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<SEC-DOCUMENT>0001068238-02-000292.txt : 20021118
<SEC-HEADER>0001068238-02-000292.hdr.sgml : 20021118
<ACCEPTANCE-DATETIME>20021118163118
ACCESSION NUMBER:		0001068238-02-000292
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021118
FILED AS OF DATE:		20021118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUR MACROPRINTERS LTD
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTING TRADES MACHINERY & EQUIPMENT [3555]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26498
		FILM NUMBER:		02831580

	BUSINESS ADDRESS:	
		STREET 1:		5 DAVID NAVON STREET
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			PETAH-TIKVA ISRAEL
		STATE:			L3
		ZIP:			00000
		BUSINESS PHONE:		01197239087676

	MAIL ADDRESS:	
		STREET 1:		P O BOX 8440
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			ISRAEL
		STATE:			L3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k111802.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD><TITLE>Form 6-K></TITLE>
</HEAD>
<BODY>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
FORM 6-K</FONT></H1><BR>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SECURITIES
AND EXCHANGE COMMISSION<BR>WASHINGTON, D.C. 20549</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Report of
Foreign Private Issuer<BR>Pursuant to Rule 12a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
November 14, 2002</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Commission
File No. 0-26498</FONT></H1>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
<B>NUR MACROPRINTERS LTD.</B></FONT><BR>
 <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
(Exact Name of Registrant as specified in its Charter)<BR><BR>

Not Applicable<BR>
(Translation of Registrant's Name into English)</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>12 Abba Hilel, Silver Street<BR>
Lod<BR>71111 Israel</B><BR>
(Address and principal executive offices)</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F
or Form 40-F. </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Indicate by check mark
whether the registrant by furnishing the information contained in this Form is
also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934. </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
If "Yes" is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b).</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
hereto and incorporated by reference herein is a press release of the registrant
dated November 14, 2002. </FONT></P>
<BR>
<BR>
<BR>

<BR>
<HR SIZE=2 COLOR=BLACK WIDTH=100%>
<BR>
<BR>

<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">
    NUR MACROPRINTERS LTD. ANNOUNCES THIRD QUARTER AND NINE<BR>MONTHS FINANCIAL RESULTS</FONT></FONT></H1>

