exhibit991.htm

NEWS RELEASE

FOR IMMEDIATE RELEASE

CONTACTS:

Investor Relations Trade Relations

Tim McCauley Brian Wolfenden

Director of Business Planning & Investor Relations Director of Marketing Communications

(203) 769-8054 (603) 594-8585, ext. 3435

tmccauley@presstek.com bwolfenden@presstek.com

PRESSTEK ANNOUNCES FOURTH QUARTER 2009 FINANCIAL RESULTS

·	Positive adjusted EBITDA of $1.1 million

·	Improved year-on-year operating income (loss)

·	Reduction of debt net of cash of $4.2 million during the quarter

·	Sequential quarterly revenue growth

·	Continued positive adjusted EBITDA expected for Q1 2010

Greenwich, CT – March 10, 2010 – 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 fourth quarter ended January 2, 2010. The Company reported total revenue of $33.5 million in the fourth quarter of 2009, compared with $42.3 million in the fourth quarter of 2008, a decline of $8.8 million, or approximately 21 percent. However, sequential quarterly revenue increased by 1.4 percent compared to $33.0 million of revenue in the third quarter of 2009.

The Company had an operating loss of $0.7 million in the fourth quarter of 2009, an improvement from a loss of $0.9 million in the 2008 fourth quarter and a loss of $6.2 million in the third quarter of 2009. In the quarter, the Company had adjusted EBITDA of $1.1 million compared to the fourth quarter 2008 adjusted EBITDA of $3.0 million, which included an unusually large foreign currency gain in other income. In the third quarter of 2009 the Company had negative adjusted EBITDA of $1.1 million. During the fourth quarter of 2009, the Company incurred a loss from continuing operations of $1.5 million, or $0.04 per share, compared to income from continuing operations of $0.6 million in the fourth quarter of 2008, or $0.02 per share, and a loss from continuing operations of $6.6 million in the third quarter of 2009, or $0.18 per share. (See “Information Regarding Non-GAAP Measures”)

“Today we have reported our fourth quarter 2009 results with revenue of $33.5 million, positive adjusted EBITDA of $1.1 million and a reduction in debt net of cash of $4.2 million,” said Presstek Chairman, President and Chief Executive Officer, Jeff Jacobson. “These results represent our first sequential quarterly increase in revenue since the second quarter of 2008; a return to positive adjusted EBITDA after two negative quarters; and a strengthening of our overall financial position as we were able to significantly reduce our debt net of cash in the quarter. These positive financial results combined with the recent sale of Lasertel, the closing on our new credit facility, the completion of the SEC review and the successful result achieved with the International Trade Commission in the VIM patent litigation give us a great deal of momentum as we move forward.”

Fourth Quarter 2009 Financial Results

Total revenue in the fourth quarter of 2009 was $33.5 million, compared with $42.3 million in the fourth quarter of 2008.

Equipment revenue declined 40 percent to $5.8 million in the fourth quarter of 2009, compared with $9.8 million for the same period last year. Throughout 2009, equipment sales have been negatively impacted by the global economic recession that has caused credit markets to tighten and customers to delay major capital investment decisions. However, the fourth quarter equipment revenue represents a sequential quarterly revenue increase of $2.2 million, or 60 percent, and was the highest equipment revenue quarter of the year.

Consumables revenue totaled $20.6 million in the fourth quarter of 2009, compared with $24.2 million for the same period last year. The decline in consumables revenue was primarily related to lower industry print volume, as well as lower sales in the Company’s “traditional” portfolio of consumables products. Sequential quarterly revenue for consumables decreased $1.6 million, or 7 percent in the fourth quarter primarily due to a decline in “traditional” consumables in the quarter.

·	Service revenue declined approximately 15 percent to $7.1 million in the fourth quarter of 2009 compared to 2008 primarily due to a decrease in the level of traditional equipment service and lower installation volume. Sequential quarterly revenue was essentially flat.

Gross margin for the fourth quarter was 33.9% compared to 37.9% in the fourth quarter of 2008. This reduction was driven by unfavorable shifts in foreign currency exchange rates from the prior year and reduced productivity in equipment and digital plate manufacturing caused by lower production levels. These reductions were partially offset by a favorable mix of products and cost reductions across the manufacturing and service areas as part of the $10 million cost reduction program announced in August 2009.

