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<SEC-DOCUMENT>0001068238-03-000105.txt : 20030314
<SEC-HEADER>0001068238-03-000105.hdr.sgml : 20030314
<ACCEPTANCE-DATETIME>20030314162546
ACCESSION NUMBER:		0001068238-03-000105
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030313
FILED AS OF DATE:		20030314

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:		03604370

	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>f6knurmarch13-03.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>
March 13, 2003</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 ALIGN=JUSTIFY><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 ALIGN=JUSTIFY><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 ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
If &#147;Yes&#148; is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b).</FONT></P>

<P ALIGN=JUSTIFY><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 March 13, 2003.</FONT></P>
<BR>
<BR>
<BR>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
[PRESS RELEASE]</FONT></P>


<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
NUR MACROPRINTERS LTD. ANNOUNCES 2002 FOURTH QUARTER AND<BR>
<BR>
YEAR-END RESULTS AS WELL AS EXECUTIVE CHANGE</B></FONT></P>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
</FONT></TD>
<TD ALIGN="LEFT" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>&raquo;    </B></FONT></TD>
<TD ALIGN="LEFT" WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>FY2002 Revenues of $85.3 Million</B></FONT></TD>
</TR></TABLE>
<BR>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
</FONT></TD>
<TD ALIGN="LEFT" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>&raquo; </B>   </FONT></TD>
<TD ALIGN="LEFT" WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>Fourth Quarter  Revenues of $19.5  Million;  Net Loss <BR> <BR>of $17.1 Million;
Net  Loss  Excluding  Intangibles   Impairment  And  One-Time  Expenses  -  $1.4
Million</B></FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
</FONT></TD>
<TD ALIGN="LEFT" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>&raquo;  </B>  </FONT></TD>
<TD ALIGN="LEFT" WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>David Amir Appointed President and CEO, Replacing Erez Shachar</B></FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
</FONT></TD>
<TD ALIGN="LEFT" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>&raquo; </B>   </FONT></TD>
<TD ALIGN="LEFT" WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>Amended Long-Term Debt Covenants - Bringing NUR to Full Compliance with
      the <BR><BR>Conditions of its Long-Term Debt</B></FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LOD, Israel; March 13, 2003
&#151; 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 fourth quarter and year ended December 31, 2002. The Company
also announced the appointment of David Amir as its President and CEO, replacing
Erez Shachar, who has resigned. Mr. Shachar will continue to serve as a senior
consultant to the Company for the coming 12 months. </FONT></P>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>&#149; </B>   </FONT></TD>
<TD ALIGN="LEFT" WIDTH="96%"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B><U>2002  Financial  Results &amp;  Analysis</U></B><BR>
The fourth quarter included  several  non-recurring  charges,  including a $11.4
million non-cash charge related to devaluation of intangible  assets,  including
goodwill,  related to the Salsa acquisition  completed in 2000, and $4.3 million
of one-time costs,  consisting of $1.0 million of inventory  write-offs and $3.3
million of operating expenses, arising principally from the restructuring of the
Company&#146;s China operations. <BR>
<BR>
Revenues for the fourth  quarter of 2002 were $19.5  million,  compared to $28.6
million  for the fourth  quarter  last year,  a 32%  decrease.  Net loss for the
fourth quarter was $(17.1)  million,  or $(1.00) per share,  including  one-time
charges, and a net loss of $(1.4) million, or $(0.08) per share,  excluding such
charges,  compared to a net loss of $(0.8) million, or $(0.05) per share, in the
comparable quarter last year. <BR>
<BR>
Gross  profit for the fourth  quarter  was $6.3  million,  including  a one-time
inventory write-off of approximately $1.0 million,  compared to $11.5 million in
