CEO: FIRM NOT PLEASED WITH EARNINGS.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 Corp. reported first quarter earnings of $27.2 million and net income of $8.5 million - less than anticipated following the merger last year with Texas competitor DTM DTM dermatophyte test medium. Corp. Included in the first-quarter earnings was a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern benefit associated with an arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the settlement of $18.5 million. Without that settlement, the company would have seen a net loss of $3.5 million. Valencia-based 3D manufacturers and distributes machines and materials that produce three-dimensional models from computer images. The company cut its staff earlier this year by 10 percent and, in the first quarter, reduced its debt $2 million from $21 million recorded at the end of 2001. The first-quarter report was disappointing. ``We are not pleased with first quarter results,'' stated Brian K. Service, president and chief executive officer. ``We are in the process of recalibrating our cost structure in line with current market conditions including a reduction of approximately 10 percent of our work force on a worldwide basis.'' Business was mixed with increases reported in shipments of some products and decreases in others. ``During the first quarter, we made progress on several fronts, especially relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our advanced digital manufacturing strategic program,'' Service said. |
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