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Company News: Page (1) of 1 - 02/25/13 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page

3D Systems Reports 2012 Results By Globenewswire


- Delivers Record Quarterly and Annual Revenue and Gross Profit



- Completes Three-for-Two Stock Split and Commences Post Split NYSE Trading



- Expects 2013 Revenue of $440 million to $485 million and non-GAAP EPS of $1.00 to $1.15


ROCK HILL, S.C., Feb. 25, 2013 (GLOBE NEWSWIRE) -- 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.





























































































































































Non-GAAP Operating Highlights



Fourth Quarter



Full Year



($ in millions, except per share amounts)





2012





2011

% Change

Favorable

(Unfavorable)





2012





2011

% Change

Favorable

(Unfavorable)

Revenue (GAAP)

$ 101.6

$ 69.9

45.4%

$ 353.6

$ 230.4

53.5%

Gross profit

$ 52.6

$ 32.9 

59.7% 

$ 181.4  

$ 109.3 

66.0% 

% of revenue

51.7%

47.1%

 

51.3%

47.4%

 

Operating expenses

$ 28.2 

$ 16.8 

(67.5%)

$ 99.8 

$ 63.0 

(58.3%)

% of revenue

27.7%

24.1%

 

28.2%

27.4%

 

Operating income

$ 24.4 

$ 16.1 

51.5% 

$ 81.6  

$ 46.3  

76.5% 

% of revenue

24.0%

23.0%

 

23.1%

20.1%

 

Net income

$ 22.6 

$ 13.8 

63.6%

$ 67.9 

$ 41.0 

65.7% 

% of revenue

22.2%

19.8%

 

19.2%

17.8%

 

Diluted earnings per share

$0.39

$ 0.27

44.4%

$1.25

$0.81

54.3%

Available cash & cash equivalents

$ 155.9

$ 179.1

(13.0%)

$ 155.9

$ 179.1

(13.0%)

Depreciation & amortization 

$ 2.4 

$ 1.5 

(63.3%)

$ 10.1 

$ 6.0 

(67.4%) 

% of revenue

2.3%

2.7%

 

2.9%

2.6%

 

 

 

 

 

 

 

 

- Gross profit, operating expenses, operating income, net income and earnings per share have been adjusted to reflect non-GAAP operating results. See the reconciliation of non-GAAP data to GAAP net income and earnings per share at the end of this press release.

 

 

 

 

 

 


3D printers and other products revenue nearly doubled to $126.8 million on stronger demand as a result of the company's effective portfolio convergence, price point re-alignment and channel expansion. Print materials revenue grew 46.1% to $103.2 million on 124.2% higher printer units and services revenue increased by $30.5 million over 2011 to $123.7 million and included $79.2 million of on-demand parts.



"We are thrilled with the progress we are making on our consumer growth initiative and expect revenue from our consumer products to be meaningful to our revenue in the second half of 2013," continued Reichental.



The company announced that its three-for-two stock split was completed effective on the close of business Friday, February 22, 2013 by distributing a 50% stock dividend in the form of additional shares to its stockholders of record on February 15, 2013. Trading of the company's common stock on the New York Stock Exchange will begin this morning on a split-adjusted basis at approximately 66% of last Friday's closing price.



The company announced its annual guidance for the full year 2013, expecting its revenue to be in the range of $440 million to $485 million and its non-GAAP earnings per share to be in the range of $1.00 to $1.15, on a post-split basis, inclusive of the acquisition of Geomagic, which the company expects to close by the end of February 2013. 



"We entered 2013 with positive sales momentum shaped by increased demand from advanced manufacturing activities. While we may face lingering economic uncertainties in parts of the world, we expect to continue to benefit from robust R&D and manufacturing spending by our customers worldwide," concluded Reichental.



Conference Call and Webcast Details



3D Systems will hold a conference call and webcast to discuss its operating results for the fourth quarter and full year 2012 on Monday, February 25, 2013 at 9:00 a.m., Eastern Time.  




