3D Systems Corporation Announces Management Changes, Sees Lower First Quarter
Earnings
PR Newswire, Friday, April 18, 1997 at 08:11
VALENCIA, Calif., April 18 /PRNewswire/ -- 3D Systems Corporation
(Nasdaq NNM: TDSC) today announced certain management changes.
Richard Balanson, Ph.D., has been elected president and chief operating
officer, succeeding Charles W. Hull, the company's founder, who assumes the
newly-created posts of vice chairman and chief technology officer. Balanson,
47, who joined the company last November, will head manufacturing, product
development, worldwide field service and international sales, reporting to
Arthur B. Sims, chairman and chief executive officer. Balanson was also
elected to the company's board of directors.
Gordon L. Almquist, vice president, finance and chief financial officer,
and Richard P. Fedchenko, vice president, strategy and market development,
have resigned to pursue other interests. Edward C. Ferrier, the company's
corporate controller, has been named acting chief financial officer, and on an
interim basis U.S. marketing will be under the direct supervision of Sims.
While profitable, the company's first quarter earnings will not meet
analyst estimates. Results will be announced on April 24, 1997.
"We are dedicated to improving 3D's operating performance and to putting
the company on a sound course for the future," Sims stated. "In Rich
Balanson, we have a dynamic new president, who has demonstrated his
exceptional talent and leadership since joining us last November. He has
previously held similar posts in substantial high technology companies.
"Rich will be responsible for driving the execution of our aggressive
plans to spur growth and improve the company's operating performance. At the
same time, we are immediately launching an intensive search to fill our key
posts in finance and marketing.
"Also, we are pleased that Chuck Hull will continue to provide the
company's strategic technical direction, including the development of our 3D
Keltool rapid tooling business. He founded this company in 1986, and his
development of our stereolithography technology launched an industry that
continues to grow in worldwide importance."
Prior to joining 3D Systems, Balanson served from 1994 to 1996 as
executive vice president of Maxtor Corporation, a major supplier of computer
disk drives, where he headed engineering, manufacturing, materials, sales and
marketing. Previously, he was president and chief operating officer of
Applied Magnetics Corporation, a major OEM components supplier to
manufacturers of disk and tape drives.
From 1975 to 1992, he was with IBM, initially in basic research in
photocopying, lasers and optics. Subsequently as director of the Adstar
Division, he managed all of IBM's mid-range and high-end disk drive
development and production, and was responsible for many major technological
innovations within the industry.
Balanson received a B.S. in chemistry from UCLA, graduating summa cum
laude and first in the department. He earned his M.S. and Ph.D. in organic
chemistry from Harvard University.
Sims added: "3D Systems has accomplished several major transitions, with
others in process. These include the development of our direct sales force in
the U.S., reorganization in Europe, the successful bringing on line of our
state-of-the-art new manufacturing facility, the development of the industry's
broadest product line and the ongoing infusion of new talent in the company.
"We are confident of our strategy and our team, and believe that our
efforts to realize positive change will produce long-term benefits for the
company."
3D Systems Corporation develops, manufactures and markets solid-imaging
systems. In manufacturing, 3D's products fabricate solid objects using input
from CAD/CAM systems, substantially reducing the time and cost of bringing new
products to market. Major applications include rapid prototyping and tooling
for products in a variety of manufacturing industries worldwide, including
automotive, aerospace, medical computer, electronic and consumer products.
Except for the historical information contained in this news release, the
matters discussed are forward-looking statements that involve uncertainties
such as the timely development and acceptance of new products, the impact of
competitive products and pricing, industry-wide economic conditions, the
management of growth and other risks detailed from time to time in the
company's SEC reports, including Form 10-K for the year ended December 31,
1996.
For investor information and faxed financials or press releases on demand,
please call our shareholder communications service at 800/757-1799.
SOURCE 3D Systems Corp.
-0- 04/18/97
/CONTACT: Arthur B. Sims, Chairman and Chief Executive Officer,
805-295-5600, ext. 2200, or Mary E. Woods, Investor Relations, 805-295-5600,
ext. 2508, both of 3D Systems/ |
