The company will hold a conference call and simultaneous webcast to discuss its first quarter results tomorrow morning, May 9, 2008, at 9:00 a.m., Eastern Time. Additional information relating to that call and webcast is provided below.
The company reported the following first quarter 2008 results compared to its 2007 first quarter:
- Revenue declined by 14% to $31.8 million primarily as a result of lower large-frame systems’ sales and the uncertain current business climate.
- Gross profit declined by 16% to $13.4 million primarily due to this lower volume, resulting in a one percentage point gross profit margin decline to 42%.
- Continuing a trend, operating expenses declined by 7% to $16.7 million.
- Net loss rose by $0.6 million to $3.7 million for the first quarter of 2008.
- Net loss per share increased by $0.01 to $0.17 for the quarter.
“I am deeply disappointed with the revenue decline that we experienced during the first quarter, a decline that impacted our entire operating results for the quarter,” said Abe Reichental, President and Chief Executive Officer of 3D Systems.
|
Operating Highlights First Quarter of 2008 ($ in millions except for per share amounts) |
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| Operating Highlights | First Quarter | |||||||
| 2008 |
2007 |
%
Change |
||||||
| Revenue | $ | 31.8 | $ | 36.9 | (14 | %) | ||
| Gross profit | $ | 13.4 | $ | 15.9 | ||||
| % of Revenue | 42 | % | 43 | % | (16 | %) | ||
| Operating expenses | $ | 16.7 | $ | 18.0 | ||||
| % of Revenue | 52 | % | 49 | % | (7 | %) | ||
| Operating loss | ($3.2 | ) | ($2.1 | ) | ||||
| % of Revenue | (10 | %) | (6 | %) | 56 | % | ||
| Net loss | ($3.7 | ) | ($3.1 | ) | 18 | % | ||
| Diluted loss per share | ($0.17 | ) | ($0.16 | ) | 6 | % | ||
| Unrestricted cash | $ | 21.9 |
$29.7 |
(a) |
(26 | %) | ||
| Depreciation and amortization | ||||||||
| $ | 1.4 | $ | 1.8 | |||||
| % of Revenue | 4 | % | 5 | % | (25 | %) | ||
|
(a) December 31, 2007 |
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