3D Systems Reports Record First Quarter Revenue; Net Income Increased by 26% Over Prior Year.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 18, 2001 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 announced record revenue of $27.9 million for the first quarter 2001. This compares with revenue of $23.0 million for the first quarter in the previous year, a 21.3% increase. Net income was $1.4 million or 11 cents per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared with net income of $1.1 million or 9 cents per fully diluted share in the first quarter last year, an increase of 26.4%. "Historically, the first quarter is our weakest. We are pleased to have met our targets for the quarter in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of the current challenging economic environment," 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]. K. Service, president and chief executive officer. "We are entering the second quarter on track to meet our objectives for the year. "Sales of our 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. (R) systems were particularly strong as was revenue associated with the sale of materials. Overall SLA system revenues were more than 45% higher than in the first quarter of 2000. Material sales in the first quarter increased 25.5% over the prior year," Service added. The increase in SLA system revenue is primarily driven by continued increase in the number of high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. systems sold, especially in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Japan. Customers in mass customization applications utilize these high-end systems. During the first quarter, the company announced the introduction of the Viper si2(TM) SLA system, which combines the versatility of high-end SLA machines with the affordability of entry-level en·try-lev·el adj. Appropriate for or accessible to one who is inexperienced in a field or new to a market: an entry-level job in advertising; an entry-level computer. systems. The Viper si2 system is the first from 3D Systems to offer standard and high-resolution high-res·o·lu·tion adj. 1. Relating to an image that has fine detail. 2. a. Of or relating to an output device that produces images that contain a large number of dots per unit of area and are therefore sharp and build modes in one package. "Subsequent to the end of the quarter, we announced plans to merge See mail merge and concatenate. with DTM DTM dermatophyte test medium. Corp. (Nasdaq: DTMC DTMC Discrete-Time Markov Chain DTMC Detroit Together Men's Chorus (Detroit, MI) DTMC Design to Manufacturing Coalition DTMC DTM Corporation DTMC Deer Trail Mining Company, LLC DTMC Delta Tributaries Mercury Council ) of Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas," Service said. "We believe that this business combination -- bringing together the two leading solid imaging companies -- will enable us to rapidly penetrate the fast-developing market for mass customization, rapid tooling, and direct and indirect in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. manufacturing applications. "We are excited by the opportunities that we believe the merger offers both companies. We are currently on track to complete this transaction in the second quarter as originally anticipated," Service concluded. 3D Systems will conduct a conference call today at 4 p.m. Eastern time to discuss the quarter. To access the call, dial 888/353-7307 or 212/271-4786 internationally. A recording of the call will be available for 48 hours beginning today at 6 p.m. Eastern time. To access the recording, dial 800/633-8284 or 858/812-6440 internationally and enter 18601483. 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 that create physical objects from digital input. 3D Systems currently offers the ThermoJet(R) office printer and SLA(R) industrial systems, which include proprietary software and materials. Product pricing in the U.S. begins at $49,995 for the company's entry-level printer and extends up to $799,000 for its feature-rich industrial SLA system. The company also licenses the 3D Keltool(R) process, a complementary application 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. In February February: see month. 2001, 3D Systems announced the acquisition of OptoForm SARL SARL South African Radio League SARL Société Anonyme à Responsabilité Limitée (French: limited liability company) SARL Salem Animal Rescue League (Salem, NH) SARL Sociedade Anónima de Responsabilidade Limitada , a French company that developed stereolithography The first 3D printing technology, which was pioneered by Chuck Hull of 3D Systems. See 3D printing. systems using paste materials. In April 2001, the company announced the signing of a definitive merger agreement to purchase DTM Corp., contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent , among other conditions, obtaining adequate financing to complete the acquisition. 