ROCK HILL, South Carolina – April 28, 2011 - 3D Systems Corporation (NASDAQ: TDSC) announced today that it earned 28 cents per share, fully diluted, for the first quarter of 2011 on a 51% revenue increase and a 62% gross profit improvement compared to the first quarter of 2010.
“We are pleased with our continued strong revenue growth and gross profit margin expansion from all of our products and services,” said Abe Reichental, 3D Systems’ President and Chief Executive Officer.
The company also announced that its Board of Directors has declared a two-for-one split of the company’s common stock. On May 18, 2011, each stockholder of record at the close of business on May 9, 2011 will receive one additional share for every outstanding share held on the record date. Trading is expected to begin on a split-adjusted basis on May 19, 2011. The company believes that the stock split could increase trading liquidity and attract a broader investor base.
(See the attached PDF for a table that summarizes the company’s key second quarter and six months 2011 financial results.)
For the first quarter 2011 the company delivered revenue growth from all its revenue categories. 3D printers accounted for a $4.8 million increase, print materials grew by $2.0 million and services, including custom parts, increased by $9.6 million compared to the first quarter of 2010. Organic growth accounted for 23% of the total revenue increase.
Gross profit margin for the quarter expanded 310 basis points to 48.4% over the 2010 quarter reflecting across the board margin gains on volume and mix and from continuous operational improvements.
The company reported that its net income of $6.8 million for the 2011 quarter included $2.8 million of non-cash expenses related to depreciation, amortization and stock-based compensation expense compared to $2.0 million of net income for the 2010 quarter, which included $1.8 million comparable non-cash expenses.
The company ended the first quarter of 2011 with $70.8 million of available cash. During the quarter the company used $22.7 million to fund strategic investing activities and completed a common stock offering with net proceeds of $54.0 million.
“We remain focused on democratizing access to affordable and viable 3D content-to-print solutions for professionals and consumers alike. We are optimistic about our future and believe that we are on track to achieve our long-term target operating model,” concluded Reichental.
Conference Call and Audio Webcast Details
3D Systems will hold a conference call and audio webcast to discuss its operating results for the first quarter 2011 on Thursday, April 28, 2011 at 11:30 a.m., Eastern Time.
To access this Conference Call, dial 1-(888) 626-7452 from in the U.S. or (201) 604-5102 from outside the U.S.
To access the audio webcast, log onto 3D Systems’ Web site 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 two hours after completion of the call at: www.3dsystems.com/ir.
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, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business 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 company’s periodic filings 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 3D content-to-print solutions including 3D printers, print materials and custom part services. Its expertly integrated rapid prototyping and manufacturing solutions reduce the time and cost of designing new products and printing real parts directly from digital input. These solutions are used to design, communicate, prototype and produce functional end-use parts and customers create with confidence.
(See the attached PDF for additional tables.)