3-D SYSTEMS ANNOUNCES RESULTS FOR THIRD QUARTER
3-D SYSTEMS ANNOUNCES RESULTS FOR THIRD QUARTER VALENCIA, Calif., Nov. 13 /PRNewswire/ -- 3-D Systems Inc.
(NASDAQ: TDSSF; Vancouver: TDS.V) today reported a net loss of $3,420,000 or $.19 per share, on sales of $4,280,000 for the third quarter ended Sept. 27, 1991. Results included non-recurring charges of $1,400,000 equal to $.08 per share, related to certain writedowns and accruals. In the corresponding period of the prior year, the company had net income of $15,000 on sales of $7,208,000.
For the first three quarters of 1991, the company posted a net loss of $7,098,000, or $.43 per share, including the non-recurring charges, on sales of $14,834,000. In the prior year period, 3D had net earnings of $545,000, or $.04 per share, on sales of $21,463,000. Arthur B. Sims, chief executive officer, noted that the non- recurring charges relate primarily to accruals for severance obligations and writedowns of certain components of inventory. Sims added that management has implemented further cost reduction programs throughout the company during the fourth quarter. These combined programs are expected to result in cost savings in excess of $3 million during 1992. "We have made significant progress in aligning 3-D's costs more closely to current revenue levels," Sims stated. "Looking ahead, we are focusing on building the company's volume through a repositioned sales organization and the exploration of alternate revenue channels." Sims added that third quarter revenues, while down slightly from the previous quarter, reflected a higher margin product mix. The company is strengthening management of its European subsidiaries and seeking a partner to support its operations in Japan. "We are encouraged by recent sales activity and the evident interest in 3-D's products," he stated. "However, our optimism is tempered by the recession and other factors that continue to influence our operations worldwide." Separately, the company reported it has filed an application with the Vancouver Stock Exchange requesting delisting of the company's shares from trading on that exchange. The request was made since the trading market for the company's shares is almost entirely in the United States through NASDAQ. The shares will continue to be quoted on the NASDAQ National Market System following delisting from the Vancouver Stock Exchange. 3-D Systems Inc. is the Canadian parent company of 3D Systems Inc., a California company which develops, manufactures and markets free-form manufacturing systems based on patented technology known as StereoLithography. These systems produce three-dimensional plastic concept models and masters for creating molds and dies of virtually any complexity, shape and size directly from computer-aided design data. StereoLithography dramatically cuts time and costs associated with new product development in a variety of industries including aerospace, automotive, computer, electronic components and medical devices. 3-D SYSTEMS INC. Consolidated Statements of Operations For the Three and Nine Months Ended Sept. 27, 1991 and Sept, 28, 1990 (Unaudited) (Expressed in United States dollars) Three months ended Nine months ended Periods ended Periods ended 1991 1990 1991 1990 Sales - products $2,971,746 $6,415,483 $11,528,867 $19,767,738 Sales - services 1,308,587 792,536 3,304,875 1,695,321 Total sales 4,280,333 7,208,019 14,833,742 21,463,059 Cost of sales - products 1,912,336 2,618,927 6,241,992 7,421,627 Cost of sales - services 943,264 476,941 2,401,173 1,325,189 Total cost of sales 2,855,600 3,095,868 8,643,165 8,746,816 Gross profit 1,424,733 4,112,151 6,190,577 12,716,243 Operating Expenses: Selling, general and administrative 3,844,198 2,598,503 10,209,703 7,278,488 Research and development 900,829 1,441,615 2,805,359 4,802,230 Total operating expenses 4,745,027 4,040,118 13,015,062 12,080,718 Income (loss) from operations (3,320,294) 72,033 (6,824,485) 635,525 Other income (expense): Interest income 51,732 108,045 174,099 402,654 Interest expense (151,133) (165,356) (448,067) (485,873) Income (loss) before income taxes and extraordinary item (3,419,699) 14,722 (7,098,453) 552,306 Income taxes --- 6,000 --- 221,000 Income (loss) before extraordinary item (3,419,695) 8,722 (7,098,453) 331,306 Extraordinary item - federal income tax benefit result- ing from net operating loss carryforward --- 6,000 --- 213,200 Net income (loss) ($3,419,695) $14,722 ($7,098,453) $544,506 Net income (loss) per share of common stock ($.19) .00 ($.43) .04 Weighted average number of common shares outstanding during the period 17,861,245 13,322,343 16,394,578 13,182,277 -0- 11/13/91 /CONTACT: Craig A. Parsons of Rifkind Pondel & Parsons, 213-207-9300, for 3-D Systems Inc./ (TDSSF TDS.V) CO: 3-D Systems Inc. ST: California IN: CPR SU: ERN EH-SE -- LA004 -- 3781 11/13/91 09:07 EST
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|Date:||Nov 13, 1991|
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