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26-10-2010 13:27:00

Stratasys Reports Third Quarter Financial Results

Relateret indhold

Stratasys, Inc. (NASDAQ:SSYS) today announced third quarter financial

results.

The company reported revenue of $30.3 million for the third quarter

ended September 30, 2010, a 24% increase over the $24.3 million reported

for the same period in 2009. System shipments for the third quarter

totaled a record 631 units, a 39% increase over the 454 for the same

period last year.

The company reported net income of $3.2 million for the third quarter,

or $0.15 per share, compared to net income of $1.6 million, or $0.08 per

share, for the same period last year.

Non-GAAP net income, which excludes stock-based compensation expense,

was $3.4 million, or $0.16 per share, for the third quarter of 2010

compared to $1.8 million, or $0.09 per share, for the same period last

year.

Revenue was $83.3 million for the nine-month period ended September 30,

2010, compared to $72.1 million reported for the same period in 2009.

System shipments totaled a record 1,923 units for the nine-month period,

a 29% increase over the 1,487 units shipped during the same period last

year.

The nine-month period in 2010 included a $5.0 million one-time non-cash

charge against revenue. The charge against revenue was taken in the

first quarter, and represents the fair value of a warrant issued to HP

(NYSE: HPQ) for 500,000 shares of Stratasys, Inc. common stock, in

connection with the distribution agreement signed in January 2010.

Non-GAAP revenue for the nine-month period, which excludes the warrant

charge, was $88.3 million, a 22% increase over the $72.1 million

reported for the same period in 2009.

Net income was $5.1 million for the nine-month period, or $0.24 per

share, compared to net income of $1.7 million, or $0.09 per share for

the same period last year.

Non-GAAP net income, which excludes the warrant charge, certain discrete

items and stock-based compensation expense, was $8.9 million, or $0.42

per share, for the nine-month period of 2010 compared to $2.8 million,

or $0.14 per share, for the same period last year.

Appropriate reconciliations between GAAP and non-GAAP financial measures

are provided in a table at the end of this press release. The table

provides itemized detail of the non-GAAP financial measures.

“The third quarter results represent the continuation of an improvement

in business conditions within our core markets,” said Scott Crump,

chairman and chief executive officer of Stratasys. “In addition, the

third quarter represents a building of positive momentum within our

business when you consider the seasonal weakness that is typical during

the period. Reflecting this momentum, our 3D printer and Fortus system

revenue grew by 26% and 39%, respectively. We are very pleased with our

financial performance.

“Our game-changing collaboration with HP continues to generate positive

results. HP orders remained strong during the third quarter and

end-customer demand for their new Designjet 3D printer continued to

build. The unit sales of Designjet in markets served by HP were more

than double the comparable uPrint sales generated within those markets

last year, an impressive achievement. Within HP markets, total 3D

printer unit volume, which includes the Designjet, expanded by 88% over

2009.

“We believe HP’s distribution capabilities can significantly expand the

unit system sales of our 3D printers over the long term. The HP brand

and marketing muscle have the potential to drive increased awareness and

product adoption. Although HP is using its initial launch in Europe to

refine a go-to-market strategy and better understand the 3D printing

market, it has an deep understanding of the end customer and the

market’s potential. HP has communicated its desire to move into

additional markets, and we are optimistic about expanding the

collaboration in the future.

“Our consumable revenue grew by 34% during the third quarter over 2009,

the fastest quarterly growth rate within the past three years. The

growth is being driven by a rebound in customer usage, as well as the

positive impact from our growing installed base of systems. We believe

this positive momentum can be sustained, as channel surveys suggest

consumable usage is accelerating, and reseller inventories remain

relatively tight. In addition, the 39% growth in system units for the

third quarter bodes well for future growth in consumable revenue.

“Fortus system sales growth during the third quarter was driven by the

ongoing economic recovery, as well as the incremental demand created by

emerging direct digital manufacturing, or DDM, applications. The

aerospace industry remains a leading innovator in using our technology

for DDM. We recently worked with Delta Airlines to provide a DDM

solution to address a priority maintenance issue on approximately 200 of

their aircraft. This unique application will include several hundred

end-use parts made on Fortus systems using our high-temperature ULTEM

material.

