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<SEC-DOCUMENT>0001068238-04-000111.txt : 20040227
<SEC-HEADER>0001068238-04-000111.hdr.sgml : 20040227
<ACCEPTANCE-DATETIME>20040226185443
ACCESSION NUMBER:		0001068238-04-000111
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040226
FILED AS OF DATE:		20040227

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:		04632134

	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>a168_form6-k.txt
<DESCRIPTION>NUR MACROPRINTERS 6-K
<TEXT>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 6-K

       REPORT OF FOREIGN PRIVATE ISSUED PURSUANT TO RULE 13a-16 OR 15d-16
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934


                                February 26, 2004

                        Commission File Number 000-26498


                             NUR MACROPRINTERS LTD.
             (Exact Name of Registrant as Specified in its Charter)


                                 Not Applicable
                 (Translation of Registrant's Name into English)


                          12 Abba Hillel Silver Street
                                    Lod 71111
                                     Israel
                     (Address of principal executive office)

Indicate by check mark whether the registrant  files or will file annual reports
under cover of Form 20-F or Form 40-F.

Form 20-F  |X|             Form 40-F  |_|

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.

Yes   |_|                  No  |X|

If "Yes" is marked,  include below the file number assigned to the registrant in
connection with Rule 12g3-2(b).

Attached hereto and  incorporated by reference  herein is a press release of the
registrant, dated February 26, 2004.


<PAGE>


                                   SIGNATURES


         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 authorized.


                                                NUR MACROPRINTERS LTD.



Date: February 26, 2004                        By:   /s/ DAVID AMIR
                                                  ------------------------------
                                                  Name:  David Amir
                                                  Title: Chief Executive Officer



<PAGE>



[GRAPHIC OMMITTED]                                                          NEWS
- --------------------------------------------------------------------------------



CONTACT:        David Seligman CFO
                972-67-726-559
                cfo@nur.com

PORTFOLIO PR    Paul Holm/Dahlia Bailey
CONTACTS:       212-736-9224
                pholm@portfoliopr.com / dbailey@portfoliopr.com

           NUR MACROPRINTERS RETURNS TO PROFITABILITY AFTER TWO YEARS

                                    ---------
                Will Offer New Market-Driven Products & Services
                                    ---------

Completion  of  Restructuring  Plan  Leads  to  $4.6M of  Charge  and  Inventory
Write-Off

LOD,  Israel;  February  26, 2004 -- NUR  Macroprinters  (Nasdaq-SCM:  NURM),  a
leading  supplier of  wide-format  inkjet  production  printing  systems,  today
announced that after more then two years, it has returned to profitability (on a
non-GAAP  basis) and a positive cash flow from operating  activity in the fourth
quarter ended  December 31, 2003.  The Company has also reported a positive cash
flow from  operating  activity,  such that in  addition  to an  exercise of $2.0
million of a  convertible  stand-by  loans,  has raised cash levels  above $11.0
million.

On a GAAP  basis the  Company  reports a loss of $4.8  million,  which  includes
extraordinary  charges and write-off of inventory of $5.3  million.  The Company
believes that since the extraordinary  charges and write-offs are related to its
previously  announced  reorganization plan, they do not reflect the true current
business of the Company.

The Company  also  reported  that it had reached new  agreements  with its banks
regarding loan covenants  which better suits the Company's  business plans going
forward.

Revenues for the fourth  quarter of 2003 were $18.2  million,  compared to $19.5
million  in the  fourth  quarter  of 2002,  and $17.1  million  during the prior
quarter.  Excluding  extraordinary  charges and  write-off  of inventory of $5.3
million, operating profit in the fourth quarter of 2003 was $0.9 million and net
income was $0.5 million or $0.03 per basic share,  compared to an operating loss
of ($1.1) million, excluding extraordinary charges and write-off of inventory of
$15.7  million,  and a net loss of ($1.4)  million or ($0.08) per basic share in
the fourth quarter of last year. Taking into account  extraordinary  charges and
inventory  write-off,  results for the fourth  quarter were an operating loss of
($3.7)  million  and a net loss of ($4.8)  million or ($0.28)  per basic  share,
compared  to an  operating  loss of  ($16.8)  million  and a net loss of ($17.1)
million or ($1.00) per basic share in the fourth quarter last year.

