VALENCIA, Calif., Sep. 4, 2002 -
3D Systems Corp. (Nasdaq: TDSC) today announced that it has completed the reorganization and changes in management structure previously announced in July. Facilities in Austin, TX (formerly DTM headquarters) and Farmington Hills, MI are in the final stages of closure and the reorganization of the Americas and European operations are near completion. Certain key employees from the facilities will relocate to 3D Systems facilities in Valencia, CA and Grand Junction, CO. As part of the reorganization, 3D Systems has reduced the number of employees from 523 to 420 worldwide. The Company expects to record a charge of $3 million in conjunction with the reorganization to cover charges for one time severance costs, relocation and closure fees associated with the facilities. The reorganization is expected to result in annual cost savings of $16 million.
Separately, the Company also announced the successful completion of the formal arrangements between Regent Pacific Management Corporation and 3D Systems as of September 9, 2002. Brian K. Service will remain as Chief Executive of 3D Systems.
“Our goal has been to streamline our operations and operate more efficiently in the current business environment,” stated Service. “Accordingly, we have made some changes in our management structure. In addition to naming Grant Flaharty president, as we announced last month, Ray Saunders has been named senior vice president of engineering and manufacturing and Benjamin DiLello has been named senior vice president of revenue generation.”
About 3D Systems
Founded in 1986, 3D Systems, the solid imaging company, provides solid imaging products and solutions to reduce the time and cost of designing products and facilitate direct and indirect manufacturing. Its systems utilize patented technologies to create physical objects from digital input used for design communication, prototyping and functional end-use parts.
3D Systems currently offers the ThermoJet® solid object printer, SLA® (stereolithography), SLS® (selective laser sintering) systems, and Accura™ materials (includes; photopolymers, metals, nylons, engineering plastics, and thermoplastics).
Product pricing in the U.S. ranges from $49,995, for the ThermoJet printer, to $799,000 for the high-end SLA 7000 system. 3D Systems multiple platform product line enables companies to choose the most appropriate systems for applications ranging from the creation of design communication models to prototypes to production parts. More information on the company is available at www.3dsystems.com, or by phoning 888/337-9786, extension 811, or 661/295-5600 internationally. An investor packet can be obtained by calling 800/757-1799.
3D Systems is the originator of the ADM (Advanced Digital
ManufacturingSM) solution for manufacturing applications. ADM is the utilization of 3D Systems solid imaging technologies to accelerate production of smaller volumes of customized/specialized parts. A typical ADM center is expected to contain multiple 3D Systems SLA, MJM and SLS systems dedicated to full time manufacturing applications.
Note to editors: Advanced Digital Manufacturing and the solid imaging company are service marks, si2 and Accura are trademarks; and ThermoJet, SLA, SLS and the 3D logo are registered trademarks of 3D Systems Inc.
Certain statements in this news release may include forward-looking statements that express the expectation, prediction, belief or projection of 3D Systems. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievement of 3D Systems to be materially and adversely different from any future results, performance or achievement expressed or implied by these forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company’s prospects in general include, but are not limited to:
the funding of amounts of capital adequate to provide for the working capital needs of the company; actions of competitors and customers; the company’s ability to successfully design and produce new products, customer acceptance of new products; the company’s ability to enter into successful relationships with new customers to fully exploit its products, the ability to successfully implement all elements of our restructuring and cost savings program, and such other factors as are described in the company’s filings with the Securities and Exchange Commission. The company does not undertake to update any forward-looking statements.
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