3D Systems Announces Record First Quarter Revenues; Company's Operating Plan Targets Continue to be Met.Business Editors 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. , Calif.--(BUSINESS WIRE)--April 19, 2000 3D Systems Corp. (Nasdaq:TDSC TDSC Thai Development Support Committee TDSC Time Domain Signal Coding TDSC Test Driver System - Charlie TDSC Time-Domain Spreading Code ) today reported earnings of $1.1 million or 9 cents per fully-diluted share for the first quarter ended March 31, representing a significant improvement from the previous year's first quarter loss of $2.3 million or 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The company also achieved record first quarter revenues of $23.0 million, compared to $22.7 million for the like period one year ago. "First quarter is traditionally the company's weakest quarter," stated Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Service, president and chief executive officer. "We are pleased with our results overall. However, we believe there is still work to be done, and we will continue to push for future performance improvements. "Internally, we are setting very aggressive targets because we are confident in the company's potential and the viable opportunities that exist," he stated. "Our recently announced volume equipment purchases with the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. Productivity Council and Align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. Technologies are evidence of that fact. "Beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the of our new polypropylene-like material -- CIBATOOL(R) SL 7540 -- is in process, and we are seeing great interest for this material in advance of its availability in June June: see month. . These factors, combined with continued cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. and increases in recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues from materials and service, will position us for potential second quarter improvements." "As a result of our growing installed base of machines, sales of ThermoJet printer materials more than doubled and SLA (1) (StereoLithography Apparatus) See 3D printing. (2) (Service Level Agreement) A contract between the provider and the user that specifies the level of service expected during its term. system materials were up over 20 percent compared to the year-ago quarter," said Service. "We believe that these year-over-year growth patterns can continue." In line with the company's operating plan, total 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. continued to be tightly controlled and were down $3.5 million overall, or 27 percent, from last year's first quarter. Research and development costs were down $0.6 million or 23 percent in comparison to the prior year, due to the fact that new hardware -- the SLA(R) 7000 system and ThermoJet(TM) printer -- was introduced during the first quarter of 1999. First quarter gross profit was up $1.6 million, a 17 percent increase from 1999, with product margins showing an improvement of 29 percent or $2.0 million for the same period. Product margins were positively effected in this year's first quarter as a result of manufacturing cost reductions, reductions in component costs for the SLA and ThermoJet products, and increased materials sales. The balance sheet showed quarter-end cash and investments totaling $11.3 million, down 10 percent from the prior year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. as a result of building inventory for anticipated sales growth. Three of these units have since shipped, and will be reflected in future operating results. "We feel that the company is solidly on track," said Service. "The focus moving forward will be continued operating efficiencies, materials development to meet market demands and boost recurring revenues, increased topline growth Topline growth Growth in revenues. Also see: Bottomline growth. and additional multi-unit sales." About 3D Systems 3D Systems provides solid imaging products and services that substantially reduce the time and cost required to design, test, and manufacture products. The company's systems utilize patented technologies, which create physical objects from digital input. 3D Systems currently offers the ThermoJet(TM) office printer and SLA(R) industrial systems, which include proprietary software and materials. These products offer a wide range of applications to a variety of industries. The company also licenses the 3D Keltool(R) process, a complementary application to the SLA product line that produces injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. and die casting die casting Forming metal objects by injecting molten metal under pressure into dies or molds. An early and important use of the technique was in the Linotype machine (1884), but the mass-production automobile assembly line gave die casting its real impetus. inserts from SLA system master patterns. Based in Valencia, Calif., 3D Systems was founded in 1986 and is recognized as the world technology and market leader in solid imaging. For additional information, visit the company's Website at www.3dsystems.com or phone (888) 337-9786, ext. 730. For an investor packet, call the company's shareholder communications service at (800) 757-1799. Note to editors: 3D Systems and ThermoJet are trademarks, and Keltool, SLA and the 3D logo are registered trademarks of 3D Systems. CIBATOOL is a registered trademark of Ciba Specialty Chemicals “Ciba” redirects here. For the pre-1971 company, see Novartis. Ciba Specialty Chemicals is a chemical company based in and near Basel, Switzerland. It was formed as the non-pharmaceuticals elements of Novartis were spun out in 1997, following the merger in the . Except for the historical information contained in this news release, the matters discussed include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties including: the ability of the Company to contain costs, increase recurring revenue, and maintain gross revenues at a level necessary to maintain gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. , the availability and acceptance of products, the impact of competitive products and pricing, dependence on key personnel and suppliers, industry-wide domestic and international economic conditions, and other risks detailed in the company's SEC reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 1999.
3D SYSTEMS CORPORATION
Consolidated Balance Sheets
(in thousands)
ASSETS March 31, Dec. 31,
2000 1999
Current assets:
Cash and cash equivalents $ 11,308 $ 12,553
Accounts receivable, less
allowances for doubtful accounts
of $2,841 (2000) and $2,912 (1999) 26,116 26,772
Current portion of lease receivables 944 607
Inventories 11,804 8,786
Deferred tax assets 2,355 2,355
Prepaid expenses and other current assets 1,866 2,028
Total current assets 54,393 53,101
Property and equipment, net 15,270 16,245
Licenses and patent costs, net 9,010 9,135
Deferred tax assets 7,381 7,658
Lease receivables, less current portion 2,606 2,436
Other assets 2,344 2,083
$ 91,004 $ 90,658
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,847 $ 5,838
Accrued liabilities 7,964 8,741
Current portion of long-term debt 115 110
Customer deposits 420 345
Deferred revenues 8,039 6,848
Total current liabilities 22,385 21,882
Other liabilities 3,693 4,673
Long-term debt, less current portion 4,435 4,495
30,513 31,050
Stockholders' equity:
Preferred stock, authorized
5,000 shares, none issued
Common stock, authorized 25,000
shares, issued 11,899 and outstanding
11,674 (2000) and issued 11,658 and
outstanding 11,433 (1999) 12 12
Capital in excess of par value 76,286 75,064
Notes receivable from officers (240) (240)
Accumulated deficit (10,986) (12,066)
Cumulative translation adjustment (3,041) (1,622)
Treasury stock, at cost, 225
shares (2000 and 1999) (1,540) (1,540)
Total stockholders' equity 60,491 59,608
$ 91,004 $ 90,658
3D SYSTEMS CORPORATION
Consolidated Statements of Operations
For the Three-Month Periods and Years Ended
(in thousands except earnings per share)
March 31, April 2,
2000 1999
Sales:
Products $ 15,672 $ 15,278
Services 7,340 7,406
Total sales 23,012 22,684
Cost of sales:
Products 6,951 8,535
Services 5,263 4,955
Total cost of sales 12,214 13,490
Gross profit 10,798 9,194
Operating expenses:
Selling, general and administrative 7,333 10,230
Research and development 1,871 2,443
Total operating expenses 9,204 12,673
Income (loss) from operations 1,594 (3,479)
Other income 132 177
Other expense (90) (51)
Income (loss) before provision for
income taxes 1,636 (3,353)
Provision for income taxes (benefit) 556 (1,073)
Net income (loss) $ 1,080 $ (2,280)
Shares used to calculate basic net
income (loss) per share 11,551 11,390
Basic net income (loss) per share $ 0.09 $ (0.20)
Shares used to calculate diluted net
income (loss) per share 12,340 11,390
Diluted net income (loss) per share $ 0.09 $ (0.20)
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