Stratasys Reports First Quarter Financial Results

The company will hold a conference call to discuss its first quarter financial results on Wednesday, April 29, 2009 at 8:30 a.m. (ET). The investor conference call will be available via live webcast on the Stratasys Web site at www.stratasys.com under the "Investors" tab. To participate by telephone, the domestic dial-in number is 866-362-4829, and the international dial-in is 617-597-5346. The access code is 73379324. Investors are advised to dial into the call at least ten minutes prior to the call to register.

The webcast will be available for 90 days on the "Investors" page of the Stratasys website.

(Financial tables follow)

Stratasys, Inc., Minneapolis, manufactures additive fabrication machines for prototyping and manufacturing plastic parts. The company also operates a service for part prototyping and production. According to Wohlers Report 2008, Stratasys supplied 44 percent of all additive fabrication systems installed worldwide in 2007, making it the unit market leader for the sixth consecutive year. Stratasys patented and owns the process known as FDM.® The process creates functional prototypes and end-use parts directly from any 3D CAD program, using high-performance industrial thermoplastics. The company holds more than 250 granted or pending additive fabrication patents globally. Stratasys products are used in the aerospace, defense, automotive, medical, business and industrial equipment, education, architecture, and consumer-product industries. Online at: www.Stratasys.com.

Forward Looking Statements

All statements herein that are not historical facts or that include such words as “expects”, “anticipates”, “projects”, “estimates”, “vision”, “planning” or “believes” or similar words constitute forward-looking statements covered by the safe harbor protection of the Private Securities Litigation Reform Act of 1995. Except for the historical information herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. These include statements regarding projected revenue and income in future quarters; the size of the 3D printing market; our objectives for the marketing and sale of our DimensionTM 3D printers and our FortusTM 3D production systems, particularly for use in direct digital manufacturing (DDM); the demand for our proprietary consumables; the expansion of our paid parts service; and our beliefs with respect to the growth in the demand for our products. Other risks and uncertainties that may affect our business include our ability to penetrate the 3D printing market; our ability to maintain the growth rates experienced in preceding quarters; our ability to introduce, produce and market new materials, such as ABS-Plus and ABS-M30, and the market acceptance of these and other materials; the impact of competitive products and pricing; our timely development of new products and materials and market acceptance of those products and materials; the success of our recent R&D initiative to expand the DDM capabilities of our core FDM technology; and the success of our RedEyeOnDemandTM and other paid parts services. Actual results may differ from those expressed or implied in our forward-looking statements. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements, but we expressly disclaim any obligation to do so, even if our beliefs and expectations change. In addition to the statements described above, such forward-looking statements include the risks and uncertainties described more fully in our reports filed or to be filed with the Securities and Exchange Commission, including our annual reports on Form 10-K and quarterly reports on Form 10-Q.

Financial Tables & Non-GAAP Discussion

The information discussed within this release includes financial results that are in accordance with accounting principles generally accepted in the United States (GAAP). Certain prior year balance sheet amounts shown in the financial tables have been reclassified to conform to the current year’s presentation. In addition, certain non-GAAP financial measures have been provided that exclude certain charges and expenses. The non-GAAP measures should be read in conjunction with the corresponding GAAP measures and should be considered in addition to, and not as an alternative or substitute for, the measures prepared in accordance with GAAP. The non-GAAP financial measures are provided in an effort to provide information that investors may deem relevant to evaluate results from the company’s core business operations and to compare the company’s performance with prior periods. The non-GAAP financial measures primarily identify and exclude certain discrete items, such as an impairment charge for certain auction rate securities, restructuring expenses, and expenses associated with stock-based compensation required under SFAS 123R. The company uses these non-GAAP financial measures for evaluating comparable financial performance against prior periods.

This release is also available on the Stratasys Web site at www.Stratasys.com.

STRATASYS, INC.
   
CONSOLIDATED STATEMENTS OF OPERATIONS
         

Three Months Ended March 31,

2009 2008
    (unaudited)   (unaudited)
 
Net sales
Product $ 16,951,502 $ 25,107,540
Services   6,193,299     5,600,149  
23,144,801 30,707,689
 
 
Cost of goods sold
Product 10,686,156 10,742,354
Services   2,886,293     2,601,458  
13,572,449 13,343,812
   
Gross profit 9,572,352 17,363,877
 
Operating expenses
Research and development 1,871,760 2,168,709
Selling, general and administrative   9,308,209     9,690,868  
11,179,969 11,859,577
   
Operating income (loss) (1,607,617 ) 5,504,300
 
Other income (expense)
Interest income, net 286,353 601,066
Foreign currency transaction gains (losses), net 236,601 (28,168 )
Other   13,726     (275,780 )
536,680 297,118
   