  • To access this webcast, log onto 3D Systems' web site at investor.3dsystems.com. To ensure timely participation and technical capability, we recommend logging on a few minutes prior to the conference call to activate your participation.

     


  • To access this conference call, dial 1-800-295-3991 from in the U.S. or 1-617-614-3924 from outside the U.S. and enter participant code 68343877.

     


  • The webcast will be also be available for replay beginning approximately two hours after completion of the call at: investor.3dsystems.com.



The company filed its Annual Report on Form 10-K today and copies are available free of charge upon request from Investor Relations.



Forward-Looking Statements



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 or projections 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.



Presentation of Information in This Press release



The company reported non-GAAP measures that adjust net income and earnings per share by excluding the impact of amortization of intangibles, non-cash interest expense, non-recurring acquisition expenses, litigation settlements, loss on conversion of notes, stock-based compensation expense and releases of the valuation allowance on deferred tax assets. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.  



About 3D Systems Corporation



3D Systems is a leading provider of 3D content-to-print solutions including 3D printers, print materials and on-demand custom parts services for professionals and consumers alike. The company also provides affordable CAD modeling, reverse engineering and inspection software tools and consumer 3D printers, apps and services. Its expertly integrated solutions replace and complement traditional methods and reduce the time and cost of designing and manufacturing new products. 3D Systems' products and services are used to rapidly design, communicate, prototype or produce real functional, parts, empowering customers to create and make with confidence.



More information on the company is available at www.3DSystems.com.



The 3D Systems Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4537



Tables Follow























































































































































































































































































































 

 

3D Systems Corporation

Audited Consolidated Statements of Operations and Comprehensive Income

Quarter and Year Ended December 31, 2012 and 2011

 

 

 

 

 

 

Quarter Ended December 31,

Year Ended December 31,

(in thousands, except per share amounts)

2012

2011

2012

2011

 

 

 

Revenue:

 

 

 

 

Products

 $ 68,757

 $ 41,944

 $ 229,980

 $ 137,306

Services

32,814

27,916

123,653

93,117

 

 

 

 

 

Total revenue

 101,571

 69,860

 353,633

 230,423

 

 

 

 

 

Cost of sales:

 

 

 

 

Products

 31,665

 20,837

 105,286

 66,589

Services

 17,410

 16,158

 67,151

 54,806

 

 

 

 

 

Total cost of sales

 49,075

 36,995

 172,437

 121,395

 

 

 

 

 

Gross profit

 52,496

 32,865

 181,196

 109,028

 

 

 

 

 

Operating expenses:

 

 

 

 

Selling, general and administrative

 26,524

 17,572

 97,422

 59,795

Research and development

 7,806

 4,594

 23,203

 14,331

 

 

 

 

 

Total operating expenses

 34,330

 22,166

 120,625

 74,126

 

 

 

 

 

Income from operations

 18,166

 10,699

 60,571

 34,902

 

 

 

 

 

Interest and other expense (income), net

 8,703

 1,991

 17,292

 2,456

 

 

 

 

 

Income before income taxes

 9,463

 8,708

 43,279

 32,446

Provision for (benefit of) income taxes

 (1,449)

 703

 4,338

 (2,974)

 

 

 

 

 

Net income

 $ 10,912

 $ 8,005

 $ 38,941

 $ 35,420

 

 

 

 

 

Other comprehensive income

 

 

 

 

Unrealized gain (loss) on pension obligation

(715)

(275)

 (714)

(275)

Foreign currency translation gain (loss)

1,499

(1,493)

1,640

(1,743)

 

 

 

 

 

Comprehensive income

 $ 11,696

 $ 6,237

 $ 39,867

 $ 33,402

 

 

 

 

 

Net income per share - basic

 $ 0.19

 $ 0.16

 $ 0.72

 $ 0.71

 

 

 

 

 

Net income per share - diluted

 $ 0.19

 $ 0.16

 $ 0.71

 $ 0.70






































































































































































































































 

 

