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3D Systems Reports Second Quarter Profit Compared to Year-ago Loss, Product Sales up 18%
Contact: VALENCIA, Calif., July 23, 1998- 3D Systems Corporation (Nasdaq NMS: TDSC) today reported total second quarter revenues of $24.7 million, up 13% from $21.8 million in the prior year, while product sales increased 18% to $16.7 million, compared with $14.1 million in the quarter a year ago. Net income for the quarter totaled $526,000, or 5 cents a share, compared with a net loss in last year's second quarter of $280,000, or 2 cents a share. The 1997 quarter included $500,000 in non-recurring expenses related to severance benefits. For the six months ended June 26, the company posted record revenues of $47.5 million, up 10% from $43.3 million in 1997. First half net income was $880,000, 8 cents a share, compared with $108,000, or 1 cent a share, in the year earlier period. Arthur B. Sims, chairman and chief executive officer, commented: "We are pleased by the company's increasing sales and improved bottom line. Product margins continue to improve, our order bookings rate is up substantially over a year ago, and the balance sheet is benefiting from better asset management." At the close of the second quarter, the company's balance sheet showed cash and short-term investments of $19.2 million, up $3.6 million from the preceding quarter. Receivables, measured by days sales outstanding, improved to 87 days, down from the prior quarter's 94 days. Inventories continued their downward path, and were 15% less than at year-end. Concerning operating expenses, Sims stated that "while general and administrative expenses were about flat with the first quarter, sales and marketing reflected planned program increases and variable expenses related to revenue. Also, while research and development expenses were up over the first quarter, and the second quarter a year ago, they relate to specific projects that are proceeding according to plan and substantially on schedule. "Orders flow overall showed substantial improvement over last year's second quarter, although performance was not uniform across our three main markets. The Americas were strong compared to a year ago, though not yet performing up to our full expectation. 3D's European orders flow was robust and compensated for anticipated weak results in Asia, which accounts for a relatively small part of our business." 3D Systems manufactures rapid product development systems that enable users to move from concept models to finished parts faster, at lower cost, and at higher quality than traditional methods. 3D Systems' equipment fabricates solid objects using digital input from CAD/CAM/CAE computer systems, substantially reducing the time and costs of bringing new products to market. Major applications include concept modeling, rapid prototyping and rapid tooling for products in a wide range of industries worldwide including automotive, aerospace, medical, electronic and consumer products. Except for the historical information contained in this news release, the matters discussed include forward-looking statements that involve risks and uncertainties including the availability and acceptance of new products, the impact of competitive products and pricing, the ability of the company to continue to contain expenses, dependence on key personnel, industry-wide domestic and international economic conditions, and other risks detailed in the company's SEC report on Form 10-K for the year ended December 31, 1997. Download
second quarter earnings release financials (.doc 58K)
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