-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Dyx7cmyKsifrDyCk+Hl07E+nlqlK6ngLxck9DW7Gv/Mj4EvWD/gmldGaNeTibIxX F4VjeeD8yuL0Mt/lrNiITQ== 0001011438-02-000329.txt : 20020502 0001011438-02-000329.hdr.sgml : 20020501 ACCESSION NUMBER: 0001011438-02-000329 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020417 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 3 D SYSTEMS CORP CENTRAL INDEX KEY: 0000910638 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 954431352 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22250 FILM NUMBER: 02631911 BUSINESS ADDRESS: STREET 1: 26081 AVENUE HALL CITY: VALENCIA STATE: CA ZIP: 91355 BUSINESS PHONE: 6612955600 MAIL ADDRESS: STREET 1: 26081 AVENUE HALL CITY: VALENCIA STATE: CA ZIP: 91355 8-K 1 form8-k.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- Form 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 17, 2002 3D SYSTEMS CORPORATION (Exact Name of Registrant as Specified in Charter) Delaware 0-22250 95-4431352 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 26081 Avenue Hall Valencia, California 91355 (Address of Principal Executive Offices) (661) 295-5600 (Registrant's Telephone Number) ITEM 5. OTHER EVENTS Reference is made to the press release of Registrant, issued on April 17, 2002, which contains information meeting the requirements of this Item 5, and which is incorporated herein by this reference. A copy of the press release is attached to this Form 8-K as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements. None. (b) Pro Forma Financial Information. None. (c) Exhibits. Exhibit 99.1 Press Release dated April 17, 2002. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. April 19, 2002 3D Systems Corporation /S/ E. JAMES SELZER ------------------------------------------ By: E. James Selzer Its: Senior Vice President Global Finance and Administration Chief Financial Officer EXHIBIT INDEX EXHIBITS 99.1 Press Release dated April 17, 2002, announcing 2002 first quarter results. EX-99 3 exhibit99-1.txt EXHIBIT 99.1 3D SYSTEMS NEWS RELEASE FOR IMMEDIATE RELEASE CONTACT: Jeff Krinks, Public Relations Manager (661) 295-5600, ext. 2910 krinksj@3dsystems.com Trudy Self, Self & Associates (818) 880-5437 tmself@aol.com 3D Systems Announces Q1 Results VANTICO SETTLEMENT CONTRIBUTES $0.82 TO EPS VALENCIA, Calif., April 17, 2002 - 3D Systems Corp. (Nasdaq: TDSC) today announced revenues for the first quarter 2002 of $27.2 million and net income of $8.5 million or $0.58 per fully diluted share. This compares with the first quarter 2001 revenue of $27.9 million and EPS of $0.11 per fully diluted share for 3D Systems, prior to the acquisition of DTM Corporation. As compared with the combined results of 3D Systems and DTM Corporation in the first quarter of 2001 totaling $37.5 million, revenue decreased by 28% in the first quarter of 2002. Included in the first quarter earnings is a pretax benefit associated with the Vantico arbitration settlement of $18.5 million or $0.82 per share after taxes. Without the benefit associated with the Vantico arbitration, a net loss of $3.5 million or $0.27 per fully diluted share would have been realized. The company continued to strengthen its working capital position and reduced total senior bank debt to $19 million from $21 million at Dec. 31, 2001. The revenue and earnings shortfall results primarily from lower European revenues and continued slowness in the U.S. manufacturing sector across all product lines. "We are not pleased with first quarter results," stated Brian K. Service, president and chief executive officer. "We are in the process of recalibrating our cost structure in line with current market conditions including a reduction of approximately 10% of our work force on a worldwide basis. "The total number of SLA(R) 7000 systems shipped in Q1 increased over Q4 2001, although total unit shipments across most other SLA and SLS(R) systems categories were lower than anticipated," continued Service. "The reduction in our gross margins to 37.3% overall compared with 46.1% in Q1 2001 (3D Systems and DTM on a combined basis) and 42.9% in Q4 2001 is a result of the lower overall system sales. "During the first quarter, we made progress on several fronts, especially relating to our Advanced Digital Manufacturing strategic program. And we are very pleased with the Vantico settlement, which resolved one of the major challenges surrounding our business," Service said. "We are now refocusing the management resources consumed by the arbitration toward our resin conversion program and our overall materials business. This includes our new Accura(TM) materials line, which will be announced in the beginning of next week. We also expect to finalize details of the license divestiture, as required under the DOJ Consent Decree, during the second quarter," Service concluded. As previously announced, 3D Systems will hold a conference call today to discuss the first quarter results at 9:30 a.m. Eastern Daylight Time (6:30 a.m. Pacific Daylight Time). 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. ABOUT 3D SYSTEMS Founded in 1986, 3D Systems provides solid imaging products and solutions that help reduce the time and cost of designing products and facilitate direct and indirect manufacturing. Its systems utilize patented technologies that create physical objects from digital input. 3D Systems currently offers the ThermoJet(R) solid object printer, SLA(R) (stereolithography) systems and SLS(R) (selective laser sintering) systems, as well as related software and materials. Product pricing in the U.S. ranges from $49,995, for the ThermoJet printer, to $799,000 for the high-end SLA 7000 system. The company licenses the complementary 3D Keltool(R) process, a method for producing steel mold inserts, and currently is developing systems that use composite paste materials for direct manufacturing. More information on the company is available at www.3dsystems.com, or by phoning 888/337-9786, extension 809, or 661/295-5600 internationally. An investor packet can be obtained by calling 800/757-1799. Certain statements in this news release may include forward-looking statements which express the expectation, prediction, belief or projection of 3D Systems. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievement of 3D Systems to be materially and adversely different from any future results, performance or achievement expressed or implied by these forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to: world economic conditions; the ability to timely and cost-effectively identify and obtain or independently develop resins adequate for use with 3D Systems' products; the funding of amounts of capital adequate to provide for the working capital needs of the company; actions of competitors and customers; reliance on single or limited suppliers; and such other factors as are described in the company's filings with the Securities and Exchange Commission, including annual reports on Form 10-K for the year ended Dec. 31, 2001, and 3D Systems' current report on Form 8-K filed on March 21, 2002.
