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February 4, 1999


By CBR Staff Writer

Scitex Corp Ltd, the struggling Israeli digital imaging company that was rumored to be a target for acquisition by Xerox Corp last year (CI No 3,547), is showing signs of recovery. Meanwhile, reports the Globes news service, talks with Xerox are currently frozen, because in the words of CEO Rimon Ben Shaul Xerox is a slow-moving company. Scitex saw rises in both its fourth quarter revenues – up 7% to $177m and net income – up to $6.4m from $5.7m a year ago. Net income for the year was $10m, down from $17m last year. Total losses amounted to $111m. This figure includes $76.5m related to the company’s exit from the digital video business. The loss-making Scitex Digital Video unit was sold off last December to Accom Inc of Palo Alto, California, which agreed to take it for $10m and warrants convertible into around 10% of the shares of Accom. Scitex now plans to focus on its core Digital PrePrint and Digital Printing businesses. The losses also include a $44.3m write-off for in-process R&D, associated with the acquisition of Idanit Technologies Ltd, the Israeli manufacturer of high speed piezoelectric printers. Scitex also has a joint venture with British Telecommunications Ltd called Vio, a global high-speed wide band telecom network for the graphics art and printing industries.

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