ROCK HILL, South Carolina – April 26, 2012 - 3D Systems Corporation (NYSE: DDD) announced today non-GAAP adjusted earnings of 25 cents per share for the first quarter of 2012 and GAAP earnings of 12 cents per share.
Revenue increased 63% to $77.9 million over the first quarter of 2011. Printer units grew 153% for the quarter compared to 2011.
Gross profit grew 67% for the first quarter on higher revenue and gross profit margin expanded 143 basis points over the 2011 period to 50%.
The company reports non-GAAP measures that adjust net income and earnings per share by excluding the impact of amortization of intangibles, non-cash interest expense, non-recurring acquisition expenses, stock-based compensation and any release of the valuation allowance on deferred tax assets. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables and schedule two.
For the first quarter of 2012, the company reported non-GAAP adjusted net income of $13.2 million resulting in $0.25 earnings per share, up 47% compared to the first quarter of 2011, and GAAP net income of $6.2 million, which included the expected $2.4 million restructuring and severance costs from its first quarter Z Corp and Vidar acquisitions, resulting in $0.12 earnings per share.
The company generated $15.8 million of cash from operations in the first quarter 2012, after incurring a $13.1 million increase in its operating expenses from expected acquisition and higher sales and marketing costs. The increase also included a $2.1 million of higher R&D expenditures in support of its Cubify.com consumer initiative and expanded R&D programs in support of the businesses it acquired during the first quarter of 2012.
“We are pleased to report another quarter of record revenue and printer units,” said Abe Reichental, 3D Systems’ President and Chief Executive Officer. “Record print materials revenue and continued margin expansion drove our consolidated gross profit margin upward validating the earnings power of our business model.”
The table below summarizes the company’s key 2012 non-GAAP financial results for the first quarter.
(see PDF for more information)