Presstek to delay 3Q earnings report

HUDSON, N.H. --Digital imaging systems maker Presstek Inc. said Monday it will delay filing its third-quarter report due to an inventory review.

The company said is also reviewing receivables from certain distributors in Europe as well as certain European revenue recognition practices. Presstek said the review is occurring in conjunction with an examination of operations directed by its new senior management team.

"Although the amounts of any potential additional inventory or receivables reserves are not yet known, the company does not expect these issues to significantly impact our future operations," said President and Chief Executive Jeff Jacobson in a statement.

Presstek said third-quarter results will be reported when the reviews are completed.

The company also said it plans to announce an initiative on Oct. 25 that will target cost reductions, productivity improvements, and increased cash flow.

Jacobson said any issues that lead to a negative impact on third-quarter earnings are not expected to have a material effect on the company's 2008 and 2009 outlook, or the new initiative.