Income (loss) before income taxes (1,070,937 ) 5,801,418
 
Income taxes   (367,008 )   2,002,849  
 
Net income (loss) $ (703,929 ) $ 3,798,569  
 
Earnings per common share
Basic $ (0.03 ) $ 0.18  
Diluted $ (0.03 ) $ 0.18  
 
Weighted average number of common
shares outstanding
Basic   20,222,127     20,979,068  
Diluted   20,222,127     21,507,626  
 
STRATASYS, INC. AND SUBSIDIARIES
   
CONSOLIDATED BALANCE SHEETS
         
March 31, December 31,
2009 2008
    (unaudited)    
 
ASSETS
 
Current assets
Cash and cash equivalents $ 30,664,771 $ 27,945,799
Short-term investments - held to maturity 3,820,657 4,835,055
Accounts receivable, less allowance for doubtful
accounts of $1,063,943 and $1,017,521
in 2009 and 2008, respectively 23,686,635 26,539,733
Inventories 20,229,662 19,889,351
Net investment in sales-type leases, less allowance for 3,463,969 3,870,472
doubtful accounts of $314,819 and $342,642
in 2009 and 2008, respectively
Prepaid expenses and other current assets 1,420,520 2,608,080
Deferred income taxes   2,168,000     2,168,000  
Total current assets   85,454,214     87,856,490  
 
Property and equipment, net   28,941,966     29,749,921  
 
Other assets
Intangible assets, net 8,107,048 8,347,200
Net investment in sales-type leases 3,731,588 4,545,977
Long-term investments - available for sale securities 1,109,250 1,109,250
Long-term investments - held to maturity 13,769,498 13,825,981
Other non-current assets   2,320,683     2,308,214  
Total other assets   29,038,067     30,136,622  
 
Total assets $ 143,434,247   $ 147,743,033  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities
Accounts payable and other current liabilities $ 9,122,403 $ 11,795,238
Unearned revenues   11,509,689     12,765,396  
Total current liabilities   20,632,092     24,560,634  
 
Non-current liabilities
Deferred tax liabilities   620,000     620,000  
Total non-current liabilities   620,000     620,000  
 
Total liabilities   21,252,092     25,180,634  
 
Commitments and contingencies
 
Stockholders' equity
Common stock, $.01 par value, authorized 30,000,000
shares, issued 25,910,203 shares as of March 31, 2009 and
25,909,603 shares as of December 31, 2008 259,102 259,096
Capital in excess of par value 92,100,450 91,611,078
Retained earnings 69,195,740 69,899,669
Accumulated other comprehensive loss (368,712 ) (203,019 )
Less cost of treasury stock, 5,687,631 shares in 2009 and 2008   (39,004,425 )   (39,004,425 )
Total stockholders' equity   122,182,155     122,562,399  
 
Total liabilities and stockholders' equity $ 143,434,247   $ 147,743,033  
 
STRATASYS, INC.
               
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
                                 

Non-GAAP Adjustments Three Months Ended March 31, 2009

Non-GAAP Adjustments Three Months Ended March 31, 2008

Consolidated (unaudited) As Reported

Stock-Based Compensation (1)

Restructuring (2)

Consolidated (unaudited) Non-GAAP

Consolidated (unaudited) As Reported

Stock-Based Compensation (1)

Auction Rate Security (3)

Consolidated (unaudited) Non-GAAP

                 
 
 
Selling, general and administrative expenses $ 9,308,209     $ (250,553 )   $ (778,840 )   $ 8,278,816   $ 9,690,868     $ (315,395 )   $ (390,000 )   $ 8,985,473  
 
Total operating expenses 11,179,969 (250,553 ) (778,840 ) 10,150,576 11,859,577 (315,395 ) (390,000 ) 11,154,182
 
Operating income (loss)   (1,607,617 )     250,553       778,840       (578,224 )   5,504,300       315,395       390,000       6,209,695  
 
Other income 13,726 - - 13,726 (275,780 ) - - (275,780 )
Total other income   536,680       -       -       536,680     297,118       -       -       297,118  
 
Income (loss) before income taxes (1,070,937 ) 250,553 778,840 (41,544 ) 5,801,418 315,395 390,000 6,506,813
Income taxes   (367,008 )     54,000       266,907       (46,101 )   2,002,849       54,000       133,000       2,189,849  
 
Net income (loss) $ (703,929 ) $ 196,553 $ 511,933 $ 4,557 $ 3,798,569 $ 261,395 $ 257,000 $ 4,316,964
 
Earnings per common share
Basic $ (0.03 )   $ 0.01     $ 0.03     $ 0.00   $ 0.18     $ 0.01     $ 0.01     $ 0.20  
Diluted $ (0.03 )   $ 0.01     $ 0.03     $ 0.00   $ 0.18     $ 0.01     $ 0.01     $ 0.20  
 

Weighted average number of common shares outstanding

Basic   20,222,127               20,222,127     20,979,068               20,979,068  
Diluted   20,222,127               20,231,569     21,507,626               21,507,626  
 




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