“We enter the fourth quarter with positive sales momentum in nearly all

aspects of our business and a strong pipeline of opportunities. We have

leveraged our growth with a distribution strategy that limits the

expansion of operating expenses, while continuing to invest aggressively

for the future. We believe these investments will yield evolutionary new

platforms developed from our proprietary technologies that can further

accelerate the adoption of our products.

“We are well positioned competitively and our financial health is the

strongest in our company’s history. We generated nearly $12 million in

cash from operations during the third quarter alone, and now maintain

approximately $84 million in cash and investments on our balance sheet.

Most importantly, we look forward to expanding our distribution

agreement with HP and realizing the full potential of that

collaboration. We are excited about our future,” Crump concluded.

Stratasys plans to hold a conference call to discuss its third quarter

financial results on Tuesday, October 26, 2010 at 8:30 a.m. (ET). The

investor conference call will be available via live webcast on the

Stratasys Web site at www.stratasys.com

under the "Investors" tab; or directly at the following web address: http://phx.corporate-ir.net/playerlink.zhtml?c=61402&s=wm&e=3415299.

To participate by telephone, the domestic dial-in number is

866-543-6405, and the international dial-in is 617-213-8897. The access

code is 22325390. Investors are advised to dial into the call at least

ten minutes prior to the call to register. The webcast will be available

for 90 days on the "Investors" page of the Stratasys Web site or by

accessing the provided web address.

(Financial tables follow)

Stratasys, Inc., Minneapolis, is a maker of additive

manufacturing machines for prototyping and producing plastic parts. The

company markets under the brands Dimension 3D Printers and Fortus 3D

Production Systems. The company also operates RedEye On Demand, a

digital manufacturing service for prototypes and production parts.

According to Wohlers Report 2010, Stratasys supplied more additive

manufacturing systems in 2009 than any other manufacturer, making it the

unit market leader for the eighth consecutive year. Stratasys patented

and owns the process known as FDM.® The process creates

functional prototypes and manufactured goods directly from any 3D CAD

program, using high-performance industrial thermoplastics. The company

holds more than 285 granted or pending additive manufacturing patents

globally. Stratasys products are used in the aerospace, defense,

automotive, medical, business & industrial equipment, education,

architecture, and consumer-product industries. Online at: www.Stratasys.com.

*ULTEM is a trademark of SABIC Innovative Plastics IP BV. Stratasys,

FDM, Dimension, RedeyeRPM, and Fortus are registered trademarks of

Stratasys, Inc.

Forward Looking Statements

All statements herein that are not historical facts or that include

such words as “expects,” “anticipates,” “projects,” “estimates,”

“vision,” “could,” “potential,” “planning”, “intends”, “desires” or

“believes” or similar words constitute forward-looking statements

covered by the safe harbor protection of the Private Securities

Litigation Reform Act of 1995.

Except for the historical

information herein, the matters discussed in this news release are

forward-looking statements that involve risks and uncertainties.

These

include statements regarding projected revenue and income in future

quarters; the size of the 3D printing market; our objectives for the

marketing and sale of our Dimension

®

and uPrint

3D Printers; our WaveWash support removal system; and our Fortus

TM

3D Production Systems, particularly for use in direct digital

manufacturing (DDM); the demand for our proprietary consumables; the

expansion of our paid parts service; and our beliefs with respect to the

growth in the demand for our products.

Other risks and

uncertainties that may affect our business include our ability to

penetrate the 3D printing market; the success of our distribution

agreement with HP; our ability to achieve the growth rates experienced

in preceding quarters; our ability to introduce, produce and market new

materials, such as ABSplus and ABS-M30, and the market acceptance of

these and other materials; the impact of competitive products and

pricing; our timely development of new products and materials and market

acceptance of those products and materials; the success of our recent

R&D initiative to expand the DDM capabilities of our core FDM

technology; and the success of our RedEyeOnDemand

TM

and other paid parts services.

