3D Systems Reports Results for Second Quarter and First Half of 2008

ROCK HILL, S.C.—(BUSINESS WIRE)—August 5, 2008— 3D Systems Corporation (NASDAQ: TDSC), a leading provider of 3-D Modeling, Rapid Prototyping and Manufacturing solutions, announced today its operating results for the second quarter and first half of 2008. The company also announced the filing of its Quarterly Report on Form 10-Q for the second quarter of 2008 with the SEC today.

The company will hold a conference call and simultaneous webcast to discuss its operating results for the second quarter and first half of 2008 tomorrow morning, August 6, 2008 at 9:00 a.m., Eastern Time. Additional information relating to that call and webcast is provided below.

Operating highlights for the second quarter of 2008, compared to the 2007 second quarter, were as follows:

  • Revenue increased by $0.2 million to $36.7 million, primarily due to higher materials sales and higher service revenue, that were almost completely offset by a decline in systems sales.
  • Gross profit decreased by 1% to $13.3 million, as lower margins on systems and services more than offset higher materials margins. This resulted in a 0.7 percentage point gross profit margin decrease to 36.3%.
  • Continuing a trend, operating expenses declined by 12% to $16.1 million.
  • Operating loss declined by 43% to $2.8 million while net loss declined by 37% to $3.3 million.
  • Net loss per share declined by 44% to $0.15 per share.

Operating Highlights

Second Quarter and First Six Months of 2008

($ in millions except for per share amounts)

 
Operating Highlights   Second Quarter First Six Months
  2008    

2007

  %

Change

    2008    

2007

  % Change  
Revenue $ 36.7   $ 36.4   0.6 % $ 68.4   $ 73.4   (6.7 %)
Gross profit $ 13.3 $ 13.5 $ 26.7 $ 29.4
% of Revenue   36 %   37 % (1.2 %)   39 %   40 % (9.0 %)
Operating expenses $ 16.1 $ 18.4 $ 32.8 $ 36.4
% of Revenue   44 %   51 % (12.3 %)   48 %   50 % (9.9 %)

Operating loss

 

($2.8

)

 

($4.9

)

42.8 %  

($6.0

)

 

($7.0

)

13.6 %

Net loss

 

($3.3

)

 

($5.3

)

37.3

%

 

($7.0

)

 

($8.4

)

16.7 %
Diluted loss per share   ($0.15 )   ($0.27 ) 44.4 %   ($0.31 )   ($0.44 ) 29.5 %
Unrestricted cash $ 19.1   $ 29.2   (34.5 %) $ 19.1   $ 29.2   (34.5 %)
Depreciation and amortization $ 1.8 $ 1.8 $ 3.1 $ 3.6
% of Revenue   5 %   5 % (3.4 %)   5 %   5 % (14.4 %)

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