                                   -- more --

<PAGE>

Revenues for the full year 2003 were $65.6 million  compared to $85.3 million in
2002.  Excluding  extraordinary  charges and  write-off  of  inventory  of $24.1
million,  operating  loss in 2003 was  ($1.6)  million  and net loss was  ($3.6)
million,  or ($0.21) per basic share,  compared to an  operating  loss of ($4.5)
million  in  prior  year,  excluding  extraordinary  charges  and  write-off  of
inventory of $18.1 million compared to a net loss of ($6.0) million,  or ($0.35)
per basic share, in the prior year.  Taking into account  extraordinary  charges
and inventory write-off,  results for 2003 included an operating loss of ($25.0)
million and a net loss of ($27.7) million, or ($1.60) per basic share,  compared
to an operating loss of ($22.6)  million and a net loss of ($24.1)  million,  or
($1.42) per share, in the fourth quarter 2002.
Dan Purjes, Chairman of the Board, commented, "In the past few months we brought
in a new management  team to NUR that has  revitalized  the Company.  Led by CEO
David Amir,  the management  team has tackled many difficult  challenges and was
able  to  complete  the  restructuring  of  the  Company  and to  restore  it to
profitability. With improving business conditions the Company is well positioned
to capitalize its energies on growth and profits. The Board is very pleased with
NUR's progress and stands ready to provide it with whatever support is needed to
ensure continued success."

David Seligman,  Chief Financial Officer of NUR Macroprinters,  commented,  "The
return  to  profitability   and  positive  cash  flow  from  ordinary   business
activities,  as presented in our non-GAAP results,  represents the completion of
our transition and transformation  period, and the return to our core mission of
being the leading supplier of market-driven  digital wide-format inkjet printing
systems and services.  We have  completed the transfer of our U.S.  headquarters
from San Antonio Texas to the New-York  metropolitan  area; moved and integrated
the U.S.  based ink and machine  production to Israel;;  replaced six of the top
seven senior  management  positions around the world; and carried out major cost
cutting and rationalization programs."

Seligman continued,  "We now believe that our assets better suit our reorganized
operations.  NUR has dramatically  improved its  manufacturing  capacity and has
stabilized  operations,  including  logistics and services,  quality control and
excellent  product  development.  We have also reached a new agreements with our
banks, regarding new loan covenants that better suite our business plan"

"We are on track in our plan to improve our  financial  performance.  Our fourth
quarter  results,  on a non-GAAP  basis,  are even better than  expected  and as
guided  in our  conference  call  last  October.  We  have  attained  continuing
improvement in our operating  profit, on a non-GAAP basis, and expect this trend
to  continue.  We are also  reporting an  extraordinary  charge and an inventory
write-off of $5.3 million,  resulting from the  completion of the  restructuring
plan, including write-off of lease improvements to our former building in Boston
and to a one-time  non-cash  charge of $0.7 million for a beneficial  conversion
feature of the  convertible  loan. NUR now believes that its  reorganization  is
behind  it and  that it can go  forward  with  its  business  plans,"  concluded
Seligman.


                                   -- more --


<PAGE>

David Amir, CEO and President of NUR Macroprinters, gave this assessment, "Since
taking the  position  of CEO of NUR in April  2003,  my  emphasis  has been on a
return to positive cash flow,  profitability and sales growth, in that order. We
believe that we have achieved these objectives and we are now moving to the next
stage: grow the business while improving cash flow and profitability."

