October 01, 1999 12:46
DTM(TM) Corporation Reports Possible Delisting From Nasdaq National Market
AUSTIN, Texas, Oct. 1 /PRNewswire/ -- DTM Corporation (Nasdaq: DTMC) today announced that it has been notified by The Nasdaq Stock Market that DTM Corporation faces possible delisting of its common stock from the Nasdaq National Market. Over the last thirty consecutive trading days prior to the notice, the market value of the Company's public float had been less than the required $5,000,000. Nasdaq notified the Company that if it were unable to demonstrate compliance with this requirement on or before November 30, 1999, the listing of its securities on the Nasdaq National Market would not be continued.
If it were unable to maintain its listing on the Nasdaq National Market, the Company's securities likely would be moved to the OTC Bulletin Board. Before a delisting should occur, the Company intends to evaluate a possible move to the Nasdaq Small Cap Market. In any event, prior to any delisting of its securities, the Company intends to exhaust any appeals available to it.
On September 29, 1999, DTM Corporation had 6,973,503 shares outstanding, of which 3,460,146 are believed to meet the definition of public float shares. To meet the $5.0 million market value of public float requirement, the bid price of DTM's common stock would have had to be $1.445 per share. However, the closing bid price of DTM's common stock was $1.344. This was 7% below the requirement.
John Murchison, III, DTM's President and Chief Executive Officer, stated, "The DTM board of directors is convinced that DTM's market capitalization is not indicative of its intrinsic value, or its potential, and is priced at a discount to its market comparables. We believe that our improved operations over the past twelve months have not been fully reflected in our stock price. Products that were introduced in 1998 led to increased demand and profitability beginning in the fourth quarter of 1998. DTM earned a tax effected $0.06 per share in the fourth quarter of 1998 and has earned $0.09 per share in the six-months ended June 30, 1999. We feel that if our market price were to reflect these improved results, the delisting issue should resolve itself." *
About DTM Corporation
DTM Corporation develops manufactures and markets the Sinterstation(R) family of rapid prototyping products for application in the rapid manufacturing marketplace. The Sinterstation(R) systems and materials are based on proprietary and patented SLS(R) 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.
SLS(R) and Sinterstation(R) are registered trademarks of DTM.
For more information, contact:
DTM Corporation
1611 Headway Circle, Building 2, Austin, TX, USA 78754
Phone +1-512-339-2922; Fax +1-512-339-0634
SOURCE DTM Corporation
/CONTACT: Geoff Kreiger of DTM Corporation, 512-339-2922, or fax,
512-339-0634/
/Photo: NewsCom: newscom.com
PRN Photo Desk, 888-776-6555 or 201-369-3467/
/Web site: dtm-corp.com
(DTMC)
|
