To all, just so we all have the numbers (from BW):
BW1034 NOV 01,1996 5:12 PACIFIC 08:12 EASTERN
( BW)(STRATASYS)(SSYS) Stratasys announces record comparative third
quarter revenues of $4.4 million
Business Editors
MINNEAPOLIS--(BUSINESS WIRE)--Nov. 1, 1996--
- Nine months revenues Up 104% over 1995; up 92% from third
quarter 1995
- Manufacturing facilities expand by 20,000 square feet
Stratasys Inc. (NASDAQ NMS:SSYS) today announced record
comparative revenues of $4,402,436 for the quarter ended Sept. 30,
1996 and $.01 earnings per share
For the quarter ended Sept. 30, 1996, revenues increased 92% to
$4,402,436 from $2,292,369 reported for the third quarter of 1995.
The net profit for the period was $63,847 or $.01 per share
outstanding, compared to net income of $48,998 or $.01 per share
outstanding for the comparable period in 1995. Gross profit margin
as a percentage of sales rose to 66% in the third quarter of 1996
from 65.7% in the third quarter of 1995.
For the nine months ended Sept. 30, 1996, revenue increased to
$12,471,780 as compared with $6,111,468 for the comparable 1995
period, an increase of 104%. Net income increased to $646,921 for
the nine months ended Sept. 30, 1996, compared with a net loss of
$123,887 for the 1995 period.
Scott Crump, chairman and president, stated: "The third quarter
of 1996 showed continued strong demand for our flagship product, the
FDM 1650. In addition, we began to ship a greater volume of, our desktop
3D push button printer, Genisys. Overall, our total number of units
all placed in the third quarter of 1996 was 150% of the comparable
quarter in 1995. Production increased to meet sustained demand, and
we added approximately 20,000 square feet of manufacturing space,
which reflects our continued optimism in the rapid prototyping
market."
Crump continued: "The fourth quarter has been historically our
strongest quarter and we expect that this will also be the case this
year. In 1995, approximately 40% of the company's revenue was earned
in the fourth quarter with a smaller product line than today's."
Crump concluded, "We are clearly seeing an emerging market for
the concept/visualization product, Genisys. Our distributors are
installing machines currently with endusers."
Stratasys, 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 three-dimensional plastic and wax
prototype parts directly from 3-D CAD systems. See Stratasys' 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 report on Form 10-KSB for the year
ended Dec. 31, 1995.
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*T
Stratasys Inc.
Statements of Operations
(unaudited)
Three Months Ended
Sept. 30,
1996 1995
Revenues $4,402,436 $2,292,369
Cost of goods sold 1,497,420 785,592
Gross profit 2,905,016 1,506,777
Selling, R&D, general and
administrative expenses 2,994,750 1,511,014
Operating profit (loss) (89,734) (4,327)
Interest income (net) 153,581 53,235
Net income (loss) 63,847 48,998
Earnings (loss) per common and
common equivalent share
(assuming full dilution) .01 .01
Weighted average number of common
and common equivalent shares
outstanding (assuming full dilution) 6,032,767 4,793,107
Nine Months Ended
Sept. 30,
1996 1995
Revenues $12,471,780 $6,111,468
Cost of goods sold 4,276,124 2,234,488
Gross profit 8,195,656 3,876,980
Selling, R&D, general and
administrative expenses 7,949,008 4,116,390
Operating profit (loss) 246,648 (239,410)
Interest income (net) 400,273 115,523
Net income (loss) 646,921 (123,887)
Earnings (loss) per common and
common equivalent share
(assuming full dilution) .11 (.04)
Weighted average number of common
and common equivalent shares
outstanding (assuming full dilution) 5,837,264 3,488,980
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Stratasys Inc.
Condensed Balance Sheets
Sept. 30, 1996 Dec. 31, 1995
(unaudited) (audited)
Assets
Current assets
Cash and cash equivalents $5,902,911 $4,726,056
Marketable securities 6,555,828 6,309,048
Accounts receivable, less
allowance for doubtful accounts
of $130,000 in 1996 and 1995 4,702,053 2,769,010
Inventories 3,126,903 907,319
Prepaid expenses 208,866 119,423
Total current assets 20,496,561 14,830,856
Machinery & equipment (less
accumulated depreciation) 1,852,372 1,112,328
Other assets
Deposits 52,124 41,124
Intangible assets 4,217,702 3,910,960
$26,618,759 $19,895,268
Current liabilities
Obligations under capitalized
leases, current portion 178,165 157,449
Accounts payable and other
current liabilities 2,154,046 1,661,517
Unearned maintenance rev. 729,723 371,570
Total current liabilities 3,061,934 2,190,536
Obligations under capitalized
leases, less current portion 166,797 182,520
Preferred stock (.01 par value) -- 2,640
Common stock (.01 par value) 54,961 42,339
Capital in excess of par value 27,235,517 22,024,604
Accumulated deficit (3,900,450) (4,547,371)
Total stockholders' equity 23,390,028 17,522,212
$26,618,759 $19,895,268
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*T
--30--mhu/nmb/ny
CONTACT: Stratasys Inc.
Scott Crump, 612/937-3000
or
Sunrise Financial
Derek Caldwell, 212/421-1616 |
