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 23, 1998
3D SYSTEMS CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 0-22250 95-4431352
(State of Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
26081 Avenue Hall
Valencia, California 91355
(Address of Principal Executive Offices)
(805) 295-5600
(Registrant's Telephone Number)
ITEM 5. OTHER EVENTS
------------
Reference is made to the press release of Registrant, issued on April 23,
1998, which contains information meeting the requirements of this Item 5, and
which is incorporated herein by this reference. A copy of this press release
is attached to this Form 8-K as Exhibit 99.1.
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 23, 1998 3D SYSTEMS CORPORATION
By /s/ Frank J. Spina
------------------------
Frank J. Spina
Vice President &
Chief Financial Officer
EXHIBIT INDEX
EXHIBITS PAGE NUMBER
- -------- -----------
99.1 Press Release dated April 23, 1998. 5
News Release
CONTACT: FOR IMMEDIATE RELEASE
Frank J. Spina
Vice President & Chief Financial Officer
805/295.5600, Ext. 2216
Mary E. Woods
Investor Relations
805/295.5600, Ext. 2508
3D SYSTEMS ANNOUNCES FIRST QUARTER RESULTS
VALENCIA, Calif., April 23, 1998--3D Systems Corporation (Nasdaq NNM:
TDSC) today reported first quarter net income of $354,388, or three cents a
share, compared to $387,546 and three cents a share in last year's first
quarter.
Revenues for the quarter were $22.8 million, up slightly from
$21.5 million a year ago.
"Although sales increased only modestly from last year's level," said
Arthur B. Sims, chairman and chief executive officer, "orders were up
substantially over 1997's first quarter and ending backlog was considerably
higher than reported at year end, although lower than the year-ago
quarter.
"Gross margins strengthened from both 1997's first and fourth quarters,
and we are continuing to hold operating expenses under tight rein.
(more)
"The domestic sales climate, while still challenging, is showing signs of
improvement," he said. "Our business in the Asia-Pacific region was strong. In
Europe, we believe that we have opportunities for improved performance as our
recent European reorganization takes hold, and we capitalize further on last
year's EOS acquisition."
3D Systems manufactures rapid product development systems that enable
users to move from concept models to finished parts faster, at lower cost, and
at higher quality than traditional methods. 3D's equipment fabricates solid
objects using digital input from CAD/CAM/CAE computer systems, substantially
reducing the time and costs of bringing new products to market. Major
applications include concept modeling, rapid prototyping and rapid tooling for
products in a wide range of industries including automotive, aerospace,
medical, electronic and consumer product industries.
Except for the historical information contained in this news release, the
matters discussed include forward-looking statements that involve risks and
uncertainties, including the availability and acceptance of new products, the
impact of competitive products and pricing, the ability of the company to
continue to contain expenses, dependence on key personnel, industry-wide
domestic and international economic conditions, and other risks detailed in the
company's Form 10-K for the year ended December 31, 1997.
###
For current investor information, please call our shareholder communication
service at 800-757-1799.
3D SYSTEMS CORPORATION
Consolidated Balance Sheets
(Unaudited)
December 31, March 27,
ASSETS 1997 1998
----------- -----------
Current assets:
Cash and cash equivalents $12,694,831 $12,585,983
Short-term investments 3,498,265 2,999,063
Accounts receivable, less allowances for doubtful
accounts of $441,399 (1997) and $612,769 (1998) 23,618,237 23,588,973
Current portion of lease receivables 1,257,006 1,336,010
Inventories 12,164,633 10,720,172
Deferred tax assets 3,319,651 2,489,738
Prepaid expenses and other current assets 2,305,163 2,680,404
----------- -----------
Total current assets 58,857,786 56,400,343
Property and equipment, net 16,895,011 16,314,664
Licenses and patent costs, net 5,464,351 5,689,078
Deferred tax assets 3,971,000 3,971,000
Lease receivables, less current portion 3,944,462 4,216,916
Other assets 2,207,109 2,186,579
----------- -----------
$91,339,719 $88,778,580
LIABILITY AND STOCKHOLDERS' EQUITY =========== ===========
Current liabilities:
Accounts payable $ 4,885,831 $ 3,717,476
Accrued liabilities 8,814,193 7,353,430
Current portion of long-term debt 95,000 95,000
Customer deposits 238,248 291,314
Deferred revenues 6,514,868 7,591,076
----------- -----------
Total current liabilities 20,548,140 19,048,296
Other liabilities 1,491,534 1,499,107
Long-term debt, less current portion 4,705,000 4,655,000
----------- -----------
26,744,674 25,202,403
----------- -----------
Stockholders' equity:
Preferred stock, $.001 par value. Authorized
5,000,000 shares; none issued
Common stock, $.001 par value. Authorized
25,000,000 shares; issued 11,450,071 and
outstanding 11,425,071 (1997) and issued
11,477,985 and outstanding 11,252,985 (1998) 11,450 11,478
Capital in excess of par value 73,856,965 74,048,266
Accumulated deficit (8,897,605) (8,543,217)
Cumulative translation adjustment (210,827) (400,409)
Treasury stock, at cost, 25,000 shares (1997)
and 225,000 shares (1998) (164,938) (1,539,941)
----------- -----------
Total stockholders' equity 64,595,046 63,576,177
----------- -----------
$91,339,719 $88,778,580
=========== ===========
3D SYSTEMS CORPORATION
Consolidated Statements of Operations
(Unaudited)
Three Month Periods Ended
March 28, March 27,
1997 1998
----------- -----------
Sales:
Products $13,597,856 $14,527,349
Services 7,860,956 8,309,008
----------- -----------
Total sales 21,458,812 22,836,357
----------- -----------
Cost of sales:
Products 7,287,392 7,891,600
Services 5,502,589 5,555,809
----------- -----------
Total cost of sales 12,789,981 13,447,409
----------- -----------
Gross profit 8,668,831 9,388,948
----------- -----------
Operating expenses:
Selling, general and administrative 6,390,691 6,638,532
Research and development 1,929,834 2,311,634
----------- -----------
Total operating expenses 8,320,525 8,950,166
Income from operations 348,306 438,782
Interest income 351,048 178,885
Interest expense (58,783) (72,455)
----------- -----------
Income before provision for income taxes 640,571 545,212
Provision for income taxes 253,025 190,824
----------- -----------
Net income $ 387,546 $ 354,388
=========== ===========
Weighted average shares outstanding 11,359,662 11,287,023
=========== ===========
Net income per common share $ .03 $ .03
=========== ===========
Weighted average shares outstanding and dilutive
shares 11,757,504 11,536,702
=========== ===========
Net income per common share assuming dilution $ .03 $ .03
=========== ===========