Stratasys Reports Record Second Quarter Financial Results

and other paid parts services; and the other risks detailed from time to time in our SEC Reports, including the our quarterly reports to be filed on Form 10-Q throughout 2008; and our annual report on Form 10-K filed for the year ended December 31, 2007.

Non-GAAP Discussion

The information discussed within this release includes financial results and forward-looking financial guidance that are in accordance with U.S. generally accepted accounting principles (GAAP). In addition, certain non-GAAP financial measures and guidance have been included that excludes certain expenses. The non-GAAP financial measures are provided in an effort to give information that investors may deem relevant to the companys operations and comparative performance, primarily the identification and exclusion of expenses associated with stock-based compensation required under SFAS 123R. In addition, the company uses these non-GAAP financial measures for evaluating comparable financial performance against prior periods.

This release is also available on the Stratasys Web site at www.Stratasys.com.

STRATASYS, INC.
     
CONSOLIDATED STATEMENTS OF OPERATIONS
 
                 

Three Months Ended
June 30,

Six Months Ended
June 30,

2008 2007 2008 2007
    (unaudited)   (unaudited) (unaudited)   (unaudited)
 
Net Sales
Product $ 24,846,032 $ 22,198,715 $ 49,953,572 $ 43,888,970
Services $ 6,428,890     $ 6,024,779   $ 12,029,039     $ 11,679,384  
$ 31,274,922     $ 28,223,494   $ 61,982,611     $ 55,568,354  
 
Cost of goods sold
Product $ 11,721,570 $ 9,692,932 $ 22,463,924 $ 19,358,201
Services $ 2,244,982     $ 2,929,973   $ 4,846,440     $ 5,903,544  
$ 13,966,552     $ 12,622,905   $ 27,310,364     $ 25,261,745  
 
Gross profit $ 17,308,370     $ 15,600,589   $ 34,672,247     $ 30,306,609  
 
Costs and expenses
Research and development $ 2,572,764 $ 1,804,574 $ 4,741,473 $ 3,606,635
Selling, general and administrative $ 8,897,955     $ 8,759,067   $ 18,588,823     $ 17,231,915  
$ 11,470,719     $ 10,563,641   $ 23,330,296     $ 20,838,550  
 
Operating income $ 5,837,651     $ 5,036,948   $ 11,341,951     $ 9,468,059  
 
Other income (expense)
Interest income, net $ 546,833 $ 610,366 $ 1,147,899 $ 1,101,659
Foreign currency transaction losses $ (187,658 ) $ (127,415 ) $ (215,826 ) $ (245,269 )
Other $ 22,747     $ 41,604   $ (253,032 )   $ 37,982  
$ 381,922     $ 524,555   $ 679,041     $ 894,372  
 
Income before income taxes $ 6,219,573 $ 5,561,503 $ 12,020,992 $ 10,362,431
 
Income taxes $ 2,123,517     $ 1,927,944   $ 4,126,366     $ 3,571,434  
 
Net income $ 4,096,056     $ 3,633,559   $ 7,894,626     $ 6,790,997  
 
Earnings per common share
Basic $ 0.20     $ 0.18   $ 0.38     $ 0.33  
Diluted $ 0.19     $ 0.17   $ 0.37     $ 0.32  
 

Weighted average number of common
shares outstanding

Basic   20,878,049       20,742,794     20,934,889       20,568,492  
Diluted   21,491,704       21,616,908     21,470,288       21,341,528  
STRATASYS, INC. AND SUBSIDIARIES
   
CONSOLIDATED BALANCE SHEETS
         
June 30, December 31,
2008 2007
    (unaudited)    
 
ASSETS
 
Current assets
Cash and cash equivalents $ 21,532,951 $ 16,211,771
Short-term investments $ 7,179,424 $ 27,257,592

Accounts receivable, less allowance for returns and doubtful accounts of $1,259,973 in 2008 and $1,205,621 in 2007

$ 34,471,168 $ 26,307,053
Inventories $ 18,450,306 $ 12,771,235
Net investment in sales-type leases $ 4,702,911 $ 3,256,953
Prepaid expenses $ 3,395,580 $ 2,507,316
Deferred income taxes $ 711,000     $ 711,000  
Total current assets $ 90,443,340     $ 89,022,920  
 
Property and equipment , net $ 28,094,175     $ 26,577,362  
 
Other assets
Intangible assets, net $ 8,286,936 $ 8,063,319
Net investment in sales-type leases $ 3,093,663 $ 4,101,682
Deferred income taxes $ 786,000 $ 719,000
Long-term investments - Available for sale securities $ 1,990,000 $ -
Long-term investments $ 17,997,626 $ 17,965,489
Other $ 1,620,720     $ 2,307,250  
Total other assets $ 33,774,945     $ 33,156,740  
 
