Stratasys Reports Record First Quarter Revenue and Earnings.MINNEAPOLIS -- Company Reaffirms Guidance for Fiscal 2005 Stratasys, Inc. (Nasdaq:SSYS) today announced the highest first quarter revenue and earnings in the company's history. Revenues rose 19% to $18.9 million for the first quarter ended March 31, 2005 over the $15.8 million recorded in the same quarter of the previous year. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. grew 23% to $3.4 million for the first quarter of 2005 compared with $2.8 million for the first quarter of 2004. Net income grew 26% to $2.4 million, or $0.22 per share, for the first quarter, compared with net income of $1.9 million, or $0.18 per share, for the same period in 2004. Total system shipments were 274 units during the first quarter of 2005 compared to 291 units for the first quarter of 2004. "We are excited to report a record first quarter for Stratasys," said Scott Crump crump v. crumped, crump·ing, crumps v.tr. 1. To crush or crunch with the teeth. 2. To strike heavily with a crunching sound. v.intr. , chairman and chief executive officer of Stratasys. "We experienced strong momentum across our products and services continuum Continuum (pl. -tinua or -tinuums) can refer to:
"Dimension continued its ongoing success, with the company securing a record number of 3D printer orders during the first quarter both in terms of dollars and units. The order activity for Dimension exceeded our expectations, as we concluded the quarter with a substantial backlog of 3D printer orders. We believe the recent price reduction of the Dimension SST SST: see airplane. is driving incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. demand, furthering our goal of one day making 3D printers as common in engineering and design offices as 2D plotters are today. We continue to believe a market potential exists for more than 500,000 3D printers at the right price. "We continued to experience strong sales of our FDM (1) (Fused Deposition Modeling) See 3D printing. (2) (Frequency Division Multiplexing) Transmitting multiple data signals simultaneously over a single wire by using multiple carriers, each having a unique center frequency. Titan and FDM Vantage systems as well during the first quarter. The 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. market continues to evolve, and we believe these systems will play a significant role in helping us capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this growing opportunity. "Due to our continued growth, we recently expanded our team of executive officers with the addition of Bob Gallagher For other uses, see Bob Gallagher (disambiguation). Robert Collins Gallagher (born July 7, 1948 in Newton, Massachusetts) is a former first baseman in Major League Baseball who played from 1972 through 1975 for the Boston Red Sox (1972), Houston Astros (1973-74) and as our new chief financial officer (CFO See Chief Financial Officer. ) and the promotion of Tom Stenoien from executive vice president and CFO to chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. (COO (Cell Of Origin) See mobile positioning. ). We are excited to have an executive of Bob's caliber join our team and are looking forward to Tom expanding his role within Stratasys and further contributing to the company's successful growth. "Looking forward, the company is on track to meet our financial guidance for fiscal 2005 -- growing revenues 20% to 27% over 2004 to between $84 million and $89 million. We also continue to expect a higher corresponding growth rate in earnings in 2005 of 26% to 33%, or $1.07 to $1.12 per 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," Crump concluded. The company will hold a conference call to discuss these results on April 27, 2005 at 8:30 a.m. ET. To access the call, dial 877-236-1078 (or 213-408-0663 internationally). The conference I.D. is "Stratasys." A recording of the call will be available for two weeks after the call. To access the recording, dial 888-219-1262 (or 402-220-4942 internationally). About Stratasys Inc. Stratasys Inc., Minneapolis, manufactures office-based rapid prototyping systems and 3D printers. 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. Wohlers Report 2004, the company supplied 37 percent of all systems installed worldwide in 2003, making it the unit market leader. Stratasys patented the rapid prototyping process known as fused deposition modeling See 3D printing. (FDM). The process creates functional models directly from any 3D CAD CAD: see computer-aided design. (Computer-Aided Design) Using computers to design products. CAD systems are high-speed workstations or desktop computers with CAD software. program using ABS (Automatic Backup System) See backup program. plastic, polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. , and PPSF PPSF Procurement/Production Status File . The company holds 175 granted or pending rapid prototyping patents. Stratasys products are used in the aerospace, defense, automotive, medical, education, electronic, and consumer product industries. The company's systems are also used for rapid manufacturing and rapid tooling applications. For more information on the company, go to www.Stratasys.com or www.DimensionPrinting.com. (Financial Tables follow) All statements herein that are not historical facts or that include such words as "expect", "anticipates", "project", "estimates" or "believe" or similar words are 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 we deem to be covered by and to qualify for the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. protection covered by 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. Except for the historical information herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties; these include the continued market acceptance and growth of our Dimension BST (convention) BST - British Summer Time. The name for daylight-saving time in the UK GMT time zone. (TM), Dimension SST(TM), Prodigy An online information service that provides access to the Internet, e-mail and a variety of databases. Launched in 1988, Prodigy was the first consumer-oriented online service in the U.S. Plus, FDM Maxum(TM), FDM Vantage(TM), and Titan(TM) product lines; the size of the 3D printing market; our ability to penetrate the 3D printing market; our ability to maintain the growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. experienced in this and preceding quarters; our ability to introduce and market new materials such as polyphenylsulfone and the market acceptance of this and other materials; the impact of competitive products and pricing; the timely development and acceptance of new products and materials; our ability to effectively and profitably market and distribute the Eden line; and the other risks detailed from time to time in our SEC Reports, including the 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 31, 2004. This release is also available on the Stratasys Web site at www.Stratasys.com.
