To all, from BW:
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BW1025 NOV 03,1997 4:01 PACIFIC 07:01 EASTERN
( BW)(STRATASYS)(SSYS) Stratasys Announces Record Third Quarter
Revenues of $7.3 Million; Up 67% over 3rd Qtr 1996
Business Editors
MINNEAPOLIS--(BUSINESS WIRE)--Nov. 3, 1997--
--Second Best Revenue Quarter in Company History--
Stratasys Inc. (NASDAQ:SSYS) today announced record third
quarter revenues of $7.3 million as compared to $4.4 million in the
third quarter of 1996, a 67 percent increase. The company recorded
earnings of one cent per share.
The profit for the third quarter was $50,763 or one cent per
share compared to a profit of $63,847 or one cent per share for the
same period in 1996. Gross profit margin as a percentage of sales
was 62 percent in the third quarter 1997, down from 66 percent in the
second quarter of 1996. Sequentially, SG&A expenses were down and
R&D expenses were up as Stratasys continues to seek to deliver better
rapid prototyping systems and consumables for the future.
Scott Crump, chairman and CEO stated, "The third quarter results
demonstrate clearly that the company continues in a growth mode
posting 67 percent higher revenue than Q3-96. We are pleased to be
able to show both a profitable quarter and the second best revenue
quarter in our history. We are proud to announce that for the 20th
consecutive quarter, Stratasys has exceeded historical comparative
quarterly revenues."
Crump added, "The Stratasys FDM-2000 and FDM-8000 were major
revenue sources in the 3rd quarter. These new products were
introduced in the first half of this year. A growing demand exists
for our FDM product line due to their price/performance advantage
and their ability to be used in the design engineering office. In
addition, revenue from consumables and service continue to represent
a stronger portion of revenues and profits."
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) and Genisys rapid
prototyping processes create 3-dimensional plastic and wax prototype
parts directly from 3-D CAD systems. See the company's home page
stratasys.com on the Internet.
Except for the historical contained 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-K for the
year ended Dec. 31, 1996.
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*T
STRATASYS INC.
BALANCE SHEETS
September 30, December 31,
1997 1996
(unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents $ 2,540,350 $ 3,964,968
Marketable Securities 4,324,077 6,572,907
Accounts receivable, less
allowance for doubtful
accounts of $473,364 in
1997 and $470,000 in 1996 10,578,248 10,607,155
Inventories 5,975,709 2,648,990
Prepaid expenses 298,230 344,101
Deferred taxes 1,180,058 945,000
Total current assets 24,896,672 25,083,121
Machinery and Equipment,
less accumulated
depreciation of
$1,491,374 in 1997 and
$847,715 in 1996 3,440,305 2,184,165
Other assets
Deposits and other assets 236,664 75,576
Intangible assets 3,556,750 4,119,857
3,793,414 4,195,433
$32,130,391 $31,462,719
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Obligations under capitalized
leases, current portion 181,945 186,415
Accounts payable and other
current liabilities 2,730,866 3,622,555
Unearned maintenance revenue 1,841,002 1,082,044
Total current liabilities 4,753,813 4,891,014
Deferred taxes 71,000 71,000
Obligations under capitalized
leases, less current portion 157,013 94,977
228,013 165,977
Stockholders' Equity
Common stock, $.01 par value,
authorized 15,000,000 shares,
issued and outstanding 5,718,865
shares in 1997 and 5,517,309
shares in 1996 57,163 55,173
Capital in excess of par value 28,572,284 27,394,902
Accumulated deficit (1,480,882) (1,044,347)
Total Stockholders' Equity 27,148,565 26,405,728
$32,130,391 $31,462,719
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STRATASYS INC.
STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
(unaudited) (unaudited) (unaudited) (unaudited)
Sales $7,345,471 $4,402,436 $19,519,332 $12,471,780
Cost of goods sold 2,786,163 1,497,420 6,863,028 4,276,124
Gross profit 4,559,308 2,905,016 12,656,304 8,195,656
Costs and expenses
Research and
development 1,445,121 771,651 3,786,117 2,207,918
Selling, general and
administrative 3,181,057 2,223,099 9,871,969 5,741,090
4,626,178 2,994,750 13,658,086 7,949,008
Operating income (loss) (66,870) (89,734) (1,001,782) 246,648
Other income (expense)
Interest income 163,005 163,669 370,757 429,053
Interest expense (18,045) (10,088) (40,568) (28,780)
144,960 153,581 330,189 400,273
Income (loss) before
income taxes 78,090 63,847 (671,593) 646,921
Income taxes (credit) 27,327 - (235,058) -
Net income (loss) $ 50,763 $ 63,847 $ (436,535) $ 646,921
Earnings (loss) per
common and common
equivalent share
Fully diluted $ 0.01 $ 0.01 $ (0.08) $ 0.11
Weighted average number
of common and common
equivalent shares
outstanding
Fully diluted 5,955,470 6,032,767 5,660,371 5,837,264
CONTACT: Stratasys, Inc.
Scott Crump, 612/937-3000
or
Sunrise Financial
Derek Caldwell, 212/421-1616 |
