More good news, read the whole thing:
Tuesday July 20, 5:57 pm Eastern Time
Company Press Release
SOURCE: DTM Corporation
DTM(TM) Corporation Reports Second Quarter 1999 Earnings
Sequential Earnings Gain Beats Analysts' Estimate; Record Second Quarter and First Six Month Revenues
AUSTIN, Texas, July 20 /PRNewswire/ -- DTM Corporation (Nasdaq: DTMC - news) today announced net income for the second quarter of 1999 was $295,000, or $0.04 per share on a fully diluted basis. This is a substantial improvement from the second quarter of 1998 loss of $2,807,000, or $0.45 per share.
Net income for the first six months of 1999 was $569,000, or $0.09 per share on a fully diluted basis. This is also a substantial improvement from the first six months of 1998 loss of $4,141,000, or $0.66 per share. Revenues were $15.6 million in the first six months of 1999, a 17.0% increase from the $13.3 million in the first six months of 1998.
John Murchison, III, DTM's President and CEO, stated ''We are very pleased with our second quarter results. The net profit is a continuation of the improvement in our operating trends that started in the fourth quarter of 1998. The second quarter 1999 is our third consecutive profitable quarter.
''Our revenues for the first six months of 1999 were 17% ahead of the first six months of 1998 and are a record for any six-month period in the history of the company. Gross margins were 53% in the second quarter compared to 32% in the second quarter of 1998 and were achieved in spite of a strong dollar relative to European currencies and significant competitive pressures in Europe. This was the third consecutive quarter where our overall gross margins exceeded 50%. The improvement in our gross margins over the past three-quarters is a result of continuing market acceptance of new products launched by us over the past eighteen months and the lower cost Sinterstation 2500plus introduced in September 1998. All three of our major geographic markets -- North America, Europe and Pacific Rim -- contributed to the Company performance in the second quarter.
''During the second quarter we continued to make progress in broadening the market for our products. In March of 1999, we introduced CastForm(TM), a material that opens a new application for DTM by allowing our customers to create complex patterns for investment casting applications by foundries. We successfully qualified CastForm for investment casting applications at 45 foundries In North America and Europe during the second quarter.
''We are excited that our efforts have yielded significant improvements in operating results for the first six months of this year. We believe our performance in the first half of 1999 is evidence that our new and improved products are allowing us to establish favorable market momentum.''*
Geoffrey W. Kreiger, DTM's Chief Financial Officer, stated ''Our working capital position has improved by approximately $3.3 million over the past four quarters. During this latest quarter, the $909,000 liability to its shareholder was satisfied. At June 30, 1999, DTM was debt free and had available a new credit facility of $2.5 million from Silicon Valley Bank, secured solely by the corporate assets of DTM. These were important milestones in DTM's progress as an independent company.''*
About DTM Corporation
DTM Corporation develops, manufactures and markets the Sinterstation® family of rapid prototyping products for application in the rapid manufacturing marketplace. The Sinterstation® systems and materials are based on proprietary and patented SLS® selective laser sintering technology. The Company's products are used to accelerate the design, development and market introduction of products in an expanding range of industries.
Forward Looking Statement and Safe Harbor Disclaimer
• Certain of the statements are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in the forward-looking statements, including, without limitation: the Company's stock price and public float could cause its stock to be delisted from the Nasdaq National Market, further reducing liquidity; additional capital sufficient to finance the business may not be available or if available might cause significant dilution; quarterly fluctuations in operating results and the difficulty in predicting results of operations may adversely affect stock prices; seasonality of customer buying habits, principally a slower third quarter, may adversely affect stock prices; reduced margins and loss of market share may occur as a result of increasing competition; the Company's dependence on a single product that is priced at the high end of the range for today's rapid prototyping products has caused it to be adversely affected in a soft market; DTM has significant international operations with the inherent exposures; potential liabilities resulting from undetected errors or defects in Company products; and the Company's stock price could be volatile, regardless of DTM's financial performance.
The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any written or oral forward-looking statement that may be made from time to time by or on behalf of the Company. |