Fourth quarter operating expenses of $12.0 million declined $4.9 million, or 29 percent, from the fourth quarter of 2008. This decrease is primarily related to significant reductions in legal and professional fees, bad debt charges and headcount related costs resulting primarily from the cost reduction program implemented in August 2009; and the timing of trade show expenses. A restructuring charge of $0.5 million related to the cost reduction program was recorded in the fourth quarter of 2009.

“The $12.0 million operating expense level in the fourth quarter of 2009 represents a 42 percent decrease from 2007 levels when operating expenses averaged in excess of $20 million per quarter,” said Presstek Executive Vice President and Chief Financial Officer, Jeff Cook. “This decline has been due, in part, to operating expense reductions achieved in connection with the approximately $40 million of cost reduction and profit improvement actions that have been taken across the business in the past two years.”

Interest and other income/expense was an expense of $0.9 million in the fourth quarter of 2009 compared to income of $1.6 million in the fourth quarter of 2008. This change was primarily attributed to a $1.7 million unfavorable swing in foreign currency impacts due to an unusually large foreign currency gain in the fourth quarter of 2008 and an increase in interest expense of $0.3 million as a result of higher interest rates and average debt outstanding during the quarter.

Results from continuing operations exclude the results from the Company’s Lasertel subsidiary which were recorded as discontinued operations. Lasertel’s results improved during the fourth quarter of 2009 with income from operations, excluding $0.7 million of legal fees related to the sale of Lasertel, of $0.9 million compared with a loss from operations of $1.1 million in the same period last year. 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.

The fourth quarter debt net of cash totaled $12.1 million, which is essentially flat from last year’s fourth quarter and is down 67 percent from its highest point of $37 million in March of 2007. During the fourth quarter, debt net of cash was reduced by $4.2 million.

“We were pleased that we could complete 2009 with debt net of cash essentially flat in this environment,” added Cook. “Even in the face of the contraction of our markets and the expense associated with the refinancing, VIM litigation, SEC review and the Lasertel sale, we were able to end 2009 at essentially the same debt net of cash position as we started the year.”

Full Year 2009 Financial Results

Revenue for the full year was $134.5 million, a decrease of $58.8 million or 30 percent from 2008. The decline in revenue was driven primarily by the impact of the deterioration in the global economy and an unfavorable change in foreign currency exchange rates in the year.

Gross margin declined from 35.6% in 2008 to 31.4% in 2009, driven largely by unfavorable changes in foreign currency exchange rates, the negative impact of lower manufacturing productivity due to volume reductions and a third quarter equipment inventory adjustment of $2.7 million. These negative impacts were partially offset by a favorable mix of product sales and the positive impact of cost reduction actions taken in manufacturing and service during the year.

The Company recorded two non-cash, non-routine charges in 2009: a $19.1 million goodwill write-off and a $16.8 million valuation allowance against its U.S. deferred tax assets. These charges are non-cash and did not affect the Company’s liquidity or cash flows.

Excluding the goodwill impairment charge, operating expenses declined to $54.5 million in 2009, reflecting a year-over-year improvement of $9.3 million, or approximately 15 percent. Lower expenses resulted primarily from lower headcount related costs due to the Company’s cost reduction activities, as well as lower trade show costs and lower legal and other professional services fees.

“We are very pleased with the progress we have made in the past quarter,” commented Jacobson. “Since our last earnings call we have accomplished several significant steps toward achieving our long-term strategy.

We successfully completed the sale of our Lasertel business, closed on our new revolving credit facility, completed the SEC review and won our patent litigation against VIM Technologies in the International Trade Commission. The effect of these actions is that we will free up valuable time and resources to focus even more on our growth initiatives and we will have the financial flexibility to continue to drive our strategy, expand our business and maximize our shareholder value.

·	In addition to these achievements, our 2009 fourth quarter results include sequential quarterly revenue growth, a return to positive adjusted EBITDA and a strengthening of our overall financial position as we were able to reduce our debt net of cash by $4.2 million.

Through our cost reduction and profit improvement programs we have optimized our cost structure, achieving total annualized benefits of approximately $40 million over the past two years and reducing operating expense levels by 42 percent from 2007 levels. I am very pleased that actions such as these have allowed us to achieve a positive adjusted EBITDA of $1.1 million in the fourth quarter of 2009 on $33.5 million of revenue.