the comparable period last year.  Operating expenses for the fourth quarter were
$21.1  million,   including   restructuring   and  other  one-time   charges  of
approximately $14.7 million,  and $6.4 million excluding such charges,  compared
to $9.9  million in the  comparable  period  last year.  Operating  loss for the
fourth quarter was approximately $(16.8) million including one-time charges, and
a loss of $(1.1) million  excluding such charges,  compared to $(0.4) million in
the comparable period last year. <BR>
<BR>
Revenues for the year ended  December 31, 2002 were $85.3  million,  compared to
$120.4  million for the year ended  December 31, 2001, a 29% decrease.  Net loss
for 2002, including restructuring and other one-time charges, was $(24) million,
or $(1.42) per share,  and a net loss of $(6.0)  million,  or $(0.35) per share,
excluding  such  charges,  compared to a net loss of $(7.2)  million,  including
restructuring  and other  one-time and charges,  or $(0.49) per share,  in 2001.
</FONT></P></TD>
</TR></TABLE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
</FONT></TD>
<TD ALIGN="LEFT" WIDTH="96%"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" Size="2">
Gross  profit for the year was $26.9  million,  including  a one-time  inventory
write-off of  approximately  $1.0 million,  and $27.9  million,  excluding  such
charges,  compared to $44.5 million for the prior year.  Operating  loss for the
year  was  $(22.6)  million,   including   one-time   inventory   write-offs  of
approximately  $1.0 million,  one-time  impairment of intangible assets of $11.4
million,  and $4.2 million of restructuring and other one-time  expenses,  and a
loss of $(4.5) million excluding such charges,  as compared to $(4.1) million in
the prior year. </FONT></P></TD>
</TR></TABLE>
<BR>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>&#149; </B>   </FONT></TD>
<TD ALIGN="LEFT" WIDTH="96%"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B><U>Operational Comments</U></B><BR>
Erez  Shachar,  CEO of NUR  Macroprinters,  commented on the results,  &#147;NUR
improved its free cash flow for the third  consecutive  quarter,  resulting in a
breakeven free cash flow for the last quarter of 2002, in spite of a decrease in
revenues.  During  2002,  NUR  reduced its  operating  expenses by more then $10
million compared with 2001, excluding one-time expenses. This reduction has been
achieved through various improvements in NUR&#146;s  operation,  building a more
cost-effective  platform  to  address  future  challenges.  Another  encouraging
development is the amendment of the covenants  governing our long-term loans. We
believe this new agreement to be another  expression of the cooperation  between
the  Company  and  its  banking  partners<I>  &#150;  </I>bringing  NUR to  full
compliance  with the  conditions  of its  long-term  debt.  NUR has succeeded in
maintaining approximately the same levels of cash at the end of 2002 as it began
the year with, while decreasing its debt load during the year.&#148; <BR>
<BR>
Erez Shachar further
stated, &#147;During the fourth quarter, we completed a restructuring process of
our operations in the Asia Pacific region consisting, among other things, of the
appointment of Computer and Sign Technology Co., Ltd to market and support the
NUR Fresco product line in China and moving the Asia Pacific headquarters from
Shanghai to a new facility located in Hong Kong. The restructuring process
resulted in the termination of approximately thirty (30) employees, allowing a
more cost effective operation in that region.&#148; <BR>
<BR>
Erez Shachar added,
&#147;In October 2002, we 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. We expect the
NUR Tempo and the NUR Ultima HiQ, which generated an enormous amount of interest
and enthusiasm, to be commercially available during 2003.&#148; </FONT></P></TD>
</TR></TABLE>
<BR>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B>&#149; </B></FONT></TD>
<TD ALIGN="LEFT" WIDTH="96%"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" Size="2">
<B><U> Management Change</U></B><BR>
NUR Macroprinters  further announced that, effective April 1, 2003, Erez Shachar
is resigning his position as President and CEO of NUR. Mr. Shachar will continue
