3D Systems Q1 Revenue Up 9.8% to $37M but Loses $3M
 ROCK
HILL,
South Carolina, May 31, 2007 - 3D Systems Corporation (NASDAQ: TDSC), a leading
provider of 3-D Modeling, Rapid Prototyping and Manufacturing solutions,
announced today its operating results for the first quarter of 2007. These
results were generally in line with the previously announced expectations
that the company issued on May 10. The company also filed its Form 10-Q for
the first quarter of 2007 with the SEC today.
The company will hold a conference call and simultaneous webcast to
discuss its first quarter results tomorrow morning, May 31, 2007, at 9:00
a.m., Eastern Time. Additional information relating to that call and webcast
is provided below.
For the first quarter of 2007, revenue increased 9.8% to a first-quarter
record of $36.9 million from $33.6 million for the first quarter of 2006.
This increase was led by revenue from engineered materials and composites,
which increased 29.4% to $15.4 million from $11.9 million in the 2006
quarter. Revenue from systems and other products increased 6.6% to $13.2
million from $12.4 million for the first quarter of 2006. Revenue from
services decreased 10.8% to $8.4 million from $9.4 million in the 2006
quarter.
On a consolidated basis, gross profit for the current quarter increased
to $15.9 million from $13.6 million for the first quarter of 2006. Gross
profit margin increased to 43.1% of total revenue from 40.4% of total
revenue for the 2006 quarter, reflecting the company’s higher profit margins
on sales of engineered materials and systems, but partially offset by a
decline in profit margins on service revenue. For the first quarter of 2007,
cost of sales increased 4.9%, a rate less than the rate of increase in total
revenue, to $21.0 million from $20.0 million for the first quarter of 2006.
Operating expenses were $3.0 million higher in the first quarter of 2007
than in the first quarter of 2006 primarily due to $4.8 million of higher
selling, general and administrative expenses. The increase in SG&A was due
primarily to $2.3 million of costs associated with the company’s restatement
of its financial statements and year-end audit, $1.0 million of severance
and stock-based compensation expense primarily related to the departure of
its former chief financial officer and $0.4 million of additional
depreciation expense related to the Rock Hill facility and ERP equipment.
Operating expenses for the three months ended March 31, 2007, were aided
by the absence of $1.6 million of restructuring costs that the company
incurred in the first quarter of 2006 related to its relocation to Rock
Hill, South Carolina.
While research and development expenses declined by $0.2 million in the
first quarter of 2007, the company continues to work on selected new product
developments and expects to incur $12 million to $13 million of research and
development expenses in 2007.
Net loss available to the common stockholders increased to $3.1 million
in the first quarter of 2007 from $1.9 million for the first quarter of
2006, primarily reflecting the company’s operating loss, higher interest
expenses and higher tax provisions. Diluted net loss per share available to
common stockholders was $0.16 and $0.13 for the quarters ended March 31,
2007 and 2006, respectively.
The company ended its first quarter of 2007 with $7.0 million of
unrestricted cash, which primarily reflected borrowings under its Silicon
Valley Bank credit facility that comes due at the beginning of July. The
company expects to repay or refinance those borrowings when they become due
out of available cash, the renewal or replacement of that credit facility or
other sources of financing. Borrowings under that credit facility were $8.2
million at March 31, 2007.
“I am very pleased that we are finally catching up in our financial
reporting and are able to share with you our first quarter’s financial
results,” said Abe Reichental, 3D Systems’ president and chief executive
officer. “We are working very hard to return to timely reporting of our
operating results.”
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Source: Material used in press releases is often supplied by external
sources and used as is.
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