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VALENCIA, Calif., Feb. 20, 2002 -
3D
Systems Corp. (Nasdaq: TDSC) today announced fourth quarter 2001 revenue of
$36.7 million compared with $31.7 million in the fourth quarter of 2000, an
increase of 16%. Total revenue for
2001 was $121.2 million compared
with 2000 revenue of $109.7 million, an increase of 11%.
Net
loss for the fourth quarter of 2001 was $2.6 million or 20 cents per diluted
share compared with net income of $2.4 million or 18 cents per diluted share in
the fourth quarter of 2000. Net
loss for 2001 was $1.3 million or 11 cents per diluted share compared with net
income of $8.1 million or 63 cents per diluted share in 2000.
"The
fourth quarter and 2001 revenue represents a record for the company and is
directly attributable to incorporating the results of the SLS®
product line acquired in August 2001 through
the acquisition of DTM Corp.,” said Brian K. Service, president and CEO.
“Comparing our fourth quarter results for 2001 with the results of the
combined companies’ for the fourth quarter of 2000 shows a reduction in
revenue of 16%. Using
a similar comparison, the fourth
quarter gross profit margin was 43% compared with 49% in the fourth quarter of
2000
“While
total fourth quarter SLA® and SLS
unit sales were consistent with the prior-year levels, the decrease in revenue
and gross margins from operations
primarily is a result of fewer unit sales of high-end SLA systems.
Decreased resin revenues also contributed to the lower revenue and gross
margins,” Service said.
Total
operating expenses for the fourth quarter of 2001 were $18.8 million,
including approximately $2 million of non-recurring costs
associated with the completion of the integration of DTM, $1 million for
additional accounts receivable reserves, and approximately $700,000 in legal
fees resulting from the Vantico arbitration.
“During
the fourth quarter of 2001, the integration of DTM’s operations substantially
was completed, with the assembly operations, finance and administration, and
sales and service organizations being combined into 3D Systems’ existing
business,” Service added. “We
are pleased with the contribution that the SLS line of business has made to 3D
Systems’ overall business since the acquisition. This product line and its potential applications, especially
relating to advanced digital manufacturing, is expected to provide significant
ongoing opportunities for the company in 2002 and beyond.”
“We
made significant improvements in our working capital position during the
quarter, reducing inventory by more than $5 million and accounts receivable by
$3.5 million,” said E. James Selzer, senior vice president and CFO.
“This allowed us to reduce by $4 million the total debt incurred to
fund the acquisition of DTM.
Improving our working capital position and reducing our debt level
continues to be a primary focus in 2002.”
“During
2001 significant acquisitions
of new technologies and capabilities were integrated into the company.
In addition, the general economic conditions
in the second half of the year,
the effects of the events surrounding Sept. 11,
the Department of Justice antitrust action, and the Vantico contract termination
provided additional challenges for the company,” Service said.
“Moving
into 2002, we expect that the resolution of the divestiture
required by the Department of Justice, the conclusion of the Vantico
arbitration, and the transition to our own stereolithography resin supply,
coupled with the completion of the integration of our acquisitions, will be
reflected in the company’s results,” Service concluded.
As
previously announced, 3D Systems will hold a conference call today at 9:30 a.m.
Eastern time to discuss the results. The
call can be accessed by dialing 877/613-8341 or 706/679-7620 internationally.
A recording of the call will be available for 48 hours beginning at noon
Eastern time the same day. The
recording can be accessed by dialing 800/642-1687 or 706/645-9291
internationally and entering 3241981.
About 3D Systems
Founded in 1986, 3D Systems provides solid imaging products and solutions that help reduce the time and cost of designing products and facilitate direct and indirect manufacturing. Its systems utilize patented technologies that create physical objects from digital input.
3D Systems currently offers the
ThermoJet® solid object printer, SLA® systems (stereolithography) and SLS® systems (selective laser sintering), as well as related software and materials. Product pricing in the U.S. ranges from $49,995, for the ThermoJet printer, to $799,000 for the high-end SLA 7000 system. The company licenses the complementary 3D
Keltool® process, a method for producing steel mold inserts, and currently is developing systems that use composite paste materials for direct manufacturing. More information on the company is available at www.3dsystems.com, or by phoning 888/337-9786, extension 807, or 661/295-5600 internationally. An investor packet can be obtained by calling 800/757-1799.
Note to editors:
si2
is a trademark; and ThermoJet, SLA, SLS, Keltool and the 3D logo are registered
trademarks of 3D Systems.
Certain
statements in this news release may include forward-looking statements which
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; world economic conditions including
the unknown effects of the continuing U.S. military action; our ability to
realize the anticipated benefits from the acquisition of DTM Corp., actions of
competitors and customers, including the selected licensee of the company’s
patents as required by the proposed Final Judgment in the Department of Justice
action; compliance with the terms of the agreement extending the termination
dates of our agreements with Vantico, reliance on single or limited suppliers,
the ability to timely and cost-effectively develop resins adequate for use with
3D Systems’ products and which are commercially accepted, and such other
factors as are described in the company’s filings with the Securities and
Exchange Commission, including annual reports on Form 10-K for the year ended
Dec. 31, 2000, quarterly reports on Form 10-Q for the quarters ended March 31,
June 30 and Sept. 30, 2001, and 3D Systems’ current reports on Form 8-K filed
on April 6, April 10, Sept. 4 and Nov. 5, 2001.
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