3D Systems Delays Filing, Q1 Loss May Exceed $2M
Expects Q1 revenue of $36M - $37M
 ROCK
HILL,
South Carolina, May 14, 2007 - 3D Systems Corporation (NASDAQ: TDSC), a leading
provider of 3-D Modeling, Rapid Prototyping and Manufacturing solutions,
announced that it filed today with the Securities and Exchange Commission
(“SEC”) a Form 12b-25 indicating that it was unable to file its Quarterly
Report on Form 10-Q by today’s initial filing deadline. A Form 12b-25 filing
provides the company an automatic five-day extension for it to file its
Quarterly Report on Form 10-Q and still be considered timely under SEC
rules.
The company also delayed issuing its operating results for the first
quarter of 2007, but is reporting today its preliminary expectations for its
operating results for that quarter. The company will hold a conference call
and simultaneous webcast to discuss this delay and its preliminary results
tomorrow morning, May 11, 2007, at 8:30 a.m., Eastern Time.
The company’s delay in completing its financial statements for the first
quarter of 2007 is due primarily to the time that it took to complete its
Form 10-K for the year ended December 31, 2006 that the company filed with
the SEC on April 30, 2007. The company intends to file its Form 10-Q and to
issue its first quarter 2007 operating results as soon as practicable.
The company expects to report revenue for the first quarter of 2007 in
the range of $36 million to $37 million. Reflecting more normal patterns in
its business, the company does not expect backlog to be significant at March
31, 2007.
The company expects to report that sales of its engineered materials and
composites continued to increase at a double-digit rate for the first
quarter of 2007, reflecting the continued strong demand for these products.
The company expects to report gross profit in the range of $15.5 million
to $16.5 million for the first quarter of 2007, reflecting an anticipated
improvement compared to the first quarter of 2006.
The company expects to report an operating loss in the range of $1
million to $2 million as the company expects that higher operating expenses,
primarily reflecting costs of the restatement of financial statements as
previously disclosed, should more than offset the favorable effect of its
anticipated higher gross profit.
The company expects to report a net loss available to common stockholders
in the range of $1.5 million to $2.5 million for the first quarter of 2007.
The company also expects to report that at the end of the first quarter
of 2007 it had $7 million of unrestricted cash on hand, primarily reflecting
borrowings under its bank credit facility. The company expects to repay or
refinance those borrowings at or before the expiration of that facility on
July 1, 2007.
There can, of course, be no assurance that the final results that the
company reports will be within the ranges set forth above.
“We believe that our results for the first quarter of 2007 will continue
to reflect the favorable trends arising out of the resolution of the
significant business disruptions that we encountered during 2006,” said Abe
Reichental, 3D Systems’ president and chief executive officer. “We are
gratified with the sequential comeback that we believe we are experiencing,
and we continue to focus on our goals and our efforts to transform our
company and the way we do business to establish growth and sustained
profitability.”
Conference Call and Audio Webcast Details
3D Systems will hold a conference call and audio Webcast to discuss its
delay in reporting its first quarter 2007 financial results tomorrow morning
at 8:30 a.m., Eastern Time.
To access the Conference call, dial 1-888-336-3485 (or 706-634-0653 from
outside the United States). A recording will be available two hours after
completion of the call for three days. To access the recording, dial
1-800-642-1687 (or 706-645-9291 from outside the United States) and enter
8799551, the conference call ID number. To access the audio Webcast, log
onto 3D Systems’ website at
www.3dsystems.com. The link to the Webcast is provided on the homepage
of the website. To ensure timely participation and technical capability, we
recommend logging on a few minutes prior to the conference call to activate
your participation. The Webcast will be available for replay beginning
approximately 48 hours after completion of the call at:
www.3dsystems.com under the Investor
Relations’ section.
About 3D Systems Corporation
3D Systems is a leading provider of Rapid 3-D Modeling, Prototyping and
Manufacturing solutions. Its systems and materials reduce the time and cost
of designing products and facilitate direct and indirect manufacturing by
creating actual parts directly from digital input. These solutions are used
for design communication and prototyping as well as for production of
functional end-use parts: Transform your products.
More information on the company is available at
www.3dsystems.com, or via
e-mail at moreinfo@3dsystems.com.
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Source: Material used in press releases is often supplied by external
sources and used as is.
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