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<SEC-DOCUMENT>0001178913-03-000250.txt : 20030529
<SEC-HEADER>0001178913-03-000250.hdr.sgml : 20030529
<ACCEPTANCE-DATETIME>20030529101049
ACCESSION NUMBER:		0001178913-03-000250
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030529
FILED AS OF DATE:		20030529

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:		03722564

	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>d30140.htm
<TEXT>
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     <!-- Control Number: 30140                                                            -->
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     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-k                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-k</TITLE>
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<BODY>

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                          <P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=4><b>
FORM 6-K</b></FONT></P>
<BR>

           <P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>
 SECURITIES AND EXCHANGE COMMISSION<BR>
                                              WASHINGTON, D.C. 20549</b></FONT></P>

                                         <P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>
Report of Foreign Private Issuer<BR>
                                       Pursuant to Rule 12a-16 or 15d-16 of<BR>
                                        the Securities Exchange Act of 1934</b></FONT></P>

                                                  <P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>
 May 29, 2003</b></FONT></P>

                                            <P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>
Commission File No. 0-26498</b></FONT></P>

               <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="2">(Exact Name of Registrant as specified in its Charter) </FONT></P>

                    <P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not Applicable<BR>
    (Translation of Registrant's Name into English)
</FONT></P>
             <P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>12 Abba Hilel, Silver Street</B><BR>
<B>Lod</B><BR>
<B>71111 Israel</B><BR>
(Address and principal executive offices) </FONT>
</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form
40-F.</FONT></P>

<TABLE width=600 CELLPADDING=30 CELLSPACING=0 BORDER=0 align=center>
<tr>
<td width=50% align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 20-F&nbsp;</font><FONT size="3" face="Wingdings">x</font>
</td>
<td width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 40-F&nbsp;</font><FONT size="3" face="Wingdings">o</font>
</td>
</tr>
</TABLE>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>

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<tr>
<td width=50% align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yes&nbsp;</font><FONT size="3" face="Wingdings">o</font>
</td>
<td width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No&nbsp;</font><FONT size="3" face="Wingdings">x</font>
</td>
</tr>
</TABLE>




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






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<page>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
hereto and incorporated by reference herein is a press release of the registrant dated May
29, 2003. </FONT></P>





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<font size=2></font></p>
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<page>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<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=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR>Date:    May 29, 2003 </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NUR MACROPRINTERS LTD.</B><BR><BR>
<BR>By:  /s/ David Amir<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
 David Amir<BR> Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<BR>

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<font size=2></font></p>
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<page>





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<IMG SRC="logo.jpg" HEIGHT="58" WIDTH="101"></td>
<td width=50% align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE="6"><B><I>NEWS</I></B> </FONT>
</td>
</tr>
</TABLE>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>FOR IMMEDIATE RELEASE</B> </FONT> </P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTACT:  </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Hilel Kremer CFO<BR>
972-8-914-5555<BR>
<U>hilelk@nur.com</U>
</FONT>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PORTFOLIO PR<BR>CONTACTS:  </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Paul Holm/Leon Zalmanov<BR>
212-736-9224<BR>
<U>pholm@portfoliopr.com</u> / <u>lzalmanov@portfoliopr.com</U></FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR MACROPRINTERS LTD.
ANNOUNCES FY2003 FIRST QUARTER RESULTS </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Quarter FY2003 Compared
to First Quarter FY2002:<BR>Revenues of $17.1
Million versus $21.3 Million; <BR>Net Loss of $1.5
Million versus Net Loss of $3.8 Million </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LOD, Israel; May 29, 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 first quarter ended March 31,
2003. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues for the first quarter of
2003 were $17.1 million, compared to $21.4 million during the first quarter of 2002, and
$19.5 million in the prior quarter. This decrease was mainly attributable to a weakening
in sales by SARS uncertainties in Asia and by unsettled business climate and hostilities
in Iraq, which affected Northern America. Net loss for the first quarter was $(1.5)
million, or $(0.09) per share, as compared to a net loss of $(3.8) million, or $(0.23) per
share, in the comparable quarter last year, and a loss of $(1.4) million, or $(0.08) per
share (net of intangibles impairment and one time expenses) in the prior quarter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit for the first quarter
was $5.7 million, compared to $5.9 million in the first quarter of 2002 and $6.3 million
last period. Gross margin for the first quarter of 2003 was 33.4%, compared to 27.6% for
the first quarter of 2002, and 37.2% for the prior period. Operating expenses for the
first quarter were $6.8 million, down 25% from $9.2 million in the comparable quarter last
year, and a 19% decrease from $8.4 million last period. Operating loss for the first
quarter was approximately $(1.1) million, versus $(3.3) million in the year prior same
period, and $(1.1) million in the prior period (net of intangibles impairment and one time
expenses). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Amir, recently appointed CEO
and President of NUR, commented on first quarter operating results, &#147;During the first
quarter, we further reduced our operating expenses &#151; particularly selling, general
and administrative expenses, and research and development &#151; and are continuing to
focus on reducing costs. For example, we recently announced that we are acquiring the
remaining 50% of NUR Pro Engineering and that in connection with this acquisition, we
intend to consolidate all of our equipment manufacturing in a single facility in Israel.
We expect that the consolidation of our manufacturing operations will result in a one time
charge in the second quarter of 2003. We further expect that the consolidation of our
equipment manufacturing facilities will result in reduced overhead costs, improved
efficiency, and will allow us greater real-time production flexibility.&#148;  </FONT></P>