Amir  continued,  "Our  product  lines have been  streamlined  and provide  good
answers to the variety our market requires: The Tempo is extremely well accepted
worldwide,  the Fresco has strengthened its position as the "industry workhorse"
and the Ultima HiQ is being offered as a cost-effective  production  machine. We
now  manufacture  all  machines in one place,  which  provides  reduced cost and
greater flexibility.

Mr. Amir  concluded:  "During 2004, we plan  extensive  marketing  activities in
which we will  introduce  new  products  that  address  market  needs as well as
include  exciting  innovations for long term  breakthroughs.  These new products
will be  unveiled  at trade  shows  during  the  second  quarter  2004.  We will
participate  in the "Sign UK" show in March,  "ISA"  (International  Sign  Expo.
U.S.) show in April and DRUPA show (Germany) in May."

The Company also reported that it expect revenue in the first quarter 2004 to be
$17 to $18 million,  gross margins to be 40-41 percent and operating expenses to
be $7 to $8  million.  As a result it expects to show a nominal  net profit or 0
cents  per  share in the first  quarter  2004.  For the full year 2004 it expect
revenue to be $80 to $82  million,  with  similar  gross  margins and  operating
expenses of $29 to $32 million.  As a result of financial and other  expenses of
$2.0 to $2.8 million it expects to report a net profit of $2.0 to $2.5  million,
or $0.08 to $0.12 cents per share, for the full year 2004.

The Company will host a conference  call to discuss  these  results on Thursday,
February 26 at 10:00 am EST (17:00 Israel  time).  To  participate,  please call
1-888-858-4066   (U.S.  toll  free),   1-973-935-2401   (Israel  toll  free)  or
++1-800-931-5196  (International),  ID Code: "NUR  MACROPRINTERS".  A PowerPoint
presentation  highlighting  key  financial  metrics  will  be  available  in the
Investor  Relations section of the Company's web site,  www.nur.com  through the
First Quarter 2004. The conference call also will be available for replay for 14
days starting 12pm EST on the day of the call, by calling  877-519-4471 (U.S.) /
+973-341-3080(International  and  Israel)  and enter  conference  ID number  NUR
MACROPRINTERS ".


                                   -- more --


<PAGE>


ABOUT NUR MACROPRINTERS LTD.

NUR Macroprinters (Nasdaq-SCM: NURM) is a leading supplier of wide-format inkjet
printing systems used for the production of out-of-home  advertising  materials.
From entry-level photo-realistic printers to high-throughput production presses,
NUR's complete line of cost-effective, reliable printing solutions and companion
inks are helping  customers  in over 100  countries  worldwide  address the full
spectrum  of  wide-format  printing  requirements.   NUR  customers,   including
commercial printing  companies,  sign printers,  screen printers,  billboard and
media companies,  photo labs, and digital printing service  providers,  count on
NUR to help them deliver the high quality and fast  turnaround they need to meet
their clients' exacting demands and succeed in today's competitive  marketplace.
More information about NUR Macroprinters is available at www.nur.com .

                               (TABLES TO FOLLOW)

SAFE  HARBOR:  Certain  statements  made herein  that use the words  "estimate,"
"project," "intend," "expect," "believe" 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'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's  business,  reference is made to NUR Macroprinters
Ltd.'s  reports  filed  from  time to time  with  the  Securities  and  Exchange
Commission.    This   press   release   is   available   at   www.nur.com    and
www.portfoliopr.com/


<TABLE>
<CAPTION>

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

                                                   December 31,       December 31,
                                                       2003               2002
                                               ----------------------------------------
<S>                                               <C>                  <C>                 <C>
                                                    Un audited           Audited
Current Assets :
   Cash and cash equivalents                                 10,929             10,505          4%
   Short-term restricted cash                                   144              1,163        (98%)
   Accounts receivable - trade                               18,571             28,777        (35%)
   Other receivables and prepaid expenses                     5,800              5,531          5%
   Inventories                                               15,947             24,297        (34%)
                                               --------------------------------------------------------------

