33,482 34,491
======== ======== ======== ======== ========

Gross Margin

Equipment 5.9% 0.9% -124.8% -1.4% 4.6%
Consumables 46.7% 43.5% 45.9% 45.7% 44.9%
Service 20.8% 25.3% 28.5% 28.7% 21.9%
——– ——– ——– ——– ——–
Consolidated 35.1% 32.9% 23.3% 33.9% 33.0%
======== ======== ======== ======== ========

Operating Expenses
excluding Special Charges
Total Operating Expenses $ 13,935 $ 14,640 $ 13,866 $ 12,023 $ 11,664
less: Restructuring and
Other Charges $ 84 $ 38 $ 1,040 $ 522 12
——– ——– ——– ——– ——–
Operating Expenses
excluding Special Charges
(a) 13,851 14,602 12,826 11,501 11,652
======== ======== ======== ======== ========

Adjusted EBITDA
Net income (loss) from
continuing operations (1,106) (39,869) (6,647) (1,487) (544)
Add back:
Interest 56 110 491 459 297
Tax charge (benefit) (275) 16,905 (264) (32) (99)
Depreciation and
amortization 1,191 1,150 1,231 1,173 1,293
Impairment / Other
non-cash charges – 19,114 2,700 124 -
Non cash portion of
equity compensation 457 505 389 351 811
Restructuring and
other charges 84 38 1,040 522 12
——– ——– ——– ——– ——–
Adjusted EBITDA (a) 407 (2,047) (1,060) 1,110 1,770
======== ======== ======== ======== ========

Working Capital
Total current assets $ 83,850 $ 73,994 $ 68,159 $ 61,667 $ 57,587
Current liabilities 48,788 48,937 49,739 42,343 32,563
——– ——– ——– ——– ——–
Working capital 35,062 25,057 18,420 19,324 25,024
Add back short-term
debt
Current portion of
long-term debt 2,454 1,644 834 – -
Line of credit 12,487 15,948 22,612 17,910 8,849
——– ——– ——– ——– ——–
Working capital
excluding debt (a) 50,003 42,649 41,866 37,234 33,873
======== ======== ======== ======== ========

Debt net of cash
Calculation of total
debt:
Current portion of
long-term debt $ 2,454 $ 1,644 $ 834 $ – $ -
Line of credit 12,487 15,948 22,612 17,910 8,849
——– ——– ——– ——– ——–
Total debt 14,941 17,592 23,446 17,910 8,849
Cash 5,262 4,453 7,220 5,843 3,477
——– ——– ——– ——– ——–
Debt net of cash (a) $ 9,679 $ 13,139 $ 16,226 $ 12,067 $ 5,372
======== ======== ======== ======== ========

Days Sales Outstanding 74 69 66 59 57

Days Inventory Outstanding 100 105 99 84 78

Capital Expenditures $ 180 $ 238 $ 257 $ 51 574

Employees 612 608 553 527 515

a. Operating expenses excluding special charges, Adjusted EBITDA [earnings
before interest, taxes, depreciation, amortization and restructuring and
other non-recurring charges (credits)]; Working capital excluding debt; and
Debt net of cash are not measures of performance under accounting
principles generally accepted in the United States of America (“GAAP”) and
should not be considered alternatives for, or in isolation from, the
financial information prepared and presented in accordance with GAAP.
Presstek’s management believes that Adjusted EBITDA and Operating expenses
excluding special charges provide meaningful supplemental information
regarding Presstek’s current financial performance and prospects for the
future. Presstek’s management believes that Working capital excluding debt,
provides meaningful supplemental information regarding Presstek’s ability
to meet its current liability obligations. Presstek’s management believes
that Debt net of cash provides meaningful information on Presstek’s debt
relative to its cash position. Presstek believes that both management and
investors benefit from referring to these non-GAAP measures in assessing
the performance of Presstek’s ongoing operations and liquidity, and when
planning and forecasting future periods. These non-GAAP measures also
facilitate management’s internal comparisons to Presstek’s historical
operating results and liquidity. Our presentations of these measures,
however, may not be comparable to similarly titled measures used by other
companies. Reconciliations of these measures to GAAP are included in the
tables above.

** Certain amounts may be subject to reclassification to conform to current
presentation

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