Actual results may differ from

those expressed or implied in our forward-looking statements. These

statements represent beliefs and expectations only as of the date they

were made. We may elect to update forward-looking statements, but we

expressly disclaim any obligation to do so, even if our beliefs and

expectations change. In addition to the statements described above, such

forward-looking statements are subject to the risks and uncertainties

described more fully in our reports filed or to be filed with the

Securities and Exchange Commission, including our annual reports on Form

10-K and quarterly reports on Form 10-Q.

Financial Tables & Non-GAAP Discussion

The information discussed within this release includes financial

results that are in accordance with accounting principles generally

accepted in the United States (GAAP).

In addition, certain

non-GAAP financial measures have been provided that exclude certain

charges and expenses.

The non-GAAP measures should be read in

conjunction with the corresponding GAAP measures and should be

considered in addition to, and not as an alternative or substitute for,

the measures prepared in accordance with GAAP.

The non-GAAP

financial measures are provided in an effort to provide information that

investors may deem relevant to evaluate results from the company’s core

business operations and to compare the company’s performance with prior

periods.

The non-GAAP financial measures primarily identify and

exclude certain discrete items, such as the warrant charge,

restructuring expenses, and expenses associated with stock-based

compensation required under ASC 718.

The company uses these

non-GAAP financial measures for evaluating comparable financial

performance against prior periods.

This release is also available on the Stratasys Web site at

www.Stratasys.com

.

 

 

 

 

 

 

STRATASYS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2010

(unaudited)

 

 

2009

(unaudited)

2010

(unaudited)

 

 

2009

(unaudited)

 

Net sales

Product

$

23,966,937

$

18,046,184

$

69,526,507

$

53,197,716

Services

6,291,609

6,283,212

18,785,660

18,924,759

Fair value of warrant related to OEM agreement

 

-

 

-

 

 

(4,987,806

)

 

-

 

30,258,546

24,329,396

83,324,361

72,122,475

 

Cost of sales

Product

12,695,679

9,918,263

35,805,842

30,883,158

Services

 

2,853,879

 

2,542,879

 

 

8,627,451

 

 

8,225,489

 

15,549,558

12,461,142

44,433,293

39,108,647

 

 

 

 

Gross profit

14,708,988

11,868,254

38,891,068

33,013,828

 

Operating expenses

Research and development

2,242,263

1,983,420

7,191,594

5,510,385

Selling, general and administrative

 

8,403,902

 

7,481,311

 

 

24,385,683

 

 

25,257,138

 

10,646,165

9,464,731

31,577,277

30,767,523

 

 

 

 

Operating income

4,062,823

2,403,523

7,313,791

2,246,305

 

Other income (expense)

Interest income, net

217,651

230,429

596,541

754,695

Foreign currency transaction losses, net

227,623

(5,930

)

(570,184

)

(169,148

)

Other

 

48,078

 

(9,021

)

 

42,093

 

 

16,780

 

493,352

215,478

68,450

602,327

 

 

 

 

Income before income taxes

4,556,175

2,619,001

7,382,241

2,848,632

 

Income taxes

 

1,380,625

 

1,040,201

 

 

2,317,635

 

 

1,124,191

 

 

Net income

$

3,175,550

$

1,578,800

 

$

5,064,606

 

$

1,724,441

 

 

Earnings per common share

Basic

$

0.15

$

0.08

 

$

0.25

 

$

0.09

 

Diluted

$

0.15

$

0.08

 

$

0.24

 

$

0.09

 

 

Weighted average number of common shares outstanding

Basic

 

20,586,695

 

20,229,357

 

 

20,519,189

 

 

20,224,889

 

Diluted

 

21,000,804

 

20,231,033

 

 

21,035,559

 

 

20,233,234

 

 

STRATASYS, INC. AND SUBSIDIARIES

 

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

September 30,

2010

December 31,

2009

 

 

(unaudited)

 

 

 

ASSETS

 