3D Systems Corporation

Audited Consolidated Balance Sheets

December 31, 2012 and 2011

 

 

 

 

 

 

 (in thousands, except par value)

2012

2011

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents 

$ 155,859

$ 179,120

Accounts receivable, net of allowance for doubtful accounts of $4,317 (2012) and $3,019 (2011) 

79,869

51,195

Inventories, net of reserves of $3,534 (2012) and $2,542 (2011) 

41,820

25,283

Prepaid expenses and other current assets 

4,010

2,241

Current deferred income tax asset

5,867

3,528

Restricted cash 

13

13

Total current assets 

287,438

261,380

Property and equipment, net 

34,353

29,594

Intangible assets, net 

108,377

54,040

Goodwill 

240,314

107,651

Long term deferred income tax asset

107

3,195

Other assets, net 

6,853

7,114

Total assets 

$ 677,442

$ 462,974

 

 

 

LIABILITIES AND EQUITY

 

 

Current liabilities:

 

 

Current portion of capitalized lease obligations 

$ 174

$ 163

Accounts payable 

32,095

25,911

Accrued and other liabilities 

24,789

16,816

Customer deposits 

2,786

3,398

Deferred revenue 

15,309

11,260

Total current liabilities 

75,153

57,548

Long term portion of capitalized lease obligations 

7,443

7,609

Convertible senior notes, net 

80,531

131,107

Deferred income tax liability 

23,142

3,656

Other liabilities 

10,840

8,266

Total liabilities 

197,109

208,186

Commitments and Contingencies

 

 

Stockholders' equity:

 

 

Preferred stock, authorized 5,000 shares, none issued 



Common stock, $0.001 par value, authorized 120,000 shares; 59,855 (2012) and 50,975 (2011) issued 

60

51

Additional paid-in capital 

460,237

274,542

Treasury stock, at cost: 355 (2012) and 324 shares (2011) 

(240)

(214)

Accumulated earnings (deficit )

16,410

(22,531)

Accumulated other comprehensive income 

3,866

2,940

Total stockholders' equity 

480,333

254,788

Total liabilities and stockholders' equity

$ 677,442

$ 462,974










































































































































































































































 

 

3D Systems Corporation

Audited Consolidated Statements of Cash Flows

Year Ended December 31, 2012 and 2011

 

 

 

 

 

 

 

 

(in thousands)

2012

2011

Cash flows from operating activities:

 

 

Net income 

$ 38,941

$ 35,420

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Benefit of deferred income taxes 

(661)

(5,140)

Depreciation and amortization 

21,229

11,093

Non-cash interest on convertible notes 

3,876

409

Provision for bad debts 

3,039

1,731

Stock-based compensation 

5,118

2,637

(Gain) loss on the disposition of property and equipment and investments

(674)

256

Loss on conversion of convertible debt

7,021


Changes in operating accounts:

 

 

Accounts receivable 

(19,246)

(12,090)

Inventories 

(12,225)

(2,608)

Prepaid expenses and other current assets 

(794)

45

Accounts payable 

(238)

(3,457)

Accrued liabilities 

9,081

141

Customer deposits 

(1,336)

857

Deferred revenue 

1,164

525

Other operating assets and liabilities 

(1,251)

(2,159)

Net cash provided by operating activities 

53,044

27,660

Cash flows from investing activities:

 

 

Purchases of property and equipment 

(3,224)

(2,870)

Proceeds from disposition of property and equipment and other assets


174

Additions to license and patent costs 

(729)

(336)

Cash paid for acquisitions, net of cash assumed 

(183,701)

(92,677)

Net cash used in investing activities 

(187,654)

(95,709)

Cash flows from financing activities:

 

 

Proceeds from 5.50% convertible notes


148,960

Convertible notes capitalized costs


(3,594)

Proceeds from issuance of common stock 

106,889

62,054

Proceeds from exercise of stock options and restricted stock, net

4,400

2,764

Repayment of capital lease obligations 

(163)

(221)