<!-- MARKER FORMAT-SHEET="Center Rule" -->
<P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Para Hang Roman In 1" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2"><B>ThirdQuarter Revenues of $20.9 Million; Gross Margins grow to 36.2% from 30.6% in Q2,
Operating loss of $680,000, down from $1,800,000 in Q2 2002</B></FONT></FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">
LOD, Israel,  Nov. 14 NUR Macroprinters  Ltd. (NASDAQ:  NURM), a world leading
manufacturer  of  wide-format  and  superwide   digital  printing  systems  and
consumables  for  the  out-of-home  advertising  market,  today  announced  its
consolidated  financial  results for the third  quarter  and nine months  ended
September 30, 2002.</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">Revenues
for the third quarter of 2002 were $20.9 million compared to $30.1 million
during the third quarter of 2001. Net loss for the third quarter of 2002 was
$(1.2) million, or $(0.07) per share, as compared to a net profit of $83,000, or
$0.01 per share, during the third quarter of 2001.</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">Gross
profit for the third quarter was $7.6 million compared to $11.9 million in the
third quarter of 2001. Operating expenses for the third quarter were $8.3
million compared to $11.1 million in the comparable quarter last year. Operating
loss for the third quarter was approximately $(0.7) million, compared to an
operating income of $0.8 million in the third quarter last year.</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">Revenues
for the first nine months of 2002 were $65.7 million compared to $91.8 million
in the first nine months of 2001. Net loss for the nine month period was $(7.0)
million or $(0.41) per share, compared to a net loss of $(6.5) million for the
first nine months of 2001 or $(0.44) per share.</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">Gross
profit for the first nine months of 2002 was $20.6 million, compared to a gross
profit of $32.9 million for the first nine months of 2001. Operating expenses
for the period were $26.4 million compared to $36.7 million in the first nine
months of 2001. Operating loss for the first nine months of 2002 was $(5.8)
million, as compared to an operating income of $(3.7) million for the first nine
months of 2001.</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">Erez
Shachar, CEO of NUR Macroprinters, commented on the results, &#147;Although we
faced a decrease in our revenues this quarter, we managed to improve our gross
margin, resulting in a higher gross profit compared to the second quarter of
this year. Another encouraging figure is the decline in quarterly operating loss
compared to second quarter 2002 results; this, we believe, reflects the
Company&#146;s ability to manage our resources and expenses during tough times.
As for the cash-flow figures, we managed to improve our cash flow from operating
activities compared to both first and second quarter 2002 results.&#148;</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">Erez
Shachar further stated, &#147;During the fourth quarter 2002, we began a
restructuring process of our operations in the Asia Pacific region. We are
working with third-party distributors that have a strong presence in specific
markets and regions. We appointed the Computer And Sign Technology Co., Ltd
(CAST), part of the Kobond Group, as NUR Asia Pacific&#146;s exclusive
distributor for the NUR Fresco product line in the People&#146;s Republic of
China. CAST is now responsible for sales and support of the NUR Fresco&#153;
product line to new customers throughout the Chinese market. In conjunction with
the appointment of CAST to market and support the NUR Fresco product line in
China, we are moving the Asia Pacific headquarters to a new and significantly
expanded facility located in Hong Kong. By revitalizing our presence in this
part of the world, we seek not only to reduce costs and streamline our
operations, but also to update our sales, marketing and support strategy to
better focus on the needs of our Asian customers and the changing conditions in
the marketplace overall. We believe this new strategy will put us in a better
position to more effectively pursue the variety of new opportunities that are
emerging in countries throughout the Asia Pacific region.&#148;</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">Finally,
Erez Shachar added, &#147;We recently attended the SGIA 2002 trade show in St.
Louis (US), where we unveiled several new products, including two new
wide-format printing systems - the NUR Tempo, a flatbed digital inkjet
press that will print on a wide variety of both rigid and flexible materials,
and the NUR Ultima HiQ, a new family of lower cost printers to complement the
top-of-the-line NUR Fresco&#153; series of production printers. Also introduced
were new substrates and consumables that extend the usability and vibrancy of
the prints. Our entire product line generated an enormous amount of interest and
enthusiasm.&#148;</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">The
Company will host a conference call to discuss these results on Thursday
November 14th, at 11:00AM, EDT/6:00 PM, Israel time.</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">
To participate,  please call;  1-800-233-2795  (U.S. toll free),  1-800-286-285
(Israel  toll  free),  1-785-832-1077   (international),   id  code:  NUR.  The
conference call will also be webcast live at:  www.nur.com/investors,  and will
be available  for replay at that site  starting 2PM EDT on the day of the call,
or by  calling  1-888-566-0822  (U.S.) /  1-402-220-0116  (international).  The
call will also be  available  for replay in Israel for 72 hours  after the call
by dialing 011-972-3-925-5946</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">ABOUT NUR MACROPRINTERS LTD.<BR>NUR
Macroprinters (NASDAQ: NURM) is a global market leader in wide and super wide
digital printing solutions for the out-of-home advertising market. From its
photorealistic printers to its high throughput production presses, NUR&#146;s
comprehensive line of digital printers and consumables address the complete
range of wide and super wide format digital printing requirements. NUR&#146;s
fully digital printing solutions help customers worldwide deliver the high
quality and fast turnaround they need to meet their customers&#146; wide ranging
printing requirements. NUR Macroprinters Ltd. can be found on the Internet at
www.nur.com.</FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Justify" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">SAFE HARBOR:<BR>Certain
statements made herein that use the words &#147;estimate,&#148;
&#147;project,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;believe&#148;
and similar expressions are intended to identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks and
uncertainties that could cause the actual results, performance or achievements
of NUR Macroprinters Ltd. to be materially different from those which may be
expressed or implied by such statements, including, among others, changes in
general economic and business conditions and specifically, decline in demand for
NUR Macroprinters Ltd&#146;s products, inability to timely develop and introduce
new technologies, products and applications and loss of market share and
pressure on prices resulting from competition. For additional information
regarding these and other risks and uncertainties associated with the
Company&#146;s business, reference is made to NUR Macroprinters Ltd.&#145;s
reports filed from time to time with the Securities and Exchange Commission.
This press release is available at<U> www.nur.com</U>&nbsp;and&nbsp;<U>www.portfoliopr.com/</U></FONT></FONT> </P>

<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">#&nbsp;&nbsp;#&nbsp;&nbsp;#</FONT></FONT> </P>


<HR SIZE=2 COLOR=BLACK WIDTH=100%>

<H2 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">
<U>NUR MACROPRINTERS LTD.</U><BR>
Consolidated Statements of operations<BR>
U.S. $ in thousands, except per share data</FONT></FONT></H2>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="4"></TH>
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="4"></TH></TR>