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 Web site at www.3dsystems.com or phone 888/337-9786, ext. 767. For an investor packet, call the company's shareholder communications service at 800/757-1799. Note to editors: ThermoJet, SLA, Keltool and the 3D logo are registered trademarks of 3D Systems. A Tender Offer Statement on Schedule TO will be filed by 3D Systems with the Securities and Exchange Commission (SEC). DTM stockholders are urged to read the Tender Offer Statement and any other relevant documents to be filed with the SEC. The Tender Offer Statement and other documents filed with the SEC will contain important information that such stockholders should consider before making any decision regarding the tender offer and related transactions. DTM stockholders may obtain a free copy of the Tender Offer Statement and other documents filed by 3D Systems (and DTM) with the SEC at its Web site: www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . The Tender Offer Statement and other documents to be filed with the SEC by 3D Systems will be available free of charge from 3D Systems by directing a request to 3D Systems Corp., 26081 Avenue Hall, Valencia, Calif. 91355. Certain statements in this news release may constitute "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievement of 3D Systems to be materially different from any future results, performance or achievement expressed or implied by those forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to: changes in general and industry-wide economic and business conditions, the availability of capital on acceptable terms, the availability of financing in an amount sufficient to commence the tender for the DTM shares, actions of competitors and customers, the impact of competitive products and pricing, the availability and acceptance of 3D Systems' products generally, the extent to which 3D Systems is able to develop new products and markets for its products, and other factors as described in 3D Systems' filings with the Securities and Exchange Commission, including its annual report 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 Dec. 31, 2000.
3D SYSTEMS CORPORATION
Consolidated Balance Sheets
(in thousands)
(unaudited)
March 30, Dec. 31,
2001 2000
ASSETS
Current assets:
Cash and cash equivalents $ 16,387 $ 18,999
Accounts receivable, less allowances for
doubtful accounts of $1,545 (2001) and
$1,599 (2000) 33,824 33,304
Current portion of lease receivables 1,472 1,497
Inventories 16,823 14,945
Deferred tax assets 2,085 2,824
Prepaid expenses and other current assets 2,953 3,496
Total current assets 73,544 75,065
Property and equipment, net 12,990 13,141
Licenses and patent costs, net 8,334 8,417
Deferred tax assets 5,210 5,210
Lease receivables, less current portion 2,874 3,629
Other assets 7,404 4,435
$110,356 $109,897
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,224 $ 8,264
Accrued liabilities 9,564 9,574
Current portion of long-term debt 125 120
Customer deposits 1,070 1,087
Deferred revenues 12,326 11,471
Total current liabilities 31,309 30,516
Other liabilities 2,109 3,210
Long-term debt, less current portion 4,310 4,375
37,728 38,101
Stockholders' equity:
Preferred stock, authorized 5,000 shares,
none issued -- --
Common stock, authorized 25,000 shares,
issued 12,530 and outstanding 12,305
(2001) and issued 12,423 and outstanding
12,198 (2000) 13 12
Capital in excess of par value 82,476 81,568
Notes receivable from officers and employees (320) (330)
Accumulated deficit (2,557) (3,922)
Accumulated other comprehensive loss (5,444) (3,992)
Treasury stock, at cost, 225 shares (2001
and 2000) (1,540) (1,540)
Total stockholders' equity 72,628 71,796
$110,356 $109,897
3D SYSTEMS CORPORATION
Consolidated Statements of Operations
(Unaudited)
(in thousands)
Three Month Periods Ended
March 30, March 31,
2001 2000
Sales:
Products $ 20,686 $ 15,672
Services 7,217 7,340
Total sales 27,903 23,012
Cost of sales:
Products 9,287 6,951
Services 5,412 5,263
Total cost of sales 14,699 12,214
Gross profit 13,204 10,798
Operating expenses:
Selling, general and administrative 8,919 7,333
Research and development 2,184 1,871
Total operating expenses 11,103 9,204
Income from operations 2,101 1,594
Interest income 153 132
Interest and other expense (87) (90)
Income before provision for
income taxes 2,167 1,636
Provision for income taxes 802 556
Net income $ 1,365 $ 1,080
Shares used to calculate basic net
income per share 12,294 11,551
Basic net income per share $ 0.11 $ 0.09
Shares used to calculate diluted net
income per share 12,940 12,340
Diluted net income per share $ 0.11 $ 0.09
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