STRATASYS, INC.
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
March 31, December 31,
2005 2004
(unaudited)
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ASSETS
Current assets
Cash and cash equivalents $37,142,578 $20,624,845
Short-term investments 20,900,000 35,225,000
Accounts receivable, less allowance
for returns and doubtful accounts
of $1,463,335 in 2005 and
$1,731,830 in 2004 15,319,890 14,951,350
Inventories 8,238,893 7,520,422
Net investment in sales-type leases 1,478,302 1,324,499
Prepaid expenses 1,558,499 1,756,494
Deferred income taxes 455,000 455,000
-----------------------------
Total current assets 85,093,162 81,857,610
-----------------------------
Property and equipment, net 10,549,898 10,043,657
-----------------------------
Other assets
Intangible assets, net 2,738,564 2,551,581
Net investment in sales-type leases 2,715,742 2,693,830
Deferred income taxes 354,000 354,000
Long-term investments 720,000 720,000
Other 946,265 978,339
-----------------------------
Total other assets 7,474,571 7,297,750
-----------------------------
$103,117,631 $99,199,017
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and other current
liabilities $8,625,704 $6,643,620
Unearned maintenance revenue 7,655,359 7,668,362
-----------------------------
Total current liabilities 16,281,063 14,311,982
-----------------------------
Stockholders' equity
Common stock, $.01 par value,
authorized 15,000,000 shares, issued
12,239,946 shares in 2005 and
12,211,835 shares in 2004 122,399 122,118
Capital in excess of par value 72,068,234 71,762,100
Retained earnings 22,589,000 20,193,048
Accumulated other comprehensive income
(loss) (56,562) 5,910
Less cost of treasury stock, 1,796,929
and 1,770,026 shares in 2005 and 2004
respectively (7,886,503) (7,196,141)
-----------------------------
Total stockholders' equity 86,836,568 84,887,035
-----------------------------
$103,117,631 $99,199,017
-----------------------------
STRATASYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months Ended March 31,
-----------------------------
2005 2004
(unaudited) (unaudited)
----------------------------------------------------------------------
Net Sales
Product $14,823,171 $12,921,173
Services 4,039,648 2,925,002
-----------------------------
18,862,819 15,846,175
-----------------------------
Cost of goods sold
Product 6,298,207 5,366,109
Services 1,190,176 773,931
-----------------------------
7,488,383 6,140,040
-----------------------------
Gross profit 11,374,436 9,706,135
-----------------------------
Costs and expenses
Research and development 1,386,588 1,346,329
Selling, general and administrative 6,593,686 5,592,073
-----------------------------
7,980,274 6,938,402
-----------------------------
Operating income 3,394,162 2,767,733
-----------------------------
Other income (expense)
Interest income 377,478 111,747
Other 31,459 (36,033)
-----------------------------
408,937 75,714
-----------------------------
Income before income taxes 3,803,099 2,843,447
Income taxes 1,407,147 938,338
-----------------------------
Net income $2,395,952 $1,905,109
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Earnings per common share
Basic $0.23 $0.19
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Diluted $0.22 $0.18
-----------------------------
Weighted average number of common
shares outstanding
Basic 10,451,399 10,271,153
-----------------------------
Diluted 10,821,785 10,702,014
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