DTM Corporation Reports Record Third Quarter Income of $0.09 Per Share And Revenue Growth of 26% DTM LOGO DTM logo. (PR NewsFoto)[AS] AUSTIN, TX USA 08/05/1998
17 October 2000
DTM Corporation Reports Record Third Quarter Income of $0.09 Per Share And Revenue Growth of 26% DTM LOGO DTM logo. (PR NewsFoto)[AS] AUSTIN, TX USA 08/05/1998
AUSTIN, Texas, Oct. 17 DTM Corporation
today announced that net income for the quarter ended September 30, 2000 was
$625,000, or $0.09 per share. This was an increase of 245% from 1999's third
quarter income of $181,000, or $0.03 per share. DTM's revenues for the
quarter ended September 30, 2000 were $9.7 million, a 26% increase over the
comparable prior period revenues of $7.6 million.
For the nine months ended September 30, 2000, net income was $1,750,000,
or $0.24 per diluted share. This was an increase of 133% from 1999's first
nine months net income of $750,000, or $0.11 per share. DTM's revenues for
the nine months ended September 30, 2000 were $28,140,000, a 21% increase over
the comparable prior year period revenues of $23,207,000.
John S. Murchison, III, DTM's President and CEO, said, "We are pleased and
excited to be able to report outstanding revenue and earnings growth. We had
good contribution from both continuing revenues and machine sales. Machine
shipments were at a record level for a third quarter. Approximately two-
thirds of the machines we shipped in the third quarter went to new customers,
a result we believe is a strong indication that the market for our selective
laser sintering product solutions continue to expand at a very solid pace.
Continuing revenues include service contracts, support services and sales of
sintering materials and were at record level for any quarter. Our North
American sales were very strong this quarter, which can be attributed to the
investments we have made over the past year in upgrading our sales effort in
that region. The strong performance in North America more than offset the
combined effects of a weak Euro and price competition in Europe. This very
solid performance for the third quarter led to a record for third quarter
earnings.
"During the third quarter, our LaserForm(R) ST-100 metal material system
was released for shipment to customers with sintering ovens after a successful
beta test that was concluded in the previous quarter. This new metal material
system is initially targeted for the production of prototype molds for use in
injection molding applications and for the creation of prototype metal parts.
Market interest in the LaserForm ST-100 is very high as indicated by the fact
that the majority of our third quarter customers ordered machines configured
with the capability to process the material. We expect the LaserForm ST-100
metal powder system will significantly broaden the applications for selective
laser sintering and expand the opportunity for future Sinterstation sales."*
Conference call
We will hold a conference call with the financial community to discuss our
third quarter results on Thursday morning, October 19, 2000. A recording of
this call can be heard from October 19, 2000 at 11:30 AM CT to
October 20, 2000 at 11:30 AM CT by calling 800-633-8284 or 858-812-6440 and
entering the reservation number 16585157.
About DTM Corporation
We market a system called the Sinterstation(R). It uses computer-
generated 3-dimensional drawings to quickly produce accurate, durable parts by
fusing powdered materials into solid objects with a laser. The parts are then
used in dozens of ways: as models, prototypes, molds, tooling, and patterns -
even as final products.
With a Sinterstation, companies like Boeing, Daimler Chrysler, Whirlpool
and others can go from their design files to plastic, metal, or ceramic parts
in hours or days, rather than weeks or months. By creating parts directly
from their computer drawings, they can test, produce, and market their new
products sooner -- and often with less cost.
Our customers say they prefer the Sinterstation to other options because
it is the fastest, most flexible, adaptable "rapid manufacturing" solution on
the market today.
