ROCK HILL, South Carolina – February 25, 2013 - 3D Systems Corporation (NYSE: DDD) announced today non-GAAP earnings of 39 cents per share for the fourth quarter of 2012 and GAAP earnings of 19 cents per share resulting in full year 2012 non-GAAP earnings of $1.25 and GAAP earnings of $0.71.
The company reported that its fourth quarter revenue grew 45.4% from the prior year to $101.6 million on a 93% surge in printers’ and other products revenue and 18.8% organic growth. Stronger printer demand bolstered quarter-end backlog to $11.4 million at year-end, a 23% sequential increase, which included $3.2 million related to current printers’ sales. Gross profit increased 60% and gross profit margin expanded 460 basis points to 51.7% contributing to non-GAAP net income improvement of 64% over the 2011 quarter.
For the full year 2012, revenue grew 53.5% to $353.6 million, on 90% printers’ and other products revenue increase and 22.4% organic growth. Gross profit increased 66.2% and gross profit margin expanded 390 basis points to 51.2%.
The company generated $53.0 million of cash from operations in 2012, and ended the year with $155.9 million of available cash, after incurring a $46.5 million increase in its annual operating expenses primarily from increased sales, marketing and acquisitions costs. The increase included $8.9 million of higher R&D expenditures in support of its expanded portfolio.
“We are very pleased to report outstanding quarterly and annual results on accelerated printers’ sales,” said Avi Reichental, 3D Systems’ President and Chief Executive Officer. “We believe that our results reflect the potency of our diversified portfolio, productivity of our channels and effectiveness of our strategic growth initiatives.”
The table below summarizes the company’s key 2012 non-GAAP financial results for the fourth quarter and full year.
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