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November 10, 1997
Scitex Announces Improved Profit on 20% Revenue Growth in Third Quarter
1997
Scitex Corporation Ltd. (NASDAQ:SCIXF) today announced
net income of $2.2 million, or $0.05 per share for the third quarter ended
September 30, 1997. This compares with a net loss of $151 million, or $3.53
per share, reported for the same period last year, and net income of $157,000
reported in the second quarter of 1997. Revenues for the quarter were $171
million up 20% from $142 million in the third quarter of 1996 and compared
with $167 million in the second quarter of 1997. The third quarter 1996
results include $110 million in nonrecurring restructuring expenses and
other charges. Gross profits for the third quarter of 1997 was $69 million
(40% of sales), compared with gross profits of $27 million in the same period
last year (19% of sales), and an increase of 9% from $64 million (38%) in
the second quarter of 1997. Total revenues of the Graphic Arts Group for
the third quarter of 1997 were $117 million, up 38% compared with $85 million
in the third quarter of 1996.