to serve as a senior  consultant  to the  Company for a one-year  period.  David
Amir, an industry  veteran with 20 years of  experience,  has been  appointed to
replace Mr. Shachar. Mr. Amir has been working with NUR as a consultant for over
a year, and is responsible for the restructuring of the  Company&#146;s  service
and support  organizations.  David Amir has been a successful,  senior executive
with Scitex in a number of capacities  including : Corporate  Vice-President for
Business Development, Vice-President Customer Services of Scitex Europe, Manager
of  International  Customer  Support,  and fourteen years of experience with the
U.S.  market.  Most  recently,  David  was the  founder,  CEO and  President  of
Paspartoo Ltd., a leading company in  &#147;virtual  to print&#148;  technology.
Commenting on his
departure, Mr. Shachar stated, &#147;It has been a truly gratifying experience
to serve as the President and CEO of NUR. I believe David Amir will bring to the
Company a fresh vision and passion that will carry NUR to an era of growth and
prosperity. I am more than confident that David has the ability and know-how to
move the Company forward.&#148; </FONT></P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
&nbsp;</FONT></TD>
<TD ALIGN="LEFT" WIDTH="96%"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" Size="2">
&#147;The  Board of Directors of NUR thanks Erez Shachar for his  dedication and
contributions  to  the  Company,&#148;  stated  Dan  Purjes,  Chairman  of  NUR.
&#147;Under  his  direction,  the Company  increased  its  revenues  fivefold by
significantly  penetrating  global  markets.  The  recent  installation  of  the
500<SUP>th</SUP> Salsa and
<SUP>200th</SUP> Fresco units attest to that growth. We are pleased that Erez
will be serving as a consultant to NUR for the next twelve months, and we wish
him the best of success in his future activities.&#148; </FONT></P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
&nbsp;</FONT></TD>
<TD ALIGN="LEFT" WIDTH="96%"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" Size="2">&#147;Mr.  Purjes also
commented on the  appointment  of David Amir as the new CEO and President of NUR
Macroprinters,  "David Amir brings to NUR extensive successful experience in the
digital printing industry.  He has a strong  understanding of NUR, having worked
as a  consultant  to the Company and as an advisor to the Board for over a year.
He has the  vision,  skills and  experience  needed to lead NUR to a  successful
future.  We welcome David Amir to NUR and will  strongly  support his efforts to
move the Company forward.&#148;</FONT></P></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD ALIGN="LEFT" WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" Size="2">
&nbsp;</FONT></TD>
<TD ALIGN="LEFT" WIDTH="96%"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" Size="2">Commenting on his
appointment, David Amir said, &#147;I am eager to assume my leadership role as
the CEO of this industry leading organization. I believe NUR, as one of the
leading companies in the industry, has a bright future and a strong management.
I will devote my best efforts to make the organization one that our employees,
customers and shareholders can be proud of.&#148; </FONT></P></TD>
</TR>
</TABLE>
<BR>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Company will host a
conference call to discuss these results on Thursday March 13th, at 10:00AM,
EDT/5:00 PM, Israel time.</B> </FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>To participate, please
call; 1-800-451-7724 (U.S. toll free), 1-800-260-789 (Israel toll free),
1-785-832-0201 (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 1-888-566-0184
(U.S.) / 1-402-351-0788 (international). The call will also be available for
replay in Israel for 72 hours after the call by dialing +-972-3-925-5946</B> </FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>
ABOUT NUR MACROPRINTERS LTD.</U></B><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`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`  wide  ranging
printing  requirements.  NUR Macroprinters  Ltd. can be found on the Internet at
www.nur.com. </FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(Tables to follow)</FONT></P>