Current assets

Cash and cash equivalents

$

22,731,928

$

48,315,926

Short-term investments - held to maturity

14,424,152

16,073,718

Accounts receivable, less allowance for doubtful accounts of

$1,199,523 at September 30, 2010 and $903,101 at December 31, 2009

19,726,401

19,249,813

Inventories

18,719,342

14,608,014

Net investment in sales-type leases, less allowance for doubtful

accounts of $197,421 at June 30, 2010 and $222,011 at December 31,

2009

3,285,795

3,618,876

Prepaid expenses and other current assets

2,444,239

2,247,612

Deferred income taxes

 

2,277,000

 

 

2,277,000

 

Total current assets

 

83,608,857

 

 

106,390,959

 

 

Property and equipment, net

 

25,225,896

 

 

26,326,012

 

 

Other assets

Intangible assets, net

6,766,557

7,653,269

Net investment in sales-type leases

2,872,144

3,477,039

Deferred income taxes

688,000

688,000

Long-term investments - available for sale

1,030,750

1,055,750

Long-term investments - held to maturity

45,791,189

5,467,318

Other non-current assets

 

1,229,761

 

 

2,078,165

 

Total other assets

 

58,378,401

 

 

20,419,541

 

 

Total assets

$

167,213,154

 

$

153,136,512

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities

Accounts payable and other current liabilities

$

13,514,422

$

12,874,798

Unearned revenues

 

10,883,944

 

 

10,678,427

 

Total current liabilities

 

24,398,366

 

 

23,553,225

 

 

Commitments and contingencies

 

Stockholders' equity

Common stock, $.01 par value, authorized 30,000,000 shares;

26,346,068 and 26,053,318 issued as of 2010 and 2009, respectively

263,461

260,533

Capital in excess of par value

102,568,773

94,329,398

Retained earnings

79,080,546

74,015,940

Accumulated other comprehensive loss

(93,567

)

(18,159

)

Less cost of treasury stock, 5,687,631 shares in 2010 and 2009

 

(39,004,425

)

 

(39,004,425

)

Total stockholders' equity

 

142,814,788

 

 

129,583,287

 

 

Total liabilities and stockholders' equity

$

167,213,154

 

$

153,136,512

 

 

STRATASYS, INC. AND SUBSIDIARIES

 

RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjustments for the Three Months Ended September 30, 2010

Non-GAAP Adjustments for the Three Months Ended September 30, 2009

 

 

Consolidated

(unaudited)

As Reported

 

Stock-Based

Compensation (1)

 

Consolidated

(unaudited)

Non-GAAP

Consolidated

(unaudited)

As Reported

 

Stock-Based

Compensation (1)

 

Consolidated

(unaudited)

Non-GAAP

 

 

Selling, general and administrative expenses

$

8,403,902

 

$

(310,544

)

 

$

8,093,358

$

7,481,311

 

$

(238,032

)

 

$

7,243,279

 

 

Total operating expenses

 

10,646,165

 

 

(310,544

)

 

 

10,335,621

 

9,464,731

 

 

(238,032

)

 

 

9,226,699

 

 

Operating income

 

4,062,823

 

 

310,544

 

 

 

4,373,367

 

2,403,523

 

 

238,032

 

 

 

2,641,555

 

 

Income before income taxes

4,556,175

310,544

4,866,719

2,619,001

238,032

2,857,033

Income taxes

 

1,380,625

 

 

48,288

 

 

 

1,428,913

 

1,040,201

 

 

28,000

 

 

 

1,068,201

 

 

Net income

$

3,175,550

$

262,256

$

3,437,806

$

1,578,800

$

210,032

$

1,788,832

 

Earnings per common share

Basic

$

0.15

 

$

0.01

 

 

$

0.17

$

0.08

 

$

0.01

 

 

$

0.09

 

Diluted

$

0.15

 

$

0.01

 

 

$

0.16

$

0.08

 

$

0.01

 

 

$

0.09

 

 

Weighted average number of common shares outstanding

Basic

 

20,586,695

 

 

 

 

