3D Systems Reports Operating Results for Q1 2008

Finally, I believe that our substantially reduced indebtedness and ongoing improvements in working capital management provides us with the flexibility to pursue our near-term growth opportunities vigorously, concluded Reichental.

Conference Call and Audio Webcast Details

3D Systems will hold a conference call and audio Webcast to discuss its first quarter 2008 financial results tomorrow morning, May 9, 2008, at 9:00 a.m., Eastern Time.

  • To access the Conference Call, dial 1-877-627-6580 (or 719-325-4884 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 1549121, the confirmation code.
  • To access the audio Webcast, log onto 3D Systems website at www.3dsystems.com/ir. 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.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-Looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, you are urged to consider statements in the conditional or future tense or that include terms as believes, belief, expects, estimates, intends, anticipates or plans to be uncertain and forward-looking. Forward-looking statements may include comments as to the companys beliefs and expectations as to the future events and trends affecting its business and expectations and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings Forward-Looking Statements, Cautionary Statements and Risk Factors, and Risk Factors in the companys periodic filing with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements.

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 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 Email Contact.

Tables follow

3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2008 and March 31, 2007
(in thousands, except per share amounts)
Three Months Ended March 31,
2008 2007
(Unaudited)
Revenue:
Products $ 22,765 $ 28,559
Services 9,022 8,373
Total revenue 31,787 36,932
Cost of sales:
Products 11,727 14,064
Services 6,634 6,965
Total cost of sales 18,361 21,029
Gross profit 13,426 15,903
Operating expenses:
Selling, general and administrative 13,064 14,892
Research and development 3,597 3,087
Total operating expenses 16,661 17,979
Loss from operations (3,235 ) (2,076 )
Interest expense and other, net 70 686
Loss before provision for income taxes (3,305 ) (2,762 )
Provision for income taxes 386 358
Net loss (3,691 ) (3,120 )
Shares used to calculate basic and diluted net loss (1) 22,327 19,116
Basic and diluted net loss (1) $ (0.17 ) $ (0.16 )
(1) See Schedule 1 for the calculation of basic and diluted net loss available to common stockholders per share.
3D SYSTEMS CORPORATION
Condensed Consolidated Balance Sheets
March 31, 2008 and December 31, 2007
(in thousands)

March 31,

2008

December 31,

2007

(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 21,932 $ 29,689
Accounts receivable, net 25,440 31,115
Inventories, net 24,418 20,041
Prepaid expenses and other current assets 4,660 4,429
Deferred income tax assets 585 693
Restricted cash 1,200 1,200
Assets held for sale 3,454 3,454
Total current assets 81,689 90,621
Property and equipment, net 25,592 21,331
Intangible assets, net 4,942 5,170
Goodwill 48,982 47,682
Other assets, net 2,893 2,581
$ 164,098 $ 167,385
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Industrial development bonds related to assets held for sale 3,205 3,325
Current portion of capitalized lease obligations 185 181
Accounts payable 17,452 20,712
Accrued liabilities 10,682 12,248
Customer deposits 2,868 1,537
Deferred revenue 11,631 11,712
Total current liabilities 46,023 49,715
Long-term portion of capitalized lease obligations 8,615 8,663
Other liabilities 4,498 4,238
Total liabilities 59,136 62,616
Stockholders' equity:
Preferred Stock, authorized 5,000 shares, none issued - -
Common stock, authorized 60,000 shares, issued 22,387 (2008) and 22,224 (2007)
22 22
Additional paid-in capital 175,208 173,645
Treasury stock, at cost; 52 shares (2008) and 50 shares (2007) (113 ) (111 )
Accumulated deficit in earnings (76,094 ) (72,403 )
Accumulated other comprehensive net loss 5,939 3,616
Total stockholders' equity 104,962 104,769
$ 164,098 $ 167,385
3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, 2008 and March 31, 2007
(in thousands)
Three Months Ended March 31,
2008 2007
(Unaudited)
Cash flows from operating activities:
Net loss $ (3,691 ) $ (3,120 )
Adjustments to reconcile net income to net cash used in operating activities :
Provision for (benefit of) deferred income taxes (108 ) 358
Depreciation and amortization 1,350 1,812
Provision for (benefit of) bad debts 421 (74 )
Stock-based compensation expense 480 963
Loss on disposition of property and equipment 14 -
Changes in operating accounts:
Accounts receivable 7,508 6,632
Inventories (6,862 ) (5,361 )
Prepaid expenses and other current assets (104 ) 995
Accounts payable (5,139 ) (6,319 )
Accrued liabilities (2,014 ) (1,063 )
Customer deposits 1,188 (4,193 )
Deferred revenue (505 ) 1,930
Other operating assets and liabilities 369 338
Net cash used in operating activities (7,093 ) (7,102 )
Cash flows used in investing activities:
Purchase of property and equipment (1,882 ) (122 )
Additions to license and patent costs (173 ) (128 )
Software development costs - (212 )
Net cash used in investing activities (2,055 ) (462 )
Cash flows provided by financing activities:
Stock options and restricted stock proceeds 1,081 148
Repayment of long-term debt (165 ) (151 )
Net cash provided by (used in) financing activities 916 (3 )
Effect of exchange rate changes on cash 475 243
Net decrease in cash and cash equivalents (7,757 ) (7,324 )
Cash and cash equivalents at the beginning of the period 29,689 14,331
Cash and cash equivalents at the end of the period $ 21,932 $ 7,007
Supplemental Cash Flow Information:
Interest payments $

217

$ 325
Income tax payments 240 167
Non-cash items:
Conversion of 6% convertible subordinated debentures - 509
Transfer of equipment from inventory to property and equipment, net 3,572 945
Transfer of equipment to inventory from property and equipment, net 218 112
Schedule 1
Following is a reconciliation of the numerator and denominator of the basic and diluted net loss available to common stockholders per share computations:
Three Months Ended March 31,
2008 2007
(Unaudited)
Basic and diluted (1) net loss available to common stockholders per share:
Numerator:
Net loss available to common stockholders $ (3,691 ) $ (3,120 )
Denominator:
Weighted average common shares outstanding 22,327 19,116
Basic and diluted net loss available to common stockholders, per share
$ (0.17 ) $ (0.16 )
(1) No dilutive securities were included in the diluted weighted average shares outstanding for the three months ended March 31, 2008 and 2007 because the effect of their inclusion would have been anti-dilutive; that is, they would have reduced net loss per share.

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
SolidCAM: Program your CNCs directly inside your existing CAD system.


Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Re-Use Your CAD: The ModelCHECK Handbook
Jobs
GIS Analyst II for Air Worldwide at Boston, MA
Senior Structural Engineer for Design Everest at San Francisco, CA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise