Date: Wed Apr 10 2002 - 16:41:29 EEST
VALENCIA, Calif.--(BUSINESS WIRE)--April 9, 2002--3D Systems Corp. (Nasdaq:TDSC - news) today announced expected revenues for the first quarter 2002 will be approximately $27 million, below the anticipated level of $34 million to $36 million. The company's cash position remains strong. During the first quarter, senior bank debt was reduced $2 million to $19 million. The expected net loss, prior to including the gain associated with the Vantico settlement of $18.5 million (net of expense reimbursement and other adjustments) is approximately $3 million to $3.6 million.
The revenue and earnings shortfall is primarily as a result of lower European revenues across all product lines and continued slowness in the U.S. manufacturing sector. Although the company has a large number of potential orders in process, it did experience an unusually low closing rate during March.
The company is expected to make appropriate expense reductions, which will include a 10% reduction in force, as a result of the revenue shortfall.
3D Systems will announce complete results for Q1 2002 on April 17, 2002, and will hold a conference call to discuss results at 9:30 a.m. Eastern Daylight Time (6:30 a.m. Pacific Daylight Time) that day. To access the call, dial 877/613-8341 or 706/679-7620 internationally. A recording of the call will be available for 72 hours beginning one hour after the call ends. To access the recording, dial 800/642-1687 or 706/645-9291 internationally and enter 3756743.
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