·	We also continue to experience positive reactions to our expanded product portfolio, including our thirteen new product announcements in the past two years. We are excited about the organic growth potential that the new portfolio and our expanded international distribution channels provide us.

We believe revenue has stabilized and we are poised for growth. However, as industry-wide revenue levels tend to be lower in the first quarter due to typical industry seasonality, we expect first quarter 2010 revenue to be consistent with the fourth quarter of 2009. The revenue stabilization combined with our optimized cost structure will allow us to continue to achieve positive adjusted EBITDA in the first quarter of 2010, and we expect that future revenue growth will drive improved profitability and cash generation.”

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 the impact of restructuring charges; adjusted EBITDA; cash earnings from continuing operations, excluding non-routine charges; working capital, excluding short-term debt; debt net of cash; operating expenses, excluding the impact of goodwill impairment; income from discontinued operations, excluding legal fees; 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 fourth quarter 2009 results in a conference call on Wednesday, March 10, 2010 at 10:30 a.m. Eastern Time. Conference call information is below:

Conference Call Access:

Domestic Dial In: (866) 730-5762

International Dial In: (857) 350-1586

Passcode: 93941228

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

Rebroadcast Access:

Domestic Dial In: 888-286-8010

International Dial In: 617-801-6888

Passcode: 38238227

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® 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, gross margins, operating income (loss), EBITDA, asset impairments, expectations concerning the level of costs, the level of customer demand, the results of the Company’s cost reduction measures, 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, 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 2008 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 STATEMENTS OF OPERATIONS
(in thousands, except per-share data)
(Unaudited)



	Three months ended						Twelve months ended
	January 2,			January 3,			January 2,			January 3,
	2010			2009			2010			2009

Revenue
Equipment	$	5,819		$	9,759		$	19,646		$	52,716
Consumables		20,571			24,220			85,741			106,027
Service and parts		7,092			8,339			29,071			34,509
Total revenue		33,482			42,318			134,458			193,252

Cost of revenue
Equipment		5,901			8,611			23,916			45,818
Consumables		11,162			11,818			46,765			53,270
Service and parts		5,057			5,862			21,585			25,423
Total cost of revenue		22,120			26,291			92,266			124,511

Gross profit		11,362			16,027			42,192			68,741

Operating expenses
Research and development		1,172			1,447			4,975			5,144
Sales, marketing and customer support		5,442			7,526			24,967			29,937
General and administrative		4,673			7,175			21,912			25,496
Amortization of intangible assets		214			261			926			1,084
Restructuring and other charges		522			539			1,684			2,108
Goodwill impairment		-			-			19,114			-
Total operating expenses		12,023			16,948			73,578			63,769

Income (loss) from operations		(661	)		(921	)		(31,386	)		4,972
Interest and other expense, net		(858	)		1,584			(1,389	)		938

Income (loss) from continuing operations before income taxes		(1,519	)		663			(32,775	)		5,910
Provision (benefit) for income taxes		(32	)		49			16,334			2,780

Income (loss) from continuing operations		(1,487	)		614			(49,109	)		3,130
Income (loss) from discontinued operations, net of income taxes		219			(1,070	)		(740	)		(2,606	)

Net income (loss)	$	(1,268	)	$	(456	)	$	(49,849	)	$	524


Earnings (loss) per share - basic
Income (loss) from continuing operations	$	(0.04	)	$	0.02		$	(1.34	)	$	0.09
Income (loss) from discontinued operations		0.01			(0.03	)		(0.02	)		(0.08	)
	$	(0.03	)	$	(0.01	)	$	(1.36	)	$	0.01
Earnings (loss) per share - diluted
Income (loss) from continuing operations	$	(0.04	)	$	0.02		$	(1.34	)	$	0.09
Income (loss) from discontinued operations		0.01			(0.03	)		(0.02	)		(0.08	)
	$	(0.03	)	$	(0.01	)	$	(1.36	)	$	0.01

Weighted average shares outstanding
Weighted average shares outstanding - basic		36,827			36,619			36,744			36,596
Dilutive effect of stock options		-			-			-			9
Weighed average shares outstanding - diluted		36,827			36,619			36,744			36,605

PRESSTEK, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)


