(3D-SYSTEMS-CORP)(TDSC) 3D Systems Reports Second Quarter Profit,
Compared With Year-ago Loss; Product Sales up 18 Percent
(Business Wire; 07/23/98)
VALENCIA, Calif.--(BUSINESS WIRE)--July 23, 1998--3D Systems Corp.
(Nasdaq/NMS:TDSC) Thursday reported total second quarter revenues of $24.7
million, up 13 percent from $21.8 million in the prior year, while product
sales increased 18 percent to $16.7 million, compared with $14.1 million in
the quarter a year ago.
Net income for the quarter totaled $526,000, or 5 cents a share, compared
with a net loss in last year's second quarter of $280,000, or 2 cents a
share. The 1997 quarter included $500,000 in nonrecurring expenses related
to severance benefits.
For the six months ended June 26, the company posted record revenues of
$47.5 million, up 10 percent from $43.3 million in 1997. First half net
income was $880,000, 8 cents a share, compared with $108,000, or 1 cent a
share, in the year earlier period.
Arthur B. Sims, chairman and chief executive officer, commented: "We are
pleased by the company's increasing sales and improved bottom line. Product
margins continue to improve, our order bookings rate is up substantially
over a year ago, and the balance sheet is benefiting from better asset
management."
At the close of the second quarter, the company's balance sheet showed cash
and short-term investments of $19.2 million, up $3.6 million from the
preceding quarter. Receivables, measured by days sales outstanding,
improved to 87 days, down from the prior quarter's 94 days. Inventories
continued their downward path, and were 15 percent less than at year-end.
Concerning operating expenses, Sims stated: "While general and
administrative expenses were about flat with the first quarter, sales and
marketing reflected planned program increases and variable expenses related
to revenue.
"Also, while research and development expenses were up over the first
quarter, and the second quarter a year ago, they relate to specific
projects that are proceeding according to plan and substantially on
schedule.
"Orders flow overall showed substantial improvement over last year's second
quarter, although performance was not uniform across our three main
markets. The Americas were strong compared to a year ago, though not yet
performing up to our full expectation. 3D's European orders flow was robust
and compensated for anticipated weak results in Asia, which accounts for a
relatively small part of our business."
3D Systems manufactures rapid product development systems [.....]
CONTACT: 3D Systems Corp., Valencia
805/295-5600
Frank J. Spina, Ext. 2216
Mary E. Woods, Ext. 2508
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