<p align=center>
<font size=2>1</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Amir
further stated, &#147;We believe the two most recent industry events in which we have
participated in the second quarter, Sign UK/Digital Expo in the U.K. and the International
Sign Association&#146;s Sign 2003 in the U.S., were both encouraging. The customers and
prospects we met at those events expressed interest in both our current products and in
those we plan to introduce later this year &#150; the NUR Ultima series of mid-range
photorealistic printers currently in beta testing and the NUR Tempo flatbed digital inkjet
press expected to enter beta testing in June.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Amir concluded, &#147;We recognize
that there are major challenges ahead of us. Nonetheless, we are confident that the new
management team we have put in place at our corporate headquarters and in our sales and
service subsidiaries will help us better address these challenges in the coming
months.&#148;</FONT></P>

 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Company will host a conference call to discuss these results on
Thursday, May 29th at 10:30am EDT / 5:30pm Israel time. To participate, please call
1-800-540-0559 (U.S. toll free), or 1-785-832-2422 (international), ID Code: NUR. The
conference call also will be available for replay for 14 days starting 2pm EDT on the day
of the call, by calling 1-888-274-8336 (U.S. toll free)/
1-402-220-2328 (international).</B></FONT></P>





<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ABOUT NUR MACROPRINTERS
LTD. </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&#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 at <U>www.nur.com</U>. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(TABLES TO FOLLOW) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SAFE HARBOR:</B> 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> and <U>www.portfoliopr.com/</U> </FONT></P>




<p align=center>
<font size=2>2</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U><B>NUR MACROPRINTERS LTD.</B></U> </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Condensed Balance Sheets, US$ in thousands</B> </FONT> </P>





<TABLE CELLPADDING="3" CELLSPACING="0" WIDTH="600">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31.3.03</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31.12.02</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Percent<BR>
Change</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Current Assets :</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;9,808&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;11,668&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-16%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,978&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,777&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1%</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 expenses</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,736&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,531&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,545&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,297&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Current Assets</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69,067&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,273&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Investments and other non-current assets</B></U> </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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,620&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,760&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments and other non-current assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,356&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,516&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>925&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>916&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN=Bottom>
     <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>4,901&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,192&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Property and Equipment, net</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,579&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,576&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-9%</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other assets, net</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>852&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>854&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE 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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,399&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87,895&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Liabilities and Shareholders' Equity</B></U> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Current Liabilities :</B> </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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,876&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,844&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,348&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,020&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trade payables</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,288&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,444&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-25%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,214&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,984&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>277&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>270&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Current Liabilities</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,003&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,562&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Long -Term Liabilities :</B> </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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,317&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,051&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,101&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,122&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN=Bottom>
     <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>30,418&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,173&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Shareholders' Equity :</B></U> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Share capital</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,213&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,202&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital surplus</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,718&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,697&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,043)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,286)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-19%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(26,910)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(25,453)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Shareholders' Equity</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,978&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,160&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Liabilities and Shareholders' Equity</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,399&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87,895&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3%</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD></TR>
</TABLE>




<p align=center>
<font size=2>3</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U><B>NUR MACROPRINTERS LTD.</B></U><BR>
<B>Consolidated Statements Of Operations<BR></B> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>U.S. $ in thousands, except per share data</B> </FONT></P>



<TABLE CELLPADDING="3" CELLSPACING="0" WIDTH="600">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Three months ended</FONT></TH>
     </TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31/03/2003</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31/03/2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>GAAP</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>GAAP</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues</FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,084&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,386&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN=Bottom>
     <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>17,084&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,386&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of revenues</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,371&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,493&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></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN=Bottom>
     <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>11,371&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,493&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,713&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,893&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN=Bottom>
     <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>33.44%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.56%</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,834&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,431&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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(302)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(353)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,532&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,078&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
      <TD> </TD>
      <TD> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling expenses, net</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,004&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,540&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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,239&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,055&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization of intangible assets</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>486&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN=Bottom>
     <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>5,243&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,081&nbsp;</FONT></TD></TR>
<TR>
      <TD> &nbsp;</TD>
      <TD> </TD>
      <TD> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income (loss)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,062)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,266)</FONT></TD></TR>
<TR>
      <TD> &nbsp;</TD>
      <TD> </TD>
      <TD> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial expenses net</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(379)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(490)</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>150&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(89)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,291)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,845)</FONT></TD></TR>
<TR>
      <TD> &nbsp;</TD>
      <TD> </TD>
      <TD> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes on income</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(166)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0&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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD></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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,457)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,845)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN=Bottom>
     <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>-8.53%&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-17.98%&nbsp;</FONT></TD></TR>
<TR>
      <TD> &nbsp;</TD>
      <TD> </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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD></TR>
<TR>
     <TD></TD>
     <TD></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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD></TR>
<TR>
     <TD></TD>
     <TD></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></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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,132,953&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,698,920&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Weighted average number of shares outstanding  during</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;the period used for dilluted loss per share</FONT></TD>
     <TD ALIGN="RIGHT"><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></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE SIZE=2></TD></TR>
</TABLE>


<p align=center>
<font size=2>4</font></p>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
