3D Systems Q4 Revenue Up 6% to $45M with $1.4M Profit
 ROCK
HILL,
SC, Mar 18, 2008 - 3D Systems Corporation (NASDAQ: TDSC), a leading provider of
3D modeling, rapid prototyping and manufacturing solutions, announced
today operating results for its fourth quarter and the year ended
December 31, 2007. The company also filed its Annual Report on Form 10-K
with the SEC today.
The company will hold a conference call and simultaneous webcast to
discuss its operating results for the fourth quarter and full year of
2007 tomorrow morning, March 18, 2008, at 9:00 a.m., Eastern Time.
Additional information relating to that call and webcast is provided
below.
Consistent with the improving trend that the company experienced
throughout 2007, it reported record revenue for both the fourth quarter and
full year 2007. Revenue for the fourth quarter was a record $44.9 million.
While on the face of it, the increase over the fourth quarter of 2006 was
6%, it should be noted that the 2006 fourth quarter was heavily influenced
by the corrective actions that we took in the latter half of 2006 to
remediate the disruptions that we experienced earlier that year and by the
execution of a series of infrastructure and strategic initiatives that were
designed to transform our business model.
Revenue for the full year 2007 increased by 16% to a new annual record of
$156.5 million. This revenue increase reflected:
- A 25% increase in revenue from systems and other products to $58.2
million in 2007;
- A 19% increase in revenue from materials to $62.0 million; and
- Essentially flat revenue from services increasing by less than $0.1
million to $36.4 million.
Operating income increased to $1.4 million for the fourth quarter,
reversing a $5.3 million operating loss in the fourth quarter of 2006, and
net income available to common stockholders increased to $1.4 million,
reversing a $6.0 million net loss in the 2006 quarter. Net income per share
was $0.06 on a fully diluted basis for the fourth quarter of 2007, reversing
a net loss of $0.31 per share on a fully diluted basis in the 2006 quarter.
For the full year, the company’s operating loss declined by 80% to $5.1
million from $25.7 million in 2006 as a result of higher revenue, improved
gross profit and lower operating expenses.
Net loss available to common stockholders declined by 78% to $6.7 million
from $30.7 million in 2006 as a result of a reduction in operating losses,
lower income tax provisions and the absence of preferred stock dividends in
2007. Net loss per share in 2007 declined by 81% to $0.33 per share on a
fully diluted basis from $1.77 per share on a fully diluted basis in 2006
reflecting the positive quarterly trends that the company experienced in
2007 and the modest net income that it reported in the last six months of
the year.
At December 31, 2007, the company’s backlog was $3.1 million, primarily
for systems, compared to $5.0 million at December 31, 2006. The company
believes that the December 31, 2007 level of backlog is higher than the
normal operating trends of its business as the company’s business is
generally not dependent on backlog.
"We are pleased with the continuing improvement in our operating results
throughout 2007," said Abe Reichental, 3D Systems’ President and Chief
Executive Officer. "While our gross profit margins exhibited some
improvement and our operating expenses began to decline and to resume a more
normal run-rate, we were disappointed with the slower than expected
improvement in both categories.
"We believe that the key components of our annual revenue composition
clearly reflect results from the significant business model changes that we
embarked on some 24 months ago," continued Reichental. "Consistent with our
expectations, materials revenue reached a new record of $62 million and
represented some 40% of our total revenue. And because we believe that
systems’ placements are a pre-curser for additional materials revenue in
future periods, we are pleased that, for the full year revenue from systems
increased by 25%. Revenue from materials grew by 19% during 2007, reflecting
the positive marketplace reception that our new systems and materials are
enjoying and the early traction and underlying momentum that we are enjoying
from our integrated materials cartridge strategy.
"We are gratified that for the full year 2007, approximately 45% of our
revenue was generated by new products underscoring our significant portfolio
transformation and strong emphasis on marketplace leadership through
technology. During the past three years, we have been able to develop and
commercialize some 36 new products and at the same time, prune and retire
numerous legacy systems and materials. The net result is beginning to emerge
more clearly, as our key revenue components shift more decidedly in favor of
materials and systems and our service business revenue is stabilizing and
its profitability is improving," continued Reichental.
Conference Call and Audio Webcast Details
3D Systems will hold a conference call and audio Webcast to discuss its
fourth quarter and full year 2007 financial results tomorrow morning,
Tuesday, March 18, at 9:00 a.m. Eastern Time
- To access the Conference Call, dial 1-877-591-4956 (or 719-325-4936 from
outside the United States). A recording will be available two hours after
completion of the call for seven days. To access the recording, dial
1-888-203-1112 (or 719-457-0820 from outside the United States) and enter
4467834, the confirmation code.
- To access the audio Webcast, log onto 3D Systems’ 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 90 minutes
after completion of the call at: www.3dsystems.com/ir.
About 3D Systems Corporation
3D Systems is a leading provider of 3D Modeling, Rapid Prototyping and
Rapid 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 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 email 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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