To all, from BW:
BW0060 MAY 01,1997 6:35 PACIFIC 9:35 EASTERN
( BW)(CQN-STRATASYS)(SSYS) CORRECTING and REPLACING Stratasys'
financial results issued earlier today
Business Editors
CORRECTING and REPLACING BW1064
MINNEAPOLIS--(BUSINESS WIRE)--May 1, 1997--
Business Wire corrects and replaces release from earlier.
Replace BW1064 with the following:
Stratasys announces record first quarter revenues; Revenues of $5.2
million; Up 89% over 1st quarter 1996; Company sees continued strong
growth for 1997
Stratasys, Inc. (NASDAQ NMS:SSYS) today announced record first
quarter revenues of $5,208,527 as compared to $2.75 million in the
first quarter of 1996, a 89% increase in sales over 1st quarter 1996.
First quarter has historically been the slowest quarter in regard to
sales volume.
The expected and planned for loss for this first quarter was
$404,414 or ($0.07) per share as compared to a break even for the
same period in 1996. When the $207,000 tax credit is removed,
the net loss for this first quarter is $611,414 or ($0.10) per share
which is better than the analysts' average of ($0.12) per share.
Included in this 10 cent loss is a one time expense of approximately
$60,000 associated with the first quarter expansion of the new
production facility. Gross profit margin as a percentage of sales
rose to 66.1% in the 1st quarter 1997, up from 65.4% in the previous
quarter.
Scott Crump, Chairman and CEO, stated, "The first quarter came in as
expected, and we are proud to announce that for the 18th consecutive
quarter, Stratasys has exceeded historical comparative quarterly
revenues. Stratasys introduced and began commercial revenue
shipments of its new FDM-8000 Large Prototype System, in addition to
its new FDM-2000 Benchtop System in the first quarter of 1997. We
have broadened our product offering substantially."
Crump continued, "Demand continues to be strong for all of our
commercial products. We believe that each system is differentiated
effectively, giving the customer the choice of creating prototypes in
the very popular ABS plastic with our benchtops and large prototype
systems or creating quick concept models for design verification with
our Genisys 3D-Printer. In each of these cases, work can be done in
the design/engineering office with environmentally friendly patented
technology, a strong Stratasys selling point."
Scott Crump went on to say, "Our customers are continuing to find
that Stratasys' products provide an attractive combination of cost,
accuracy, speed and a variety of modeling materials. We are
continuing our international roll out of our new Genisys 3D-Printer,
and we look forward to high volume of shipments of that 3D-Printer in
1997."
Crump continued, "We are continuing to fund our R&D at a healthy
level in order to provide our customers with highly advanced rapid
prototyping products at improved price/performance ratios, which
should have a positive future effect and enhance long term
shareholder value. The recent commercial shipments of our new
FDM-8000 and FDM-2000 products are rewards for some of this R&D
spending. The development efforts are focused on new applications
based on our current technology."
Mr. Crump concluded, "Mr. Thomas Stenoien was promoted to Chief
Financial Officer for Stratasys from Director of Finance. Tom has
been with us for four years, has been an effective and loyal member
of our senior management team, and has a thorough knowledge of our
business and market. Tom has a Masters degree in Business
Administration, has over 15 years of accounting management experience
and holds a CMA."
Stratasys, Inc., founded in 1989, is a manufacturer of rapid
prototyping systems for automotive, aerospace, industrial,
electronic, medical, and consumer products OEM's. The Company's
patented Fused Deposition Modeling (FDM(R)) and Genisys(R) rapid
prototyping processes create 3-dimensional plastic and wax prototype
parts directly from 3-D CAD systems. See our Home Page,
stratasys.com on the Internet.
Except for the historical information herein, the matters discussed
in this news release are forward looking statements that involve
risks and uncertainties, including the timely development and
acceptance of new products, the impact of competitive products and
pricing, and the other risks detailed from time to time in the
company's SEC reports, including the annual report on Form 10-KSB for
the year ended December 31, 1996.
-0-
FIRST QUARTER 1997 RESULTS
STATEMENTS OF OPERATIONS
(UNAUDITED)
Quarter ended March 31,
1997 1996
Revenues 5,208,527 2,752,465
Cost of Goods Sold 1,763,363 908,403
Gross Profit 3,445,163 1,844,062
Selling & General &
Administrative Expenses 3,020,803 1,376,451
Research & Devel. Expenses 1,114,225 593,021
Operating Loss (689,864) (125,410)
Interest Income (Net) 78,450 135,573
Income Taxes (Credit) (207,000) ---
Net Income (Loss) (404,414) 10,163
Earnings per Common
and Common Equivalent Share
(assuming full dilution) (.07) ---
Weighted Average Number
of Common and Common
Equivalent Shares Outstanding
(assuming full dilution) 5,937,601 5,679,291
-0-
CONDENSED BALANCE SHEETS
Unaudited Audited
March 31, 1997 December 31, 1996
Assets
Current assets:
Cash and Cash Equivalents 3,091,359 3,964,968
Marketable securities 7,347,752 6,572,907
Accounts receivable (net) 8,473,542 10,607,155
Inventories 4,661,494 2,648,990
Prepaid Expenses 323,639 344,101
Deferred Taxes 1,152,000 945,000
Total current assets 25,049,785 25,083,121
Machinery & equipment (less
accumulated depreciation) 2,673,453 2,184,165
Other assets 4,018,020 4,195,433
Total assets 31,741,257 31,462,719
Liabilities & Stockholders' Equity
Current liabilities:
Obligations under capitalized
leases, current portion 155,647 186,415
Accounts Payable
and other current liabilities 3,496,255 3,622,555
Unearned maintenance revenue 1,249,829 1,082,044
Total current liabilities 4,901,730 4,891,014
Deferred Taxes 71,000 71,000
Obligbilities and
stockholders' equity 31,741,257 31,462,719
*T
Except for the historical information herein, the matters discussed
in this news release are forward looking statements that involve
risks and uncertainties, including the timely development and
acceptance of new products, the impact of competitive products and
pricing, and the other risks detailed from time to time in the
company's SEC reports, including the report on Form 10-KSB for the
years ended December 31, 1995 and 1996.
--30--gd/ny*
CONTACT: Scott Crump
Chairman and President
Stratasys, Inc.
612/937-3000
or
Derek Caldwell
Executive Vice President
Sunrise Financial
212/421-1616 |