Total Current Assets                                         51,391             70,273        (27%)
                                               --------------------------------------------------------------

Long-term investments
Long-term accounts receivables - trade                          758              1,760        (57%)
Investment in an affiliate                                    1,048                590         78%
Restricted long-term bank deposits                               44                185        (76%)
Long-term prepaid expenses                                       84                152        (45%)
Severance pay funds                                             810                916        (12%)
                                               --------------------------------------------------------------
                                                              2,744              3,603        (24%)
                                               --------------------------------------------------------------

Property, plant  and equipment, net                           6,084             11,576        (47%)

Other assets, net                                               736                854        (14%)
                                               --------------------------------------------------------------

Deferred income taxes                                           989              1,589        (38%)

Total assets                                                 61,944             87,895        (30%)
                                               ==============================================================

Liabilities and Shareholders' Equity
Current Liabilities :
Short - term bank credit and short-term bank
loans                                                        15,104              5,844         158%
Current maturities of long - term loans                         862              2,020        (57%)
Trade payables                                                8,724             16,444        (47%)
Other accounts payable and accrued expenses                   7,777              8,984        (13%)
Customer advances                                                54                270        (80%)
                                               --------------------------------------------------------------
Total Current Liabilities                                    32,521             33,562         (3%)
                                               --------------------------------------------------------------
Long -Term Liabilities :
Long - Term loans, net of current maturities                 29,981             30,051          0%
Accrued severance pay                                           945              1,122        (16%)
                                               --------------------------------------------------------------
                                                             30,926             31,173         (1%)
                                               --------------------------------------------------------------

Shareholders' Equity :
Share capital                                                 4,261              4,202          1%
Additional paid in capital                                   46,962             45,697          3%
Receipt on account of shares                                  1,534                  -         100%
Accumulated other comprehensive loss                        (1,137)            (1,286)        (12%)
Accumulated Deficit                                         -53,123           (25,453)         109%
                                               --------------------------------------------------------------
Total Shareholders' Equity                                  (1,503)             23,160        (106%)
                                               --------------------------------------------------------------
Total Liabilities and Shareholders' Equity                   61,944             87,895        (30%)
                                               ==============================================================

</TABLE>

<PAGE>


<TABLE>
<CAPTION>

                                                                         NUR MACROPRINTERS LTD.
                                                                Consolidated Statements Of Operations
                                                               U.S. $ in thousands, except per share data

                                              Three months ended December 31                 Twelve months ended December 31
                                        ------------------------------------------- ----------------------------------------------
                                                 2003                 2002                   2003                    2002
                                        --------------------- --------------------- ---------------------- ------------------------
                                           GAAP   non-GAAP(1)    GAAP   non-GAAP(2)   GAAP     non-GAAP(3)   GAAP     non-GAAP (4)
                                        Unaudited   Unaudited Unaudited   Unaudited Unaudited  Unaudited   Unaudited   Unaudited
                                        ---------  ---------- ---------    -------- ----------   ---------  ---------    ---------
<S>                                     <C>        <C>        <C>        <C>        <C>         <C>        <C>          <C>
Revenues
  Sales of printers and related products $ 18,242    $ 18,242  $ 19,520    $ 19,520   $ 65,574    $ 65,574   $ 85,255     $ 85,255

