ROCK HILL, South Carolina – February 17, 2011 - 3D Systems Corporation (NASDAQ: TDSC) announced today that it earned 40 cents per share, fully diluted, for the fourth quarter of 2010 on a 42% revenue increase and a 400 basis point gross profit margin expansion compared to the fourth quarter of 2009. The company’s quarterly and annual earnings per share benefitted by 5 cents per share from releasing a portion of its valuation allowance on deferred tax assets.
The company earned 83 cents per share, fully diluted, for the full year 2010 and generated $31.8 million of cash from operations. After using $20.8 million to fund strategic investing activities, the company ended 2010 with $37.3 million of available cash compared to $24.9 million at December 31, 2009.
“Our record fourth quarter and full year results validate our long term operating model,” said Abe Reichental, 3D Systems’ President and Chief Executive Officer.
The company delivered revenue growth from all its revenue categories for the fourth quarter and full year 2010. Strong demand for its personal, professional and production 3D printers led revenue growth and accounted for a $7.8 million increase compared to the 2009 period and $6.2 million sequentially. Production printers’ revenue grew 43% compared to the 2009 quarter and 46% sequentially and personal and professional printers’ revenue grew 103% over the 2009 quarter and 37% sequentially.
Print materials’ revenue increased $1.8 million and $8.1 million over the fourth quarter and full year of 2009. Revenue from service activities, including 3Dproparts™, grew to $14.3 million for the quarter. 3Dproparts™ services accounted for $6.8 million of service revenue for the fourth quarter and $18.3 million for the full year, of which $10.3 million was from businesses acquired in 2010.
Gross profit margin for the quarter and year expanded to 48% and 46% compared to 44% for each of the 2009 periods, reflecting improved overhead absorption and higher production and professional printers’ margin contribution.
“We are very pleased with our record results and believe that our focus on democratizing access and accelerating adoption of affordable 3D content-to-print solutions is providing significant value to our customers and stockholders,” concluded Reichental.
Conference Call and Audio Webcast Details
3D Systems will hold a conference call and audio webcast to discuss its operating results for the fourth quarter and full year 2010 on Thursday, February 17, 2011 at 11:30 a.m., Eastern Time.
- To access this Conference Call, dial 1-(888) 626-7452 from in the U.S. or (201) 604-5102 from outside the U.S.
- To access the audio webcast, log onto 3D Systems’ Web site at www.3dsystems.com/ir. To ensure timely participation and technical capability, we recommend logging on a few minutes prior to the conference call to activate your participation. The webcast will be available for replay beginning approximately two hours after completion of the call at: www.3dsystems.com/ir.
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements,” “Cautionary Statements and Risk Factors,” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements.
About 3D Systems Corporation
3D Systems is a leading provider of 3D content-to-print solutions including 3D printers, parts and print materials. Its expertly integrated rapid prototyping and manufacturing solutions reduce the time and cost of designing new products and printing real parts directly from digital input. These solutions are used to design, communicate, prototype and produce functional end-use parts and customers create with confidence.
More information on the company is available at www.3DSystems.com, www.Printin3D.com, www.3Dproparts.com, www.toptobottomdental.com, www.dpt-fast.com, www.bitsfrombytes.com, www.mqast.com, blog.3Dsystems.com, or via email at [email protected].
(See the attached PDF for summary tables.)