From: ChathamRes@aol.com
Date: Wed Oct 30 2002 - 18:38:33 EET
It looks like Stratasys is running on all cyinders.
See below:
Stratasys Reports Record 3rd Qtr. Revenues & Operating Profit
MINNEAPOLIS--(BUSINESS WIRE)--Oct. 30, 2002--
Results Significantly Exceed Plan
Stratasys, Inc. (Nasdaq:SSYS) today announced a significant milestone in the
company's history by reporting record revenues for the third quarter ended
September 30, 2002, the highest quarterly revenue and operating profit in the
company's history.
Revenues for the third quarter rose to $12,028,475 compared with $9,703,008
in the third quarter of 2001. Net income for the third quarter grew
significantly to $1,723,214, or $0.31 per share, compared with income of
$979,667, or $0.18 per share, for the same period in 2001.
Revenues for the first nine months grew to $28,563,472 compared with revenues
of $27,614,412 for the same nine-month period of 2001. Net income for the
nine months totaled $1,516,139 or $0.27 per share, compared with $1,593,794,
or $0.29 per share, for the same nine-month period in 2001.
"Offering best price/performance products has demonstrated that our product
offerings satisfy a definite need of the rapid prototyping customer, even in
these difficult economic times. We observed strong acceptance in the 3rd
quarter of our Prodigy-Plus, Titan and Maxum systems with their offering of
functional prototypes made with real production grade plastic," stated
Chairman and CEO Scott Crump.
"Our backlog remains strong going into the fourth quarter, significantly
above our 2001 ending backlog. Sales continue to rapidly grow for our
revolutionary priced 3D-Printer, Dimension(TM), introduced with an industry
low price of $29,900, significantly exceeding our plan. This is revolutionary
when you consider that some of our competitors systems sell for as high as
$750,000, 25 times the price of the Dimension," Mr. Crump continued.
"Given our strong balance sheet, continued commitment to contain expenses,
and three new, well-received product offerings, we have high expectations
that we will meet or exceed our 2002 plan. We also plan for a successful
2003.
"The Company will not hold a quarterly conference call," Crump concluded.
Stratasys, Inc. is a manufacturer of rapid prototyping systems for
automotive, aerospace, military, industrial equipment, recreation,
electronic, medical, and consumer products OEM's. The Company's patented
Fused Deposition Modeling (FDM) rapid prototyping process creates
3-dimensional plastic and wax prototype parts directly from 3-D CAD systems.
The Company has over 88 pending and issued global RP patents. The Company can
be reached at 14950 Martin Drive, Eden Prairie, Minnesota 55344-2020 and
www.stratasys.com.
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, 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 10Q for the quarters ended, March 31 and June 30, 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
----------------------------------------------------------------------
September 30, December 31,
2002 2001
(unaudited) (audited)
----------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $11,769,650 $10,211,398
Accounts receivable, less allowance for
returns and doubtful accounts of
$475,691 in 2002 and $562,888 in 2001 11,228,513 12,132,738
Inventories 7,139,981 6,877,582
Prepaid expenses 388,331 558,879
Deferred income taxes 246,000 246,000
--------------------------
Total current assets 30,772,475 30,026,597
--------------------------
Property and equipment, net 5,766,638 6,006,529
--------------------------
Other assets
Intangible assets, net 3,055,883 3,288,222
Deferred income taxes 1,780,230 2,363,000
Other 130,717 266,997
--------------------------
4,966,830 5,918,219
--------------------------
$41,505,943 $41,951,345
--------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Obligations under capitalized leases $29,794 $130,320
Mortgage payable, current portion 59,997 54,994
Accounts payable and other current
liabilities 3,886,670 3,736,284
Unearned maintenance revenue 4,359,835 4,510,751
--------------------------
Total current liabilities 8,336,296 8,432,349
--------------------------
Mortgage payable, less current portion 2,171,999 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 3,313,745 1,797,606
Accumulated other comprehensive loss (64,583) (72,084)
Less cost of treasury stock, 1,167,737
shares in 2002 and 740,400 shares in
2001 (7,069,081) (3,427,816)
--------------------------
Total stockholders' equity 30,997,648 31,303,013
--------------------------
$41,505,943 $41,951,345
--------------------------
STRATASYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ------------------------
2002 2001 2002 2001
(unaudited) (unaudited) (unaudited) (unaudited)
----------------------------------------------------------------------
Sales $12,028,475 $9,703,008 $28,536,472 $27,614,412
Cost of goods sold 4,326,895 3,771,738 11,069,358 11,052,528
----------------------- ------------------------
Gross profit 7,701,580 5,931,270 17,467,114 16,561,884
Costs and expenses
Research and
development 1,273,278 1,185,319 3,611,537 3,672,980
Selling, general
and
administrative 3,988,082 3,573,314 11,850,599 10,830,523
----------------------- ------------------------
5,261,360 4,758,633 15,462,136 14,503,503
----------------------- ------------------------
Operating income 2,440,220 1,172,637 2,004,978 2,058,381
----------------------- ------------------------
Other income (expense)
Interest income 36,325 78,442 117,228 282,973
Interest expense (44,051) (35,960) (135,313) (85,768)
Other (22,406) 91,051 133,582 (130,540)
----------------------- ------------------------
(30,132) 133,533 115,497 66,665
----------------------- ------------------------
Income (loss) before
income taxes 2,410,088 1,306,170 2,120,475 2,125,046
Income taxes 686,874 326,503 604,336 531,252
----------------------- ------------------------
Net income $1,723,214 $979,667 $1,516,139 $1,593,794
----------------------- ------------------------
Earnings per common
share
Basic $0.32 $0.18 $0.28 $0.29
----------------------- ------------------------
Diluted $0.31 $0.18 $0.27 $0.29
----------------------- ------------------------
Weighted average
number of common
shares outstanding
Basic 5,326,904 5,470,107 5,346,650 5,472,785
----------------------- ------------------------
Diluted 5,529,858 5,487,212 5,616,378 5,480,021
----------------------- ------------------------
COMPREHENSIVE INCOME
Net income $1,723,214 $979,667 $1,516,139 $1,593,794
Other comprehensive
income (loss)
Foreign currency
translation
adjustment 20,634 983 13,507 (18,386)
----------------------- ------------------------
Comprehensive income $1,743,848 $980,650 $1,529,646 $1,575,408
----------------------- ------------------------
CONTACT:
Stratasys, Inc., Minneapolis
S. Scott Crump, 952/937-3000
or
Tom Stenoien, 952/937-3000
www.stratasys.com
SOURCE: Stratasys, Inc.
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10/30/2002 07:00 EASTERN
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