<TR VALIGN="BOTTOM">
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" Size="2">Nine months ended</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
    <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" Size="2">Three months ended</FONT></TD>
      <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>&nbsp;&nbsp;9/30/02&nbsp;&nbsp;<BR>&nbsp;&nbsp;As reported&nbsp;&nbsp;</U></FONT></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>&nbsp;&nbsp;9/30/01&nbsp;&nbsp;<BR>&nbsp;&nbsp;As reported&nbsp;&nbsp;</U></FONT></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>&nbsp;&nbsp;9/30/02&nbsp;&nbsp;<BR>&nbsp;&nbsp;As reported&nbsp;&nbsp;</U></FONT></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>&nbsp;&nbsp;9/30/01&nbsp;&nbsp;<BR>&nbsp;&nbsp;As reported&nbsp;&nbsp;</U></FONT></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"></FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"></FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"></FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;Sales of printers and related products</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,734</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,825</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,925</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,127</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD>
     <TD COLSPAN="2"></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">65,734</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">91,825</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">20,925</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">30,127</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Cost of revenues</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;Cost of sales of printers and related products</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">45,094</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">54,914</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">13,357</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">18,219</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;One time inventory write-offs</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">3,989</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">45,094</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">58,903</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">13,357</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">18,219</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Gross profit</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">20,640</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">32,922</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">7,568</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">11,908</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">31.40</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">35.85</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">36.17</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">39.53</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Research &amp; Development expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">6,854</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">8,659</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,257</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,664</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Less-Grants</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(1,110</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(450</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(546</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(200</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Research &amp; Development expenses, net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">5,744</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">8,209</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">1,711</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,464</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Selling expenses, net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">9,437</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">13,866</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,937</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">4,668</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">General and administrative expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">8,873</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">9,869</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">3,101</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">3,275</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Amortization of goodwill and other intangible assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">1,505</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,178</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">503</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">726</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Restructuring and other one time expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">848</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,543</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">20,663</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">28,456</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">6,541</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">8,669</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Operating income (loss)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(5,767</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(3,743</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(684</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">775</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Financial expenses net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(929</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(2,669</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(473</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(747</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Other expense net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(135</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(54</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(27</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">5</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Income (loss) before taxes on income and equity losses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(6,831</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(6,466</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(1,184</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">33</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Taxes on income</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(127</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(52</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Equity in profits (losses) of affiliates, net of taxes</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">14</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">50</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Net loss for the period</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,958</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,452</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,236</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD></TR>

<TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">-10.59</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">-7.03</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">-5.91</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">0.28</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">%</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Loss per share</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Loss per share</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Weighted average number of shares</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;outstanding during the period</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">16,898,965</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">14,622,894</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">17,099,010</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">14,726,775</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;Weighted average number
of shares outstanding<BR>&nbsp;&nbsp;&nbsp;during the period used for dilluted loss per share</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">
&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">16,898,965</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">14,622,894</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">17,099,010</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">15,143,768</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN=BOTTOM>
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="2"></TD><TD></TD></TR>
</TABLE>

<HR SIZE=2 COLOR=BLACK WIDTH=100%>


<H2 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2"><FONT SIZE="2">
<U>NUR MACROPRINTERS LTD.</U><BR>
Condensed Balance Sheets, US$ in thousands</FONT></FONT></H2>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH></TR>

<TR VALIGN="BOTTOM">
     <TD WIDTH="62%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2"></FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"><U>&nbsp;&nbsp;9/30/02&nbsp;&nbsp;</U></FONT></TD>
        <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"><U>&nbsp;&nbsp;12/31/01&nbsp;&nbsp;</U></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD WIDTH="62%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Current Assets :</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"></FONT></TD>
        <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2"></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;12,863</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">$&nbsp;&nbsp;&nbsp;12,486</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;&nbsp;Accounts receivable - trade</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">32,466</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">36,262</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;&nbsp;Other receivables and prepaid</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;&nbsp;expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">9,028</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">6,783</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;&nbsp;Inventories</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">22,789</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">24,998</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Total Current Assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">77,146</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">80,529</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Investments and other non-current</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Long-term accounts receivables - trade</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">1,953</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,674</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Investments and other non-current</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">939</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">1,137</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Severance pay funds</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">822</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">751</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">3,714</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">4,562</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Property and Equipment, net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">11,639</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">12,578</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Other assets, net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">12,240</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">13,739</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Total assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">104,739</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">111,408</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="2"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Liabilities and Shareholders' Equity</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Current Liabilities :</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Short - term bank credit</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">6,616</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">5,061</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Current maturities of long - term loans</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">1,942</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">2,057</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Trade payables</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">14,904</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">19,667</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Accrued expenses and other liabilities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">9,406</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">10,465</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Advances from customers</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">280</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">433</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Total Current Liabilities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">33,148</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">37,683</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Long -Term Liabilities :</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Long - Term loans</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">30,529</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">31,720</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Accrued severance pay</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">1,036</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">1,008</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">31,565</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">32,728</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Shareholders' Equity :</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Share capital</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">4,197</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">3,674</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Capital surplus</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">45,673</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">39,493</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Cumulative translation adjustment</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(1,498</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(782</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Accumulated Earnings (Deficit)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(8,346</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">(1,388</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">)</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Total Shareholders' Equity</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">40,026</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">40,997</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Total Liabilities and Shareholders'</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">104,739</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" Size="2">111,408</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">Equity</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" Size="2">&nbsp;</FONT></TD></TR>
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     <TD COLSPAN="6"><HR NOSHADE COLOR="Black" SIZE="2"></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
SIGNATURES</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. </FONT></P>


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<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>NUR MACROPRINTERS LTD</B></FONT></TD>
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<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: November 18, 2002</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:<U>&nbsp;&nbsp;/s/ EREZ SHACHAR
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erez Shachar<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer
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