20,586,695

 

20,229,357

 

 

 

 

20,229,357

 

Diluted

 

21,000,804

 

 

 

 

21,000,804

 

20,231,033

 

 

 

 

20,231,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjustments for the Nine Months Ended September 30, 2010

Non-GAAP Adjustments for the Nine Months Ended September 30,

2009

 

 

Consolidated

(unaudited)

As Reported

 

Stock-Based

Compensation (2)

 

Fair Value

of Warrant (3)

 

Consolidated

(unaudited)

Non-GAAP

Consolidated

(unaudited)

As Reported

 

Stock-Based

Compensation (1)

 

Restructuring (4)

 

Consolidated

(unaudited)

Non-GAAP

 

 

Net sales

$

83,324,361

 

$

-

 

 

$

4,987,806

 

$

88,312,167

$

72,122,475

 

$

-

 

 

$

-

 

 

$

72,122,475

 

Gross profit

 

38,891,068

 

 

-

 

 

 

4,987,806

 

 

43,878,874

 

33,013,828

 

 

-

 

 

 

-

 

 

 

33,013,828

 

Selling, general and administrative expenses

 

24,385,683

 

 

(931,632

)

 

 

-

 

 

23,454,051

 

25,257,138

 

 

(670,959

)

 

 

(778,840

)

 

 

23,807,339

 

Total operating expenses

 

31,577,277

 

 

(931,632

)

 

 

-

 

 

30,645,645

 

30,767,523

 

 

(670,959

)

 

 

(778,840

)

 

 

29,317,724

 

Operating income

 

7,313,791

 

 

931,632

 

 

 

4,987,806

 

 

13,233,229

 

2,246,305

 

 

670,959

 

 

 

778,840

 

 

 

3,696,104

 

Income before income taxes

7,382,241

931,632

4,987,806

13,301,679

2,848,632

670,959

778,840

4,298,431

Income taxes

 

2,317,635

 

 

257,408

 

 

 

1,796,510

 

 

4,371,553

 

1,124,191

 

 

102,000

 

 

 

266,907

 

 

 

1,493,098

 

Net income

$

5,064,606

$

674,224

$

3,191,296

$

8,930,126

$

1,724,441

$

568,959

$

511,933

$

2,805,333

 

Earnings per common share

Basic

$

0.25

 

$

0.03

 

 

$

0.16

 

$

0.44

$

0.09

 

$

0.03

 

 

$

0.03

 

 

$

0.14

Diluted

$

0.24

 

$

0.03

 

 

$

0.15

 

$

0.42

$

0.09

 

$

0.03

 

 

$

0.03

 

 

$

0.14

 

Weighted average number of common shares outstanding

Basic

 

20,519,189

 

 

 

 

 

 

20,519,189

 

20,224,889

 

 

 

 

 

 

20,224,889

Diluted

 

21,035,559

 

 

 

 

 

 

21,035,559

 

20,233,234

 

 

 

 

 

 

20,233,234

 

 

These adjustments reconcile the Company’s GAAP results of

operations to its non-GAAP results of operations.  The Company

believes that presentation of results adjusted for the non-GAAP

items described below provides meaningful supplemental information

to both management and investors.

 

(1) - Represents non-cash stock-based compensation expense.

(2) - Represents non-cash stock-based compensation expense and an

additional tax benefit realized from disqualifying dispositions of

stock options.

(3) - Represents the fair value of a warrant issued during the

first quarter of 2010 in connection with the Hewlett-Packard

Company OEM agreement.

(4) - Represents severance and other related costs associated with

the Company's restructuring in the first quarter of 2009.

 

The Company considers these non-GAAP measures to be indicative of

its core operating results and facilitates a comparison of

operating results across reporting periods.  The Company uses

these non-GAAP measures when evaluating its financial results as

well as for internal planning and forecasting purposes, however

these measures should not be viewed as a substitute for the

Company’s GAAP results.

Stratasys, Inc.

Shane Glenn, 952-294-3416

Director of Investor

Relations

shane.glenn@stratasys.com

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