3D SYSTEMS REVENUES IN `02 DROP $2 MILLION.Byline: Daily News VALENCIA Valencia, region, Spain Valencia (välān`thēä), autonomous region (1990 pop. 3,902,429) and former kingdom, E Spain, on the Mediterranean. It now comprises the provinces of Alicante, Castellón, and Valencia. - 3D Systems announced Monday that its revenues for 2002 dropped more than $2 million from the previous year. The Valencia-based company - which in April fired its chief financial officer, James Selzer, and in May demoted President Grant Flaharty - sells systems that create solid models from computer images. ``2002 was a very challenging, and ultimately disappointing year for 3D Systems,'' said Brian K. Service, chief executive officer. Revenue for 2002 was $116 million, compared with $118.8 million in 2001. Net loss for 2002 was $14.9 million compared with a net loss of $2.4 million in 2001. The 2002 report was delayed because of discrepancies in the initial report earlier this year. Some of the increased losses could be attributed to ``severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other 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). costs'' caused by layoffs in 2002, increased income taxes and the closure of a Texas facility, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a company earnings report. But Service blamed the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. largely on the slow economy since 2001. ``The worldwide decrease in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by corporate purchasers and general economic downturn after September 2001 impacted both the number of systems sold and the product mix,'' Service said. Service said that although some sales lagged, some remained on par. ``On a more positive note, results for our advanced digital manufacturing systems were much as expected with ADM See add/drop multiplexer. (language) ADM - A picture query language, extension of Sequel2. ["An Image-Oriented Database System", Y. Takao et al, in Database Techniques for Pictorial Applications, A. Blaser ed, pp. 527-538]. revenues for 2002 rising to $37.2 million from $28 million in 2001, an increase of 33 percent.'' Company executives Flaharty and Selzer, and other employees, were reprimanded after an internal investigation into misreported earnings. The company's accounting irregularities came under scrutiny in February, when questions surfaced over whether $3 million in revenue counted for 2002, as it had been reported to investors, or for 2003. An investigation conducted by a board of directors audit committee determined that the earnings should not have been counted for 2002. |
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