<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Certain statements made
herein that use the words &quot;estimate,&quot; &quot;project,&quot;
&quot;intend,&quot; &quot;expect,&quot; &quot;believe&quot; 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,
which 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.&#146;s reports filed from time to
time with the Securities and Exchange Commission. </FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1><I>
This press release is available at <U>http://www.nur.com/</U> </I> and
<I> <U>http://www.portfoliopr.com/</U></I></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></P>
<HR SIZE=3 COLOR=GRAY NOSHADE>
<BR>
<BR>
<BR>

<pre>
                     NUR MACROPRINTERS LTD.
         Condensed Balance Sheets, US$ in thousands

                                                31.12.02    31.12.01
                                              ----------   ----------
                                               Unaudited     Audited

Current Assets :
   Cash and cash equivalents                     10,505      12,395
   Restricted deposits                            1,163         454
Total cash and short term invest                 11,668      12,849
   Accounts receivable - trade                   28,383      36,262
   Other receivables and prepaid expenses         6,009       5,056
   Inventories                                   24,297      24,998
                                             ----------    ----------
Total Current Assets                             70,357      79,165
                                             ----------    ----------

Investments and other non-current assets
Long-term accounts receivables - trade            2,154       2,674
Investments and other non-current assets          2,516       2,501
Severance pay funds                                 916         751
                                             ----------    ----------
                                                  5,586       5,926
                                             ----------    ----------

Property and Equipment, net                      11,576      12,578
                                             ----------    ----------

Other assets, net                                   854      13,739
                                             ----------    ----------

Total assets                                     88,373     111,408
                                             ==========    ==========

Liabilities and Shareholders' Equity
Current Liabilities :
  Short - term bank credit                        5,844       5,061
  Current maturities of long-term loans           2,020       2,057
  Trade payables                                 16,444      19,667
  Accrued expenses and other liabilities          9,462      10,465
  Advances from customers                           270         433
                                             ----------    ----------
Total Current Liabilities                        34,040      37,683
                                             ----------    ----------
Long -Term Liabilities :
  Long - Term loans                              30,051      31,720
  Accrued severance pay                           1,122       1,008
                                             ----------    ----------
                                                 31,173      32,728
                                             ----------    ----------
Shareholders' Equity :
  Share capital                                   4,202       3,674
  Capital surplus                                45,697      39,493
  Cumulative translation adjustment              -1,286        -782
  Accumulated Earnings (Deficit)                -25,453      -1,388
                                             ----------    ----------
Total Shareholders' Equity                       23,160      40,997
                                             ----------    ----------

Total Liabilities and Shareholders' Equity       88,373     111,408
                                             ==========    ==========
</pre>

<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></P>
<HR SIZE=3 COLOR=GRAY NOSHADE>
<BR>



<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>
NUR MACROPRINTERS LTD.</U><BR>
Consolidated Statements Of Operations<BR>
U.S. $ in thousands, except per share data</B></FONT></P>

<pre>
                                                           Twelve months ended
                                            12/31/02   12/31/02     12/31/01    12/31/01
                                             GAAP     Non GAAP(1)     GAAP     Non GAAP(2)

                                           Unaudited   Proforma     Audited     Proforma
                                                       Unaudited               Unaudited

Revenues
  Sales of printers and related products    $ 85,255    $ 85,255   $ 120,377    $120,377

                                              85,255      85,255     120,377     120,377
Cost of revenues
  Cost of sales of printers and
    related products                          57,360      57,360      71,928      71,928
  One time inventory costs and write-offs        975                   3,989          0
                                              58,335      57,360      75,917      71,928

Gross profit                                  26,920      27,895      44,460      48,449
                                              31.58%      32.72%      36.93%      40.25%
Research &amp; Development expenses                9,191       9,191      10,883      10,883
Less-Grants                                  (1,449)     (1,449)       (649)       (649)
Research &amp; Development expenses, net           7,742       7,742      10,234      10,234

Selling expenses, net                         12,744      12,744      18,666      18,666
General and administrative expenses           11,934      11,934      13,321      13,321
Amortization of intangible assets              2,033           0       2,904       2,904
Impairment of intangible assets               10,871           0           0           0
Restructuring and other one time expenses      4,181           0       3,471           0
                                              41,763      24,678      38,362      34,891

Operating income (loss)                     (22,585)     (4,525)     (4,136)       3,324

Financial expenses net                       (1,322)     (1,322)     (3,331)      (3,331)
Other expense net                              (124)       (124)        (90)         (90)

Income (loss) before taxes on
  income and equity losses                  (24,031)     (5,971)     (7,557)         (97)

Taxes on income                                 (34)        (34)         191         191
Equity in profits (losses) of
  affiliates, net of taxes                         0           0         150         150

