Date: Fri Feb 22 2002 - 19:43:19 EET
>From the "It depends on your point of view" department, for your amusement:
These stories ran the same day in competing newspapers in Santa Clarita,
CA, home of 3D Systems.
Loss for 3D Systems
(Embedded image moved to file: pic01752.pcx)The Signal
(Embedded image moved to file: pic18443.pcx)Fewer sales of high-end
prototyping equipment and costs associated with the takeover a rival
contributed to a fourth-quarter and full-year loss for 3D Systems Corp.,
the Valencia-based company that dominates the world market in solid imaging
The company posted a net loss Wednesday of $1.3 million, or 11 cents a
share, for 2001, compared to a profit of $8.1 million, or 63 cents, for
2000. The fourth quarter saw a loss of $2.6 million, or 20 cents, compared
to a gain of $2.4 million, or 18 cents, for the last three months of 2000.
Overall revenues climbed 16 percent during the fourth quarter and 11
percent on the year with the addition of DTM Corp., a rival manufacturer
that 3D Systems acquired late last year. But a comparison with the year-ago
revenues of the two companies showed a reduction of 16 percent. The profit
margin slipped to 43 percent from 49 percent in that time, an official
"The decrease in revenue and gross margins from operations primarily is a
result of fewer unit sales of high-end (stereolithography) systems," said
President Brian K. Service. Decreased resin revenues also contributed, he
3D Systems completed its integration of DTM Corp. during the fourth
quarter, Service said. There were $2 million in associated one-time costs,
plus another $1 million for accounts-receivable reserves and $700,000 in
legal fees resulting from arbitration with a resin supplier, he said.
DTM's systems employ a different method of making prototypes and are
"expected to provide significant ongoing opportunities for (3D Systems) in
2002 and beyond," Service said.
3D Systems shares gained nearly 16 percent in value Wednesday, closing at
$10.95. The figure represents a decline of 23.16 percent since Jan. 1.
3D Systems boasts record year in 2001
VALENCIA -- 3D Systems Corp. celebrated a record year in 2001, mainly due
to the acquisition of a competitor, the company announced Wednesday.
The Valencia-based company, which manufactures machines that "print"
three-dimensional models from computer images, boasted $121.2 million in
revenue last year compared with $109.7 million the year before.
"The fourth quarter and 2001 revenue represent a record for the company,"
said Brian K. Service, 3D's president and chief executive officer.
Fourth-quarter revenue totaled $36.7 million compared with $31.7 million in
the fourth quarter of 2000, an increase of 16 percent, according to the
company's annual report, shared Wednesday with stockholders.
The company's net loss of $2.6 million compared with net income the
previous year of $2.4 million was blamed on a reduction of sales of the
company's higher-end units and resins used in the devices.
Total operating expenses for the fourth quarter of 2001 were $18.8 million,
including about $2 million in nonrecurring costs associated with the
acquisition of DTM Corp., of Austin, Texas, and in unrelated legal fees.
"During the fourth quarter of 2001, the integration of DTM's operations
substantially was completed, with the assembly operations, finance and
administration, and sales and service organizations being combined into 3D
Systems' existing business," Service said in a statement.
3D improved its working capital during the quarter by reducing inventory by
more than $5 million and accounts receivable by $3.5 million, said E. James
Selzer, senior vice president and chief financial officer.
"This allowed us to reduce by $4 million the total debt incurred to fund
the acquisition of DTM," Selzer said. "Improving our working capital
position and reducing our debt level continues to be a primary focus in
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