3D SYSTEMS CORPORATION Consolidated Balance Sheets (in thousands) ASSETS 3/31/2002 12/31/2001 ----------- ----------- Current assets: Cash and cash equivalents $ 5,542 $ 5,948 Accounts receivable, less allowances for doubtful accounts of $2,816 (2002) $2,710 (2001) 27,014 38,181 Lawsuit Settlement 20,000 -- Current portion of lease receivables 391 498 Inventories 18,626 17,822 Deferred tax assets 731 5,271 Prepaid expenses and other current assets 2,577 2,817 ----------- ----------- Total current assets 74,881 70,537 Property and equipment, net 17,511 17,864 Licenses and patent costs, net 12,530 12,314 Deferred tax assets 6,618 6,618 Lease receivables, less current portion 1,226 1,750 Acquired technology, net 8,780 9,192 Goodwill 44,729 44,158 Other assets 3,288 3,572 ----------- ----------- $ 169,563 $ 166,005 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Line of Credit $ 5,074 $ 6,151 Accounts payable 12,408 12,819 Accrued liabilities 11,707 15,681 Current portion of long-term debt 3,145 3,135 Customer deposits 904 1,624 Deferred revenues 13,085 13,697 ----------- ----------- Total current liabilities 46,323 53,107 Deferred tax liabilities 4,232 4,210 Other liabilities 3,211 3,329 Long-term debt, less current portion 15,415 16,240 Subordinated debt 10,000 9,400 ----------- ----------- 79,181 86,286 ----------- ----------- Stockholders' equity: Preferred stock, authorized 5,000 shares, none issued Common stock, authorized 25,000 shares, issued 13,370 and outstanding 13,145 (March 2002) and issued 13,357 and outstanding 13,132 (December 2001) 13 13 Capital in excess of par value 94,982 93,173 Notes receivable from officers (244) (244) Retained earnings (loss) 3,235 (5,263) Accumulated other comprehensive loss (6,064) (6,420) Treasury stock, at cost, 225 shares (2002 and 2001) (1,540) (1,540) ----------- ----------- Total stockholders' equity 90,382 79,719 ----------- ----------- $ 169,563 $ 166,005 =========== ===========
3D SYSTEMS CORPORATION Consolidated Statements of Operations (Unaudited) (in thousands) Three Month Periods Ended March 31, 2002 March 31, 2001 -------------- -------------- Sales: Products $ 18,942 $ 20,686 Services 8,253 7,217 -------------- -------------- Total sales 27,195 27,903 -------------- -------------- Cost of sales: Products 10,744 9,287 Services 6,314 5,412 -------------- -------------- Total cost of sales 17,058 14,699 -------------- -------------- Gross profit 10,137 13,204 -------------- -------------- Operating expenses: Selling, general and administrative 10,970 8,919 Research and development 3,858 2,184 -------------- -------------- Total operating expenses 14,828 11,103 -------------- -------------- Income (loss) from operations (4,691) 2,101 Interest and other income (expense), net (700) 66 Gain on lawsuit settlement 18,464 -------------- -------------- Income before provision for income taxes 13,073 2,167 Provision for income taxes 4,575 802 -------------- -------------- Net income $ 8,498 $ 1,365 ============== ============== Shares used to calculate basic net income per share 13,132 12,294 ============== ============== Basic net income per share $ 0.65 $ 0.11 ============== ============== Shares used to calculate diluted net income per share 14,651 12,940 ============== ============== Diluted net income per share $ 0.58 $ 0.11 ============== ==============
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