Net loss for the period                    $(24,065)    $(6,005)     (7,216)         244
                                             -28.23%      -7.04%      -5.99%        0.20%


Loss per share                               $(1.42)     $(0.35)     $(0.49)      $ 0.02
Loss per share                               $(1.42)     $(0.35)     $(0.49)      $ 0.02
Weighted average number of shares
outstanding during the period             17,005,606  17,005,606  14,655,048  14,655,048
Weighted average number of shares
  outstanding during the period used
  for diluted loss per share                       -           -           -  15,138,991

==============================================================================================================================================================================================================

                                             Three months ended      Three months ended
                                            12/31/02    12/31/02    12/31/01    12/31/01
                                              GAAP     Non GAAP(3)    GAAP     Non GAAP(4)

                                           Unaudited   Proforma    Unaudited     Proforma
                                                       Unaudited                Unaudited

Revenues
  Sales of printers and related products    $ 19,520    $ 19,520    $ 28,552    $ 28,552

                                              19,520      19,520      28,552      28,552
Cost of revenues
  Cost of sales of printers
    and related products                      12,265      12,265      17,015      17,015
  One time inventory costs and write-offs        975
                                              13,240      12,265      17,015      17,015

Gross profit                                   6,280       7,255      11,537      11,537
                                              32.17%      37.17%      40.41%      40.41%
Research &amp; Development expenses                2,337       2,337       2,070       2,070
Less-Grants                                    (339)       (339)        (45)        (45)
Research &amp; Development expenses, net           1,998       1,998       2,025       2,025

Selling expenses, net                          3,307       3,307       4,800       4,800
General and administrative expenses            3,061       3,061       3,452       3,452
Amortization of intangible assets                528           0         726         726
Impairment of intangible assets               10,871           0           0           0
Restructuring and other one time expenses      3,333           0         928           0
                                              21,100       6,368       9,906       8,978

Operating income (loss)                     (16,818)     (1,111)       (394)         534

Financial expenses net                         (393)       (393)       (661)       (661)
Other expense net                                 11          11        (36)        (36)

Income (loss) before taxes on
  income and equity losses                  (17,200)     (1,493)     (1,091)       (163)

Taxes on income                                   93          93         191         191
Equity in profits (losses) of
  affiliates, net of taxes                         0           0         136         136

Net loss for the period                    $(17,107)    $(1,400)      $(764)       $ 164
                                             -87.64%      -7.17%      -2.68%       0.57%

Loss per share                               $(1.00)     $(0.08)     $(0.05)      $ 0.01
Loss per share                               $(1.00)     $(0.08)     $(0.05)      $ 0.01
Weighted average number of
  shares outstanding during the period     7,132,953  17,132,953  14,739,476  14,739,476
Weighted average number of
  shares outstanding during the period
  used for diluted loss per share                  -           -           -  14,984,768
</pre>


<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
Non GAAP proforma  results of operations  excludes the following  expenses:  <BR>
(1)&nbsp;&nbsp;&nbsp;  Excluding  $4.2 million of  restructuring  expenses and one time  inventory
write-offs of $1 million and  impairment of intangible  assets of $10.9 million,
and current amortization of intangible assets of $2 millions<BR>
(2)&nbsp;&nbsp;&nbsp;  Excluding one time  inventory  write-offs of $4 million and $2.5 million of
restructuring costs<BR>
(3) &nbsp;&nbsp;&nbsp; Excluding  $3.3 million of  restructuring  expenses and one time  inventory
write-offs of $1 million and  impairment of intangible  assets of $10.9 million,
and current amortization of intangible assets of $0.5 millions<BR>
(4)&nbsp;&nbsp;&nbsp; Excluding  $0.9 million of restructuring costs</FONT></P>

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

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&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=3>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>NUR MACROPRINTERS LTD</B></FONT></TD>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
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<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Date: March 14, 2003</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>By:<U>&nbsp;&nbsp;/s/ DAVID AMIR
&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;David Amir<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and President
</FONT></TD>
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