Proceeds from capital lease obligations



 Restricted cash 


12

Net cash provided by financing activities 

111,126

209,975

Effect of exchange rate changes on cash 

223

(155)

Net increase (decrease) in cash and cash equivalents 

(23,261)

141,771

Cash and cash equivalents at the beginning of the period 

179,120

37,349

Cash and cash equivalents at the end of the period 

$ 155,859

$ 179,120





























































































































































































































 

 

3D Systems Corporation

Schedule 1

Earnings Per Share

 

 

 

 

 

Following is a reconciliation of the numerator and denominator of the basic and diluted net earnings per share computations:

 

 

 

 

 

Quarter Ended December 31,

Year Ended December 31,

(in thousands, except per share amounts)

2012

2011

2012

2011

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

Basic earnings per share:

 

 

 

 

Numerator:

 

 

 

 

Net income

 $ 10,912

 $ 8,005

 $ 38,941

 $ 35,420

 

 

 

 

 

Denominator:

 

 

 

 

Weighted average common shares outstanding

 57,417

 50,615

 53,878

 49,748

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 $ 0.19

 $ 0.16

 $ 0.72

 $ 0.71

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

Numerator:

 

 

 

 

Net income

 $ 10,912

 $ 8,005

 $ 38,941

 $ 35,420

 

 

 

 

 

Denominator:

 

 

 

 

Weighted average common shares outstanding

 57,417

 50,615

 53,878

 49,748

Effect of dilutive securities:

  

 

 

 

Stock options

 36

 838

 604

 975

 

 

 

 

 

Diluted weighted average shares outstanding

 57,453

 51,453

 54,482

 50,723

 

 

 

 

 

Diluted earnings per share

 $ 0.19

 $ 0.16

 $ 0.71

 $ 0.70












































































































































































 

 

3D Systems Corporation

Schedule 2

Unaudited Reconciliation of GAAP Net Income to Non-GAAP Net Income

Quarter and Year Ended December 31, 2012 and 2011

 

 

 

 

 

 

Quarter Ended December 31,

Year Ended December 31,

(in thousands, except per share amounts)

2012

2011

2012

2011

 

 

 

GAAP Net Income

 $ 10,912

 $ 8,005

 $ 38,941

 $ 35,420

 

 

 

 

 

Adjustments:

 

 

 

 

Stock-based compensation

1,317

810

4,613

2,637

Amortization of intangibles (a) (b)

2,894

2,075

11,452

5,050

Acquisition and severance expenses

2,015

2,513

4,982

3,664

Non-cash interest expenses

857

 400

3,489

 400

Loss on convertible notes

5,199

 -- 

6,295

 -- 

Net gain on acquisitions and litigation settlements

 -- 

 -- 

(1,296)

 -- 

Release of valuation allowance on deferred tax assets

 (610)

 -- 

(610)

(6,221)

 

 

 

 

 

Non-GAAP adjusted net income

 $ 22,584

 $ 13,803

 $ 67,866

 $ 40,950

 

 

 

 

 

Non-GAAP adjusted income per share - basic 

 $ 0.39

 $ 0.27

 $ 1.26

 $ 0.82

Non-GAAP adjusted income per share - diluted

 $ 0.39

 $ 0.27

 $ 1.25

 $ 0.81

 

 

 

 

 

 

 

 

 

 

(a) Represents amortization expense for the quarters ended December 31, 2012 and 2011, of which $54 and $44, respectively, is included in the cost of sales and the remaining $2,840 and $2,031, respectively, is included in operating expenses. 

(b) Represents amortization expense for the years ended December 31, 2012 and 2011, of which $193 and $237, respectively, is included in the cost of sales and the remaining $11,259 and $4,813, respectively, is included in operating expenses. 

CONTACT: Investor Contact:
Stacey Witten
803-326-4010
Email: Stacey.Witten@3dsystems.com

Media Contact:
Cathy Lewis
781-852-5007
Email: Cathy.Lewis@3dsystems.com



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