3D SYSTEMS CUTS LOSSES, SEES PROFIT VALENCIA IMAGING FIRM NETS $1.6 MILLION.Byline: Eugene Tong tong 1 tr.v. tonged, tong·ing, tongs To seize, hold, or manipulate with tongs. [Back-formation from tongs. Staff Writer VALENCIA - A local imaging technology firm earned $1.6 million for the first quarter of 2005 after streamlining operating costs operating costs npl → gastos mpl operacionales to reverse losses tallied a year ago, officials said Thursday. Valencia-based 3D Systems posted revenues of $30.4 million in the first three months of the year ending March 31 - a 3 percent increase from the same period in 2004. Gross profit rose 8 percent, to $13 million, while operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. fell 14 percent, to $11.4 million, leading to net income of $1.6 million. ``While revenue growth in the first quarter of 2005 was modest, it reflects positive underlying trends and successful early results from several fundamental changes in our business model that we implemented during the course of 2004,'' Abe Reichental, company president and chief executive officer, said in a statement. Founded in 1986, 3D Systems provides solid imaging tools for design and manufacturing to help create physical objects from digital information. Shares of the firm closed at $16.37 Thursday on the Nasdaq, down 15.6 percent from $19.51. Reichental credited updating product lines, ongoing efforts to extend revenue from existing services, discount reduction and sales force restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). with the positive results. New product sales grew to 20 percent of total revenue in the first quarter, while older equipment declined 7 percent compared with 2004. Also, revenue from materials and composites increased 16 percent, while services grew 4 percent. ``Although we were not satisfied with our rate of revenue growth in the first quarter, we were very pleased with the accelerating growth from our new products,'' Reichental said. This favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. trend is consistent with our long-term strategy of having ``these products constitute an increasing share of our total revenue.'' The company spent $2.7 million in research and development in the first quarter, compared with $2.5 million from 2004. Officials also said the company raised $130,000 for the victims of the Dec. 26 Indian Ocean Indian Ocean, third largest ocean, c.28,350,000 sq mi (73,427,000 sq km), extending from S Asia to Antarctica and from E Africa to SE Australia; it is c.4,000 mi (6,400 km) wide at the equator. It constitutes about 20% of the world's total ocean area. tsunami and earthquake that killed an estimated 184,000 people in 11 nations. The campaign, which ran during the first quarter, gathered funds from company and employee contributions and equipment sales. It benefits four relief groups: CARE, the Red Cross International Response Fund, United Way International's South Asia This article is about the geopolitical region in Asia. For geophysical treatments, see Indian subcontinent. South Asia, also known as Southern Asia Response Fund, and UNICEF UNICEF (y  `nĭsĕf'), the United Nations Children's Fund, an affiliated agency of the United Nations. Tsunami Relief Fund.
``3D Systems and its employees are deeply committed to this important effort, and we are proud that our participation in this truly global outpouring of support helped the affected regions to recover and rebuild their homes and communities,'' Reichental said. Eugene Tong, (661) 257-5253 eugene.tong(at)dailynews.com |
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