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Distributor Hirsch International Corp has acquired US Screen Print & Inkjet Technologies, which makes a number of successful, low-cost inkjet garment printers.
In its half-yearly report, Hirsch revealed that US Screen, based in Tempe, Arizona, had revenues of around $18 million in 2007. As part of the deal, agreed earlier this month, Hirsch will inject new working capital for the expansion of the business.
Hirsch itself made a net loss of $1 million for the quarter ended June 30. This compares to net income of $0.76 million for the same period last year. President and CEO Paul Gallagher said: “It is evident that we are operating in a difficult economic environment with declining consumer confidence. Beginning in 2007 and continuing in 2008, we have seen overall weakness in capital expenditures throughout the graphic and decorated-apparel industry. During the first half of 2008, we experienced a 31% decrease in revenue in our legacy embroidery segment over last year’s first half.
“On a more positive note, sales of textile laser, screen printing, and digital printing equipment, all new products added over the past two years, have increased 30% over the same six months compared to last year.”
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