3D Systems Reports Record Third Quarter Results.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers 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)--Oct. 18, 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 announced record earnings of $2.8 million or 21 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 for third quarter 2000, compared to a loss of $1.0 million or 9 cents per fully diluted share in the third quarter of last year. Third quarter revenues were a record $29.5 million, reflecting a 24% increase over the prior year's third quarter revenue of $23.9 million. "We continue to show increasing year over year improvements in revenue and profit margins as a result of the operating plan implemented one year ago," 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 fourth quarter on track to meet our objectives for the year." Positive results were also evident in material and service revenues. Materials for the company's 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) product line and ThermoJet(TM) printer increased more than 40% from the prior year's third quarter. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Service indicated, "Our focus on multiunit sales of high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. machines, 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. material and service revenues, and strategic alliances with customers contributed to the company's overall growth and we anticipate will have a continued positive impact in coming quarters." Total gross profit increased substantially from the prior year, totaling $14.6 million for the third quarter of this year compared with $10.1 million in the year-ago quarter. Gross profit as a percentage of sales equaled 49% for third quarter 2000 -- up from 42% in the prior year's third quarter. "An element of our strategy was to improve the product mix, and our third quarter results reflected success in this area. We shipped more of our high-end SLA 7000 systems in the third quarter than we've we've Contraction of we have. we've have shipped in any prior quarter," stated Service. "The results incorporate a decline in the Euro and resulting impact on European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. revenues and margins. The impact was minimized min·i·mize tr.v. min·i·mized, min·i·miz·ing, min·i·miz·es 1. a. To reduce to the smallest possible amount, extent, size, or degree. b. Usage Problem To reduce. See Usage Note at minimal. by hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. programs instituted earlier in the year as well as an increase in the level of business we conducted worldwide in US dollars," continued Service. Overall working capital improved with inventory levels posting a reduction of $0.9 million from June June: see month. 30, 2000. It is expected that further improvements will be achieved by the end of the year. "The management team has stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. the business under the direction of Regent REGENT. 1. A ruler, a governor. The term is usually applied to one who governs a regency, or rules in the place of another. 2. In the canon law, it signifies a master or professor of a college. Dict. du Dr. Call. h.t. 3. Pacific Management Corp. and is now focused on future growth. The Board of Directors is pleased with the results achieved by Regent Pacific over the last year, and we are confident in their ability to continue to achieve these results in the future," said G. Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter Loewenbaum II, 3D System's chairman. "Therefore, we have extended the contract with Regent Pacific for 12 months, with additional extensions possible next year." Conference Call The company will hold a conference call today with the financial community to discuss third quarter results. A recording of this call can be heard for 48 hours beginning Oct. 18 at 3:30 p.m. Pacific Time by calling 800/633-8284 or 858/812-6440 and entering the reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number 16433124. 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(TM) 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 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. printer and extends up to $799,000 for its feature-rich industrial SLA system. These products offer a wide range of applications to a variety of industries. 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. 750. For an investor packet, call the company's shareholder communications service at 800/757-1799. NOTE TO EDITORS: ThermoJet and 3D Systems are trademarks; and SLA and the 3D logo are registered trademarks of 3D Systems. 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, including the acceptance of rapid manufacturing Building parts out of plastic or metal one layer at a time using a method of additive fabrication such as 3D printing. Multiple pieces, either similar or dissimilar, can be built simultaneously. solutions, 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 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 December December: see month. 31, 1999, and its quarterly reports on Form 10-Q Form 10-Q See 10-Q. for the quarters ended March 31 and June 30, 2000.
3D SYSTEMS CORPORATION
Consolidated Balance Sheets
(in thousands)
(unaudited)
ASSETS Sept. 29, Dec. 31,
2000 1999
Current assets:
Cash and cash equivalents $12,227 $12,553
Accounts receivable, less
allowances for doubtful accounts
of $1,661 (2000) and $2,912 (1999) 31,294 26,772
Current portion of lease receivables 1,198 607
Inventories 14,443 8,786
Deferred tax assets 2,356 2,355
Prepaid expenses and other
current assets 3,352 2,028
------- --------
Total current assets 64,870 53,101
Property and equipment, net 13,842 16,245
Licenses and patent costs, net 8,943 9,135
Deferred tax assets 5,284 7,658
Lease receivables, less
current portion 3,011 2,436
Other assets 2,491 2,083
======= ========
$98,441 $90,658
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,663 $ 5,838
Accrued liabilities 9,685 8,741
Current portion of long-term debt 120 110
Customer deposits 771 345
Deferred revenues 9,586 6,848
-------- --------
Total current liabilities 24,825 21,882
Other liabilities 3,581 4,673
Long-term debt, less current portion 4,375 4,495
======== =======
32,781 31,050
Stockholders' equity:
Preferred stock, authorized 5,000 shares,
none issued -- --
Common stock, authorized 25,000 shares,
issued 12,291 and outstanding 12,066
(2000) and issued 11,658 and outstanding
11,433 (1999) 12 12
Capital in excess of par value 78,683 75,064
Notes receivable from officers and employees (371) (240)
Accumulated deficit (6,308) (12,066)
Accumulated other comprehensive loss (4,816) (1,622)
Treasury stock, at cost, 225 shares
(2000 and 1999) (1,540) (1,540)
--------- ---------
Total stockholders' equity 65,660 59,608
========= ========
$ 98,441 $ 90,658
3D SYSTEMS CORPORATION
Consolidated Statements of Operations
(Unaudited)
(in thousands)
Three Month Periods Ended Nine Month Periods Ended
Sept. 29, Oct. 1, Sept. 29, Oct. 1,
2000 1999 2000 1999
Sales:
Products $ 21,724 $ 16,264 $ 55,999 $ 45,749
Services 7,824 7,633 21,977 22,295
Total sales 29,548 23,897 77,976 68,044
Cost of sales:
Products 9,245 8,452 24,416 25,583
Services 5,715 5,337 15,996 15,311
Total cost
of sales 14,960 13,789 40,412 40,894
Gross profit 14,588 10,108 37,564 27,150
Operating expenses:
Selling, general
and administrative 8,430 8,368 23,001 27,311
Research and
development 1,911 2,015 5,890 6,891
Other -- 1,196 -- 3,384
Total operating
expenses 10,341 11,579 28,891 37,586
Income (loss) from
operations 4,247 (1,471) 8,673 (10,436)
Interest income 84 141 397 405
Interest and other
expense (133) (77) (345) (211)
Income (loss) before
provision for
income taxes 4,198 (1,407) 8,725 (10,242)
Provision for
(benefit from)
income taxes 1,427 (394) 2,966 (3,000)
Net income (loss) $ 2,771 $ (1,013) $ 5,759 $ (7,242)
Shares used to
calculate basic
net income (loss)
per share 12,009 11,288 11,756 11,320
Basic net income
(loss) per share $ 0.23 $ (0.09) $ 0.49 $ (0.64)
Shares used to
calculate diluted
net income (loss)
per share 13,336 11,288 12,789 11,320
Diluted net income
(loss) per share $ 0.21 $ (0.09) $ 0.45 $ (0.64)
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