Stratasys Announces Record First Quarter Revenue and Profits
27 April 2000
Stratasys Announces Record First Quarter Revenue and Profits; Revenues of $9.3 Million; Up 22 Percent Over First Quarter 1999
MINNEAPOLIS--April 26, 2000--Stratasys, Inc. (NASDAQ: SSYS) today announced record revenues for the first quarter ended March 31, 2000.Revenues for the first quarter rose to $9,298,007, compared with $7,603,144 in the first quarter of 1999, a 22 percent increase. The Company's first quarter has historically been the slowest sales quarter.
Net income for the first quarter was $375,764, or $0.06 per share, exceeding analyst estimates, as compared to a net loss of $193,013 for the same period in 1999.
Scott Crump, Chairman and Chief Executive Officer, stated, "We are pleased with our strong growth in revenues coupled with a substantial increase in profits for the first quarter, always our most difficult quarter. Earnings per share tripled for the first quarter over last year, growing from a $0.03 loss to a $0.06 profit per share. We believe we are positioned to produce a record revenue and profit year, entering the second quarter with a very strong order backlog, a very efficient world-wide sales organization and a strong, growing demand for our entire family of products."
Mr. Crump added, "The release of our revolutionary new WaterWorks(TM) technology on our FDM(R) 3000 System in mid-1999 has also created enthusiastic interest and strong demand. This proprietary system allows for significantly easier customer use by automatically removing the plastic part support fixtures."
Mr. Crump concluded, "There is a continued strong demand for our new 3D printer, Genisys(R) Xs. This low-cost printer now allows designers to print models at the beginning stages of conceptual development when they would normally be looking at 3D sketches. We believe these 3D printers will soon become as common in engineering offices as laser printers are today."
STRATASYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31,
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2000 1999
(unaudited) (unaudited)
Sales $ 9,298,007 $ 7,603,144
Cost of goods sold 3,392,292 2,410,094
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Gross profit 5,905,715 5,193,050
Costs and expenses
Research and development 1,541,209 1,676,931
Selling, general and administrative 3,928,041 3,915,400
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5,469,250 5,592,331
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Operating income (loss) 436,465 (399,281)
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Other income (expense)
Interest income 117,265 122,984
Interest expense (16,925) (14,993)
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100,340 107,991
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Income (loss) before income taxes 536,805 (291,290)
Income taxes (benefit) 161,041 (98,277)
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Net income (loss) $ 375,764 $ (193,013)
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Earnings (loss) per common share
Basic $ 0.07 $ (0.03)
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Diluted $ 0.06 $ (0.03)
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Weighted average number of common
shares outstanding
Basic 5,564,504 5,959,432
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Diluted 5,931,973 5,959,432
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COMPREHENSIVE INCOME (LOSS)
Net income (loss) $ 375,764 $ (193,013)
Other comprehensive income (loss)
Foreign currency translation
adjustment (27,013) 72,220
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Comprehensive income (loss) $ 348,751 $ (120,793)
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