Yoav Chelouche has announced his resignation as president and CEO of Scitex (Nasdaq: SCIX). His resignation will take effect on September 1, but he will continue to advise Scitex until the middle of 2002.

Chelouche has been appointed Managing Partner of Fantine Capital Europe One.

To see the Yediot newspaper article, click here for Hebrew.

Yoav Chelouche was appointed president and CEO of Scitex Corporation in 1995 after he had served in different executive management positions since joining the company in 1979. During this period, the Scitex Graphic Arts Group has been sold to Creo. Scitex shares have been trading sideways and recently dropped below $6 a share, the lowest point in more than a decade.

Meir Shannie, the Chairman of the Scitex Board of Directors, commented, “Yoav’s vision and leadership guided the Company through times of change and great challenges. During the past six years Yoav has been building Scitex and its management team to lead the market in inkjet based technology solutions.”

Shannie continued, “Through Yoav’s tenure, Scitex transitioned from its historic digital preprint business to be focused on digital printing. Scitex is recognized for its cutting-edge inkjet technologies and its group of companies covering a wide gamut of applications and solutions. The value in these assets will be recognized over time. Yoav has been invaluable in positioning Scitex and overseeing these major strategic steps.”

Published at www.exscite.net

source: Israel’s Business Arena at the Globe on August 7, 2001

Creo announces third quarter fiscal 2001 results

$10 million in Adjusted Earnings; Company Launches Efficiency Program

VANCOUVER, Aug. 2 /PRNewswire/ – Creo Products Inc. (NASDAQ: CREO – news; TSE: CRE – news; ‘Creo’) today announced financial results for the three and nine months ended June 30, 2001, reported in U.S. dollars.

For the third fiscal quarter of 2001, Creo achieved revenues of $170.0 million or an increase of 4.6 percent, compared to $162.6 million in the third quarter of fiscal 2000. Adjusted earnings for Creo were $10.0 million or $0.20 per share (diluted) excluding the effect of business integration costs of $1.3 million and goodwill and other intangible assets amortization of $18.3 million. This compares to adjusted earnings of $13.7 million or $0.28 per share (diluted) for the same period a year ago. Under U.S. GAAP, Creo recorded a loss of $8.4 million or $0.17 per share (diluted) for the third fiscal quarter, and under Canadian GAAP, the company reported a loss of $9.3 million or $0.19 per share (diluted).

“Our performance was reasonably stable this quarter,” stated Amos Michelson, chief executive officer of Creo. “However, we are seeing more customers delaying purchases due to the economic climate. Given the continued weakness in the North American and European markets, we are focused on those elements of our performance that we can control – bringing strong products to market quickly and ensuring that our sales force is optimally effective. We are also implementing a worldwide initiative to reduce costs and increase operating efficiencies while continuing to manage the company for the long- term.”

Again- CreoScitex layoffs in Herzlia/Bedford/Other, one day before announcing quarterly results.

50 additional ex-CreoScitex Israeli employees will soon join ExScite. Click here to see the Hebrew news at the Israeli paper Yediot. We’ll add an English version soon. In fact we’ve heard rumors that the number of laid off is more than 200 worldwide (5% of workforce).

Michael Rolant, the new manager of CreoScitex in Israel says that the 50 employees (5% of the work force in Israel) are laid off “to streamline the local activity to the current world market conditions”.

Of the 50 employees, 15 are permanent positions and 25 are hourly workers.

It is also rumored that 40+ people are to be laid off in the Bedford office (mostly from MIS and Customer Service departments).

This looks like another financial exercise, one day before announcing the deteriorating quarterly financial results; click here to see more Creo Products, Inc. Earnings Call scheduled for Thu, Aug 2 .

As reported, Scitex is trying to dump its holdings at Creo, perhaps selling its shares to the German giant Heidelberg; click here to see more-Will Heidelberg be the buyer of the Scitex holding at Creo