                                           18,242      18,242    19,520      19,520     65,574      65,574     85,255       85,255
Cost of revenues
  Cost of sales of printers and related
products                                   10,461      10,461    12,265      12,265     39,665      39,665     57,360       57,360
  One time inventory write-offs             3,120           0       975           0     13,154           0        975            0
                                           13,581      10,461    13,240      12,265     52,819      39,665     58,335       57,360
                                        ---------  ---------- ---------    -------- ----------   ---------  ---------    ---------
Gross profit                                4,661       7,781     6,280       7,255     12,755      25,909     26,920       27,895
                                           25.55%       42.65%    32.17%      37.17%     19.45%      39.51%     31.58%       32.72%
Research & Development expenses             1,703       1,703     2,337       2,337      7,233       7,233      9,191        9,191
Less-Grants                                     0           0      (339)       (339)      (687)       (687)    (1,449)      (1,449)
Research & Development expenses, net        1,703       1,703     1,998       1,998      6,546       6,546      7,742        7,742
Selling expenses, net                       2,651       2,651     3,307       3,307     11,321      11,321     12,744       12,744
General and administrative expenses         2,548       2,548     3,061       3,061      9,690       9,690     11,953       11,953
Amortization of intangible assets               0           0    11,399           0          0           0     12,885            0
One time doubtful debts expenses                0           0     2,881           0      6,694           0      2,881            0
Restructuring and other extraordinary
expenses                                    1,476           0       452           0      3,550           0      1,300            0
                                            6,675       5,199    21,100       6,368     31,255      21,011     41,763       24,697
                                        ---------   --------- ---------    -------- ----------   ---------  ---------    ---------
Operating income (loss)                    (3,717)        879   (16,818)     (1,111)   (25,046)     (1,648)   (22,585)      (4,544)

Financial expenses net                       (231)       (231)     (393)       (393)    (1,481)     (1,481)    (1,322)      (1,322)
Other expense net                            (162)       (162)       11          11       (265)       (265)      (124)        (124)
One Tine Beneficial Conversion Feature
(5)                                          (676)          0         0           0       (676)          0          0            0
                                        ---------  ---------- ---------    -------- ----------   ---------  ---------    ---------
Income/(loss) before taxes and equity      (4,786)        486   (17,200)     (1,493)   (27,468)     (3,394)   (24,031)      (5,990)
losses

Taxes on income                                 4           4        93          93       (202)       (202)       (34)         (34)
                                        ---------  ---------- ---------    -------- ----------   ---------  ---------    ---------
Net Income/(Loss) for the period          $(4,782)      $ 490  $(17,107)    $(1,400)  $(27,670)    $(3,596)  $(24,065)     $(6,024)

                                           -26.21%       2.69%   -87.64%      -7.17%    -42.20%      -5.48%    -28.23%       -7.07%

Profit/(Loss) per basic share              $(0.28)     $ 0.03    $(1.00)     $(0.08)    $(1.60)     $(0.21)    $(1.42)      $(0.35)
Profit/(Loss) per diluted share                 -           -         -           -          -           -          -            -

Weighted average number of shares
     outstanding during the period (6) 17,361,456  17,361,456 17,132,953 17,132,953 17,282,089  17,282,089 17,005,606   17,005,606
 Weighted average number of shares
outstanding during the period used for
diluted loss per share                          -           -         -           -          -           -          -            -

Non-GAAP results of operations excludes the following expenses:

(1)  Excluding  $1.5m of  restructuring  and  other  extraordinary  expenses,  inventory  write-off  of $3.1m and $0.7m for One Time
     Beneficial Conversion Feature (see 5)

(2)  Excluding $3.3m of restructuring and other  extraordinary  expenses and inventory  write-offs of $1m,  impairment of intangible
     assets of $10.9m and current amortization of intangible assets of $0.5ms

(3)  Excluding $3.5m of restructuring and other extraordinary  expenses,  $6.7m of doubtful debts expenses,  inventory write-offs of
     $8.7m ,inventory provision of $4.5m and $0.7m for One Time Beneficial Conversion Feature (see 5)

(4)  Excluding $4.2m of restructuring and other extraordinary expenses, inventory write-offs of $1m, impairment of intangible assets
     of $10.9m and current amortization of intangible assets of $2m

(5)  One time charge of $0.7m for beneficial conversion feature related to the conversion of convertible loan

(6)  In return to $2,000k  investment  received on December 2003,  3.2M shares were issued during January 2004. The number of shares
     does not include this amount

</TABLE>

<PAGE>



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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