3D Systems Q2 Revenue Up 34% to $36M But Loses $5.3M
 ROCK
HILL,
South Carolina, August 7, 2007 - 3D Systems Corporation (NASDAQ: TDSC), a
leading provider of 3-D Modeling, Rapid Prototyping and Rapid Manufacturing
solutions, announced today its operating results for the second quarter and
first half of 2007. The company also filed its Quarterly Report on Form 10-Q
for the second quarter of 2007 with the SEC today.
The company will hold a conference call and simultaneous webcast to
discuss its operating results for the second quarter and first six months of
2007 tomorrow morning, August 7, 2007, at 8:00 a.m., Eastern Time.
Additional information relating to that call and webcast is provided below.
The company reported record second quarter revenue. Revenue for the
second quarter increased by 34% to $36.4 million compared to its depressed
level of $27.1 million for the second quarter of 2006. Revenue for the first
six months of 2007 was $73.4 million, a 21% increase over the $60.8 million
of revenue reported for the first six months of 2006.
At June 30, 2007, the company’s backlog was approximately $1.5 million, a
significant reduction from the $5.0 million of backlog recorded at December
31, 2006. The company believes that the June 30 level of backlog is more
consistent with the normal operating trends in its business, which are
generally not characterized by long lead times.
The company reported that its operating loss for the second quarter
declined by more than 50% to $4.9 million from $10.3 million for the second
quarter of 2006 and, for the first six months, declined by more than 40% to
$7.0 million from $11.7 million in the 2006 period.
The company’s operating loss included $5.6 million of non-cash expenses
in the first six months of 2007 and $5.0 million of non-cash expenses in the
2006 period, which included higher depreciation and amortization expense in
the 2007 period arising from the company’s higher level of capital
expenditures in 2006 for its relocation to Rock Hill, South Carolina, and
its implementation of a new ERP system. The company expects that its
depreciation and amortization expense for the full year 2007 will be in the
range of $6.5 million to $7.5 million.
The company benefited from higher gross profit in the second quarter and
first six months of 2007 and the absence of the restructuring costs that it
incurred in 2006 for its relocation to Rock Hill, but operating expenses
increased primarily due to increased spending on R&D and the remainder of
the abnormal costs related to the restatement of its financial statements,
its 2006 year-end audit and the continued implementation costs of its new
ERP system.
“I am pleased with the company’s resumption of healthy revenue growth and
the improvement in our operating results,” said Abe Reichental, 3D Systems’
president and chief executive officer. “I believe that we are continuing to
experience gains from our extensive business transformation efforts.
“I am particularly pleased that for the second quarter revenue from
systems increased by 70% and our engineered materials and composites revenue
grew by 30%. I am also gratified that growth from new systems and materials
more than offset the planned decline in revenue from our discontinuation of
various legacy products and other less profitable activities,” continued
Reichental. “With 21% revenue growth for the first six months of this year
and a stronger underlying trend of 30% growth from both systems and
materials sales for the same period, we believe that our overall results
reflect the continued demand for our products and demonstrate that the
strategic actions that we have taken to reshape our organization, transform
our product portfolio and re-engineer our business model are taking effect.”
About 3D Systems Corporation
3D Systems is a leading provider of 3-D Modeling, Rapid 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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