	January 2,			January 3,
	2010			2009

ASSETS
Current assets
Cash and cash equivalents	$	5,843		$	4,738
Accounts receivable, net		22,605			30,759
Inventories		28,905			37,607
Assets of discontinued operations		14,097			13,330
Deferred income taxes		243			7,066
Other current assets		2,598			4,095
Total current assets		74,291			97,595

Property, plant and equipment, net		24,307			25,530
Goodwill		-			19,114
Intangible assets, net		4,316			4,174
Deferred income taxes		1,140			10,494
Other noncurrent assets		481			606

Total assets	$	104,535		$	157,513

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt and capital lease obligation	$	-		$	4,074
Line of credit		17,910			12,415
Accounts payable		9,887			12,060
Accrued expenses		8,049			13,261
Deferred revenue		6,497			7,300
Liabilities of discontinued operations		5,203			5,702
Total current liabilities		47,546			54,812

Other long-term liabilities		141			170

Total liabilities		47,687			54,982

Stockholders' equity
Preferred stock		-			-
Common stock		368			366
Additional paid-in capital		120,005			117,985
Accumulated other comprehensive loss		(3,810	)		(5,954	)
Accumulated deficit		(59,715	)		(9,866	)
Total stockholders' equity		56,848			102,531

Total liabilities and stockholders' equity	$	104,535		$	157,513

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

		Q4 2008			Q1 2009			Q2 2009			Q3 2009			Q4 2009
Key Units
DI Presses (Excludes QMDI)		25			13			11			12			15
CTP Platesetters (Excludes DPM)		35			24			21			15			10

Revenue - Growth Portfolio
DI Presses (Excludes QMDI)		7,528			3,521			3,732			2,923			5,634
Presstek Branded DI Plates		4,661			4,025			4,301			4,318			4,022
Total DI Revenue		12,189			7,546			8,033			7,241			9,656

Presstek CTP Platesetters (Excludes DPM)		2,039			1,109			1,505			1,081			578
Chemistry Free CTP Plates		4,402			3,426			3,678			3,745			3,523
Total CTP Revenue		6,441			4,535			5,183			4,826			4,101

Service Transfer		(1,176	)		(601	)		(603	)		(596	)		(581	)
Service Revenue		3,002			2,723			2,588			2,603			2,553

Total Revenue - Growth Portfolio		20,456			14,203			15,201			14,074			15,729

Revenue - Traditional Portfolio
QMDI Platform		3,417			2,962			2,987			3,056			3,155
Polyester CTP Platform		3,601			3,575			3,178			3,228			2,896
Other DI Plates		1,693			1,295			1,128			1,438			1,521
Conventional/Other		7,916			7,775			6,608			6,772			5,824
Total Product Revenue - Traditional		16,627			15,607			13,901			14,494			13,397

Service Transfer		(102	)		(190	)		(190	)		(188	)		(183	)
Service Revenue - Traditional		5,336			4,840			4,598			4,626			4,539

Total Revenue - Traditional Portfolio		21,861			20,257			18,309			18,932			17,753

Total Revenue		42,318			34,460			33,510			33,006			33,482

Product Revenue Components %
Growth		48.3	%		41.2	%		45.4	%		42.6	%		47.0	%
Traditional		51.7	%		58.8	%		54.6	%		57.4	%		53.0	%

Geographic Revenues (Origination)
North America		32,374			26,715			26,076			26,810			26,436
Europe		9,944			7,745			7,434			6,196			7,046
Consolidated		42,318			34,460			33,510			33,006			33,482

Gross Margin
Presstek
Equipment		11.7	%		5.9	%		0.9	%		-124.8	%		-1.4	%
Consumables		51.2	%		46.7	%		43.5	%		45.9	%		45.7	%
Service		29.7	%		20.8	%		25.3	%		28.5	%		28.7	%
Consolidated		37.9	%		35.1	%		32.9	%		23.3	%		33.9	%

Operating Expense (Excluding Special Charges) (A)	$	16,409		$	13,851		$	14,602		$	12,826		$	11,501

