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

Conference Call and Audio Webcast Details

3D Systems will hold a conference call and audio webcast to discuss its second-quarter and first-half 2008 financial results tomorrow morning, August 6, 2008, at 9:00 a.m. Eastern Time.

  • To access the Conference Call, dial 1-888-336-3485 (or 706-634-0653 from outside the United States). A recording will be available two hours after completion of the call for three days. To access the recording, dial 1-800-642-1687 (or 706-645-9291 from outside the United States) and enter 55872360, the confirmation code.
  • 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 three hours after completion of the call at: www.3dsystems.com/ir.

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 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 companys 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 companys 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 3-D Modeling, Rapid Prototyping and Manufacturing solutions. Its systems and materials reduce the time and cost of designing products and facilitate direct and indirect manufacturing by creating actual parts directly from digital input. These solutions are used for design communication and prototyping as well as for production of functional end-use parts: Transform your products.

More information on the company is available at www.3dsystems.com, or via email at Email Contact.

3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Operations
Quarter and Six Months Ended June 30, 2008 and 2007
(Unaudited)
         
 
Quarter Ended June 30, Six Months Ended June 30,
(in thousands, except per share amounts)   2008     2007     2008     2007  
 
 
Revenue:
Products $ 27,713 $ 27,591 $ 50,478 $ 56,150
Services   8,943     8,835     17,965     17,208  
Total revenue 36,656 36,426 68,443 73,358
 
Cost of sales:
Products 15,795 15,864 27,522 29,928
Services   7,541     7,083     14,175     14,048  
Total cost of sales 23,336 22,947 41,697 43,976
       
 
Gross profit 13,320 13,479 26,746 29,382
       
 
Operating expenses:
Selling, general and administrative 12,555 14,872 25,619 29,764
Research and development 3,578 3,528 7,175 6,615
       
Total operating expenses 16,133 18,400 32,794 36,379
       
 
Operating loss (2,813 ) (4,921 ) (6,048 ) (6,997 )
 
Interest expense and other, net   200     559     270     1,245  
 
Loss before provision for income taxes (3,013 ) (5,480 ) (6,318 ) (8,242 )
Provision for (benefit of) income taxes 310 (177 ) 696 181
       
Net loss $ (3,323 ) $ (5,303 ) $ (7,014 ) $ (8,423 )
       
 
Shares used to calculate basic and diluted net loss 22,351 19,361 22,339 19,240
       
 
Basic and diluted net loss per share (1) $ (0.15 ) $ (0.27 ) $ (0.31 ) $ (0.44 )
 
 

(1)  See Schedule 1 for the calculation of basic and diluted net loss per share.

3D SYSTEMS CORPORATION
Condensed Consolidated Balance Sheets
June 30, 2008 and December 31, 2007
(Unaudited)
     
(in thousands) 2008 2007
   
 
ASSETS
Current assets:
Cash and cash equivalents $ 19,109 $ 29,689
Accounts receivable, net 28,503 31,115
Inventories, net 26,085 20,041
Prepaid expenses and other current assets 3,648 4,429
Deferred income tax assets 586 693
Restricted cash 1,200 1,200
Assets held for sale, net   3,454     3,454  
Total current assets 82,585 90,621
 
Property and equipment, net 24,820 21,331
Goodwill 48,742 47,682
Other intangible assets, net 4,460 5,170
Other assets, net 2,755 2,581
   
$ 163,362   $ 167,385  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Industrial development bonds related to assets held for sale $ 3,205 $ 3,325
Current portion of capitalized lease obligations 188 181
Accounts payable 20,501 20,712
Accrued liabilities 10,178 12,248
Customer deposits 3,626 1,537
Deferred revenue 11,299 11,712
   
Total current liabilities 48,997 49,715
 
Long-term portion of capitalized lease obligations 8,567 8,663
Other liabilities 4,524 4,238
   
Total liabilities   62,088     62,616  
 
Stockholders' equity:
Common stock, authorized 60,000 shares, issued and outstanding 22,417 shares (2008) and 22,224 shares (2007)
22 22
Additional paid-in capital 175,592 173,645
Treasury stock, at cost; 52 shares (2008) and 50 shares (2007) (113 ) (111 )
Accumulated deficit in earnings (79,417 ) (72,403 )
Accumulated other comprehensive income 5,190 3,616
   
Total stockholders' equity   101,274     104,769  
$ 163,362   $ 167,385  
  3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Cash Flow
Six Months Ended June 30, 2008 and 2007
(Unaudited)
 
Six Months Ended June 30,
(in thousands)   2008       2007  
 
 
Cash flow from operating activities:
Net loss $ (7,014 ) $ (8,423 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities :
Provision for (benefit of) deferred income taxes 110 (149 )
Depreciation and amortization 3,123 3,647
Provision for (benefit of) bad debts 287 (28 )
Stock-based compensation 856 1,660
Changes in operating accounts:
Accounts receivable 4,353 8,591
Inventories (7,589 ) 181
Prepaid expenses and other current assets 899 1,587
Accounts payable (1,616 ) (9,571 )
Accrued liabilities (2,749 ) (1,384 )
Customer deposits 1,961 (4,993 )
Deferred revenue (783 ) 965

Other operating assets and liabilities

(219 ) 325
   
Net cash used in operating activities   (8,381 )   (7,592 )
 
Cash flow used in investing activities:
Purchases of property and equipment (3,244 ) (417 )
Additions to license and patent costs (230 ) (262 )
Software development costs - (300 )
   
Net cash used in investing activities   (3,474 )   (979 )
 
Cash flow provided by financing activities:
Net proceeds from issuance of common stock - 20,562
Stock options and restricted stock proceeds 1,091 2,621
Repayment of long-term debt (210 ) (176 )
   
Net cash provided by financing activities   881     23,007  
 
 
Effect of exchange rate changes on cash 394 406
   
Net increase (decrease) in cash and cash equivalents (10,580 ) 14,842
 
Cash and cash equivalents at the beginning of the period 29,689 14,331
   
Cash and cash equivalents at the end of the period $ 19,109 $ 29,173
   
Supplemental Cash Flow Information:
Interest payments $ 483 $ 786
Income tax payments 408 791
Non-cash items:
Cumulative effect of adopting FIN 48 - 1,208
Conversion of 6% convertible subordinated debentures - 509
Transfer of equipment from inventory to property and equipment 3,944 945
Transfer of equipment to inventory from property and equipment 1,518 322
Schedule 1
(Unaudited)
       
Following is a reconciliation of the numerator and denominator of the basic and diluted net earnings (loss) per share computations:
 
Quarter Ended June 30, Six Months Ended June 30,
(in thousands, except per share amounts)   2008     2007     2008     2007  
 
 
Basic and diluted earnings (loss) per share:
Basic earnings (loss) per share:
Numerator:
Net loss $ (3,323 ) $ (5,303 ) $ (7,014 ) $ (8,423 )
 
Denominator:
Weighted average common shares outstanding   22,351     19,361     22,339     19,240  
 
 
Basic net loss per share $ (0.15 ) $ (0.27 ) $ (0.31 ) $ (0.44 )
 
Diluted earnings (loss) per share:
Numerator:
Net loss $ (3,323 ) $ (5,303 ) $ (7,014 ) $ (8,423 )
 
Denominator:
Weighted average common shares outstanding 22,351 19,361 22,339 19,240
Effect of dilutive securities:
Stock options and restricted stock awards - - - -
       
Diluted weighted average shares outstanding   22,351     19,361     22,339     19,240  
 
Diluted net loss per share $ (0.15 ) $ (0.27 ) $ (0.31 ) $ (0.44 )

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