For additional product information and investor services, visit the
company's Website at http://www.dtm-corp.com
Forward Looking Statement and Safe Harbor Disclaimer:
*Certain of the statements are forward-looking statements that involve
risks and uncertainties that could cause actual results to differ materially
and adversely from those set forth in the forward-looking statements,
including, without limitation: the markets being developed by DTM may not
develop; price reductions, reduced margins and loss of market share may occur
as a result of competition; quarterly fluctuations in operating results and
the difficulty in predicting results of operations may adversely affect stock
prices; additional capital sufficient to finance the business may not be
available, when needed, or if available might cause significant dilution; the
Company's dependence on a single product that is priced at the high end of the
range for today's rapid prototyping products has caused it to be adversely
affected in a soft market; the Company's intellectual property and proprietary
rights may not be valid or infringe the rights of others; DTM has significant
international operations with the inherent exposures; actions by controlling
shareholder could adversely affect stock prices; potential liabilities could
result from undetected errors or defects in Company products; and the
Company's stock price could be volatile, regardless of DTM's financial
performance.
The Company cautions that the foregoing list of important factors is not
exclusive. The Company does not undertake to update any written or oral
forward-looking statement that may be made from time to time by or on behalf
of the Company.
Note to Editors: Sinterstation(R), SLS(R), and LaserForm(R) are registered
trademarks of the Company in the United States. DTM(TM), CastForm(TM)
DuraForm(TM) and SandForm(TM) are trademarks of the Company in the United
States.
DTM Corporation
Consolidated Statement of Income
Three Months Ended September 30,
Unaudited 2000 1999
(In thousands, except
per share amounts)
Revenues
Products $ 8,100 $ 6,568
Service and support 1,554 1,068
9,654 7,636
Cost of sales:
Products 3,588 3,090
Service and support 1,020 911
4,608 4,001
Gross profit 5,046 3,635
Operating expenses:
Selling, general and administrative 3,430 2,654
Research and development 655 706
4,085 3,360
Operating income 961 275
Other income (expense):
Interest expense, net (36) (26)
(36) (26)
Income before income taxes 925 249
Income tax expense 300 68
Net income $ 625 $ 181
Earnings per share:
Basic earnings per share $ 0.09 $ 0.03
Diluted earnings per share $ 0.09 $ 0.03
Weighted average shares outstanding:
Basic 7,059 6,989
Diluted 7,385 6,989
DTM Corporation
Consolidated Statement of Income
Nine Months Ended September 30,
Unaudited 2000 1999
(In thousands, except
per share amounts)
Revenues
Products $ 23,764 $ 20,216
Service and support 4,376 2,991
28,140 23,207
Cost of sales:
Products 10,590 9,171
Service and support 2,923 2,071
13,513 11,242
Gross profit 14,627 11,965
Operating expenses:
Selling, general and administrative 9,607 8,845
Research and development 2,369 2,156
11,976 11,001
Operating income 2,651 964
Other income (expense):
Interest expense, net (91) (54)
Gain on sale of assets --- 129
(91) 75
Income before income taxes 2,560 1,039
Income tax expense 810 289
Net income $ 1,750 $ 750
Earnings per share:
Basic earnings per share $ 0.25 $ 0.11
Diluted earnings per share $ 0.24 $ 0.11
Weighted average shares outstanding:
Basic 7,031 6,737
Diluted 7,259 6,737
DTM Corporation
Consolidated Balance Sheets
Unaudited September 30,
2000 1999
(In thousands)
Assets
Current assets:
Cash $ 1,406 $ 671
Accounts receivable, net 8,276 6,354
Inventories 3,253 3,492
Prepaid expenses and other 336 466
Total current assets 13,271 10,983
Property, net 1,774 1,331
Capitalized software development costs, net 366 457
Patent and license fees, net 549 785
Total assets $ 15,960 $ 13,556
Liabilities and shareholders' equity
Current liabilities:
Bank line of credit $ --- $ 925
Accounts payable 3,075 2,884
Deferred revenues and customer deposits 2,416 2,140
Employee and agent compensation 1,313 883
Income taxes 75 289
Total current liabilities 6,879 7,121
Shareholders' equity:
Common stock - 7,068,823 shares
outstanding at September 30, 2000 2 1
Additional paid-in capital 54,214 54,016
Accumulated deficit (44,866) (47,585)
Accumulated other comprehensive loss (269) 3
Total shareholders' equity 9,081 6,435
Total liabilities and shareholders' equity $ 15,960 $ 13,556
Contact:
Geoff Kreiger +1.512.339.2922