Profitability
Net income (loss)	$	(456	)	$	(1,191	)	$	(41,449	)	$	(5,941	)	$	(1,268	)
Add back: Income from discontinued operations		1,070			85			1,580			(706	)		(219	)
Net income (loss) from continuing operations		614			(1,106	)		(39,869	)		(6,647	)		(1,487	)
Add back:
Interest		121			56			110			491			459
Other (income) expense		(1,705	)		(516	)		136			254			399
Tax charge (benefit)		49			(275	)		16,905			(264	)		(32	)
Impairment / Other charges		-			-			19,114			2,700			124
Non cash portion of equity compensation		482			457			505			389			351
Restructuring and Other charges		539			84			38			1,040			522
Operating income (loss) from continuing operations		100			(1,300	)		(3,061	)		(2,037	)		336
Add back:
Depreciation and amortization		1,172			1,191			1,150			1,231			1,173
Other income (expense)		1,705			516			(136	)		(254	)		(399	)
Adjusted EBITDA (A)	$	2,977		$	407		$	(2,047	)	$	(1,060	)	$	1,110


Cash Earnings From Continuing Operations
Income (loss) from continuing operations		614		(1,106	)		(39,869	)		(6,647	)		(1,487	)
Add back:
Restructuring and Other charges		539		84			38			1,040			522
Impairment / Other charges		-		-			19,114			2,700			124
Depreciation and amortization		1,172		1,191			1,150			1,231			1,173
Non cash portion of equity compensation		482		457			505			389			351
Non cash portion of taxes		36		(454	)		17,071			(299	)		(141	)
Cash Earnings From Continuing Operations (A)		2,843		172			(1,991	)		(1,586	)		542

Working Capital
Current assets (excluding net assets of discontinued operations)	$	84,263	$	83,850		$	73,994		$	68,159		$	60,194
Current liabilities
Short-term debt		16,489		14,941			17,592			23,446			17,910
All other current liabilities		32,575		33,847			31,345			26,293			24,433
Current liabilities		49,064		48,788			48,937			49,739			42,343
Working capital		35,199		35,062			25,057			18,420			17,851
Add back short-term debt		16,489		14,941			17,592			23,446			17,910
Working capital, excluding short-term debt (A)	$	51,688	$	50,003		$	42,649		$	41,866		$	35,761

Debt net of cash (A)
Calculation of total debt:
Current portion of long-term debt	$	4,074	$	2,454		$	1,644		$	834		$	-
Line of credit		12,415		12,487			15,948			22,612			17,910
Long-term debt, net of current portion		-		-			-			-			-
Total debt		16,489		14,941			17,592			23,446			17,910
Cash		4,738		5,262			4,453			7,220			5,843
Debt net of cash	$	11,751	$	9,679		$	13,139		$	16,226		$	12,067

Days Sales Outstanding		69		74			69			66			59

Days Inventory Outstanding		87		100			105			99			84

Capital Expenditures	$	831	$	180		$	238		$	257		$	51

Employees		608		612			608			553			527

A. Operating expenses, excluding special charges and Adjusted EBITDA [earnings before interest, taxes, depreciation, amortization and restructuring and other non-recurring charges (credits)]; Working capital, excluding short-term debt; Debt net of cash; and Cash earning from continuing operations 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 EBITDA provides meaningful supplemental information regarding Presstek's current financial performance and prospects for the future. Presstek's management believes that Cash earnings from continuing operations provide meaningful supplemental information regarding Presstek's current financial performance and prospects for the future. Presstek's management believes that Working capital, excluding short-term 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.

Reconciliation of GAAP amounts to Non-GAAP amounts
(Dollar amounts in thousands)

	Three months ended January 2, 2010							Three months ended January 3, 2009
	GAAP					Non-GAAP		GAAP					Non-GAAP
	amounts		Adjustments			amounts		amounts			Adjustments		amounts

Income (loss) from discontinued operations, net of income tax	$	219	$	700		$	919	$	(1,070	)	$	-	$	(1,070	)

	Adjustment represents legal expenses related to the sale of Lasertel, Inc. that are included in Income (loss) from discontinued operations




	Twelve months ended January 2, 2010							Twelve months ended January 3, 2009
	GAAP					Non-GAAP		GAAP					Non-GAAP
	amounts		Adjustments			amounts		amounts			Adjustments		amounts

Operating Expenses	$	73,578	$	(19,114	)	$	54,464	$	63,769		$	-	$	63,769

	Adjustment represents the goodwill impairment charge recognized in the second quarter of 2009