$ 152,312,460     $ 148,757,022  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities
Accounts payable and other current liabilities $ 9,918,165 $ 13,959,022
Unearned revenues $ 11,923,009     $ 10,964,471  
Total current liabilities $ 21,841,174     $ 24,923,493  
 
 
Stockholders' equity

Common stock, $.01 par value, authorized 30,000,000 shares, issued 25,822,803 shares in 2008 and 25,610,654 shares in 2007

$ 258,228 $ 256,108
Capital in excess of par value $ 89,617,488 $ 87,023,541
Retained earnings $ 64,178,807 $ 56,284,182
Accumulated other comprehensive loss $ 271,625 $ 172,073

Less cost of treasury stock, 4,821,155 shares in 2008 and 4,600,056 shares in 2007

$ (23,854,862 )   $ (19,902,375 )
Total stockholders' equity $ 130,471,286     $ 123,833,529  
 
$ 152,312,460     $ 148,757,022  
STRATASYS, INC.
           
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
                         
Three Months Ended June 30,   Three Months Ended June 30,
2008 2008 2007 2007
(unaudited) Non-GAAP (unaudited) (unaudited) Non-GAAP (unaudited)
    As Reported   Adjustments (1)   Non-GAAP   As Reported   Adjustments (1)   Non-GAAP
 
 
Selling, general and administrative expenses $ 8,897,955   $ (319,823 )   $ 8,578,132 $ 8,759,067   $ (178,949 )   $ 8,580,118
 
Total operating expenses   11,470,719     (319,823 )     11,150,896   10,563,641     (178,949 )     10,384,692
 
Operating income   5,837,651     319,823       6,157,474   5,036,948     178,949       5,215,897
 
Income before income taxes 6,219,573 319,823 6,539,396 5,561,503 178,949 5,740,452
Income taxes   2,123,517     52,218       2,175,735   1,927,944     47,546       1,975,490
 
Net income $ 4,096,056 $ 267,605 $ 4,363,661 $ 3,633,559 $ 131,403 $ 3,764,962
 
Earnings per common share
Basic $ 0.20   $ 0.01     $ 0.21 $ 0.18   $ 0.01     $ 0.19
Diluted $ 0.19   $ 0.01     $ 0.20 $ 0.17   $ 0.01     $ 0.18
 

Weighted average number of common shares outstanding

Basic   20,878,049         20,878,049   20,742,794         20,742,794
Diluted   21,491,704         21,491,704   21,616,908         21,616,908
 
 
 

Six Months Ended June 30,

Six Months Ended June 30,

2008 2008 2007 2007
(unaudited) Non-GAAP (unaudited) (unaudited) Non-GAAP (unaudited)
    As Reported   Adjustments (1)   Non-GAAP   As Reported   Adjustments (1)   Non-GAAP
 
 
Selling, general and administrative $ 18,588,823   $ (635,218 )   $ 17,953,605 $ 17,231,915   $ (482,000 )   $ 16,749,915
 
Total operating expenses $ 23,330,296   $ (635,218 )   $ 22,695,078 $ 20,838,550   $ (482,000 )   $ 20,356,550
 
Operating income $ 11,341,951   $ 635,218     $ 11,977,169 $ 9,468,059   $ 482,000     $ 9,950,059
 
Income before income taxes $ 12,020,992 $ 635,218 $ 12,656,210 $ 10,362,431 $ 482,000 $ 10,844,431
Income taxes $ 4,126,366   $ 106,218     $ 4,232,584 $ 3,571,434   $ 138,688     $ 3,710,122
 
Net income $ 7,894,626 $ 529,000 $ 8,423,626 $ 6,790,997 $ 343,312 $ 7,134,309
 
Earnings per common share
Basic $ 0.38   $ 0.03     $ 0.41 $ 0.33   $ 0.02     $ 0.35
Diluted $ 0.37   $ 0.02     $ 0.39 $ 0.32   $ 0.02     $ 0.34
 

Weighted average number of common shares outstanding

Basic   20,934,889         20,934,889   20,568,492         20,568,492
Diluted   21,470,288         21,470,288   21,341,528         21,341,528

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



Review Article Be the first to review this article

Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Siemens Goes ECAD With Mentor Graphics Acquisition
Jobs
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
GIS Analyst II for Air Worldwide at Boston, MA
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