From: joepuska@iwon.com
Date: Sun Jul 28 2002 - 20:25:22 EEST
At least one RP company had good results for the second quarter!
Stratasys Reports Strong 2nd Quarter Revenues and Earnings; Results Exceed Expectations
MINNEAPOLIS--(BUSINESS WIRE)--July 24, 2002--Stratasys, Inc. (Nasdaq:SSYS) today announced strong financial results for the second quarter ended June 30, 2002, in addition to increasing its manufacturing order backlog.
Revenues for the second quarter rose to $10,111,608 compared with $9,223,715 in the second quarter of 2001. Shipments of the Company's Dimension, Maxum, and Titan products were particularly strong in the quarter.
Net income for the second quarter was to $517,851, or $.09 per share, compared with net income of $416,309 or $0.08 per share, for the same period in 2001. Net income was negatively impacted by sequentially higher SG&A expenses that included a $200,000 write off for bad debts and high promotional expenses associated with the launch of the Company's Dimension product. A gain on foreign currency transactions due to the rise in the Euro against the dollar amounted to approximately $293,000 in the current period.
For the six-months ended June 30, 2002, revenues totaled $16,507,997 compared with revenues of $17,911,404 reported for the same six-month period of 2001. The net loss for the six months ended June 30, 2002 amounted to $207,075 or $0.04 per share, compared with net income of $614,132, or $0.11 per share, for the same six month period in 2001.
"Worldwide acceptance of our revolutionary priced 3D-Printer, Dimension(TM) - along with our full family of products - has produced strong sales even during this challenging economic time," said Chairman and CEO Scott Crump. "The Company's Dimension(TM), introduced in Q1 of 2002 with an industry low price of $29,900, significantly exceeded our order and manufacturing plan. We exceeded plan for system orders for the quarter, increasing our manufacturing order backlog by 25% over Q1. The backlog consists of orders for both Dimension as well as our higher priced systems, which should lead to consistent quarterly revenues. Orders for Dimension have continued to exceed internal expectations so far in this third quarter, and the Company has significantly increased its planned manufacturing output of Dimension for both the third quarter as well as the full year."
"Interest also remains strong for the Maxum, our high-speed, high-resolution system," Crump said. The Maxum employs the revolutionary WaterWorks(TM) technology. This system cuts a user's labor costs and time by dissolving the disposable model-support material instead of requiring manual removal."
"With three new, well-received products, a streamlined organization and our strong balance sheet," Crump said, "we're on target for a successful 2002."
The Company intends to continue its stock buy back program when its open period starts later this week. The Company will not hold a quarterly conference call.
Stratasys, Inc. manufactures rapid prototyping systems for automotive, aerospace, military, industrial, recreational, electronic, medical and consumer product OEM's. The Company's patented fused deposition modeling (FDM) rapid prototyping process creates precision 3-dimensional plastic and wax prototyping parts directly from 3-D CAD data. The Company has over 88 pending and issued global RP patents. The Company is located at 14950 Martin Drive, Eden Prairie, Minnesota 55344-2020 & www.stratasys.com.
(Financial Tables follow)
Except for the historical information herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including the timely development and acceptance of new products and materials, the impact of competitive products and pricing, and the other risks detailed from time to time in the Company's SEC Reports, including the report on Form 10-Q for the quarter ended March 31, 2002, and Form 10-K for the year ended December 31, 2001.
This release is available on the Stratasys Website at www.stratasys.com
Dimension 3D-Printer information can be found at www.DimensionPrinting.com
Item 1. Financial Statements
STRATASYS, INC.
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
June 30, December 31,
2002 2001
(unaudited)
----------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $9,922,539 $10,211,398
Accounts receivable, less
allowance for returns and
doubtful accounts of $473,785
in 2002 and $562,888 in 2001 9,901,838 12,132,738
Inventories 7,363,332 6,877,582
Prepaid expenses 360,786 558,879
Deferred income taxes 342,592 246,000
------------ ------------
Total current assets 27,891,087 30,026,597
------------ ------------
Property and equipment, net 5,795,361 6,006,529
------------ ------------
Other assets
Intangible assets, net 3,173,550 3,288,222
Deferred income taxes 2,363,000 2,363,000
Other 127,817 266,997
------------ ------------
5,664,367 5,918,219
------------ ------------
$39,350,815 $41,951,345
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Obligations under capitalized
leases $64,459 $130,320
Mortgage payable, current
portion 57,998 54,994
Accounts payable and other
current liabilities 3,253,296 3,736,284
Unearned maintenance revenue 4,328,984 4,510,751
------------ ------------
Total current liabilities 7,704,737 8,432,349
------------ ------------
Mortgage payable, less current
portion 2,186,930 2,215,983
------------ ------------
Stockholders' equity
Common Stock, $.01 par value,
authorized 15,000,000 shares,
issued 6,468,291 shares in 2002
and 6,133,294 shares in 2001 64,683 61,333
Capital in excess of par value 34,752,884 32,943,974
Retained earning 1,590,531 1,797,606
Accumulated other comprehensive
loss (58,577) (72,084)
Less cost of treasury stock,
1,132,737 shares in 2002 and
740,400 shares in 2001 (6,890,373) (3,427,816)
------------ ------------
Total stockholders' equity 29,459,148 31,303,013
------------ ------------
$39,350,815 $41,951,345
============ ============
STRATASYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
----------------------------------------------------------------------
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- -------------------------
2002 2001 2002 2001
(unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------
Sales $10,111,608 $9,223,715 $16,507,997 $17,911,404
Cost of goods sold 4,292,328 3,691,577 6,742,463 7,280,790
------------ ----------- ------------ ------------
Gross profit 5,819,280 5,532,138 9,765,534 10,630,614
Costs and expenses
Research and
development 1,195,991 1,273,445 2,338,259 2,487,661
Selling, general
and administrative 4,185,309 3,708,746 7,862,517 7,257,209
------------ ----------- ------------ ------------
5,381,300 4,982,191 10,200,776 9,744,870
------------ ----------- ------------ ------------
Operating income
(loss) 437,980 549,947 (435,242) 885,744
------------ ----------- ------------ ------------
Other income
(expense)
Interest income 37,984 91,914 80,903 204,531
Interest expense (44,968) (86,749) (91,262) (271,399)
Other 293,272 155,988
------------ ----------- ------------ ------------
286,288 5,165 145,629 (66,868)
------------ ----------- ------------ ------------
Income (loss) before
income taxes 724,268 555,112 (289,613) 818,876
Income taxes 206,417 138,803 (82,538) 204,749
------------ ----------- ------------ ------------
Net income (loss) $517,851 $416,309 $(207,075) $614,127
------------ ----------- ------------ ------------
Earnings (loss) per
common share
Basic $0.10 $0.08 $(0.04) $0.11
------------ ----------- ------------ ------------
Diluted $0.09 $0.08 $(0.04) $0.11
------------ ----------- ------------ ------------
Weighted average
number of common
shares outstanding
Basic 5,350,582 5,473,994 5,356,678 5,473,994
------------ ----------- ------------ ------------
Diluted 5,655,454 5,478,324 5,356,678 5,476,269
------------ ----------- ------------ ------------
COMPREHENSIVE INCOME
(LOSS)
Net income (loss) $517,851 $416,309 $(207,075) $614,127
Other comprehensive
income (loss)
Foreign currency
translation
adjustment 20,634 (2,336) 13,507 (19,369)
------------ ----------- ------------ ------------
Comprehensive
income (loss) $538,485 $413,973 $(193,568) $594,758
------------ ----------- ------------ ------------
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