SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 28, 2002
OR
|
o |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File No. 0-22250
|
3D SYSTEMS CORPORATION |
||
|
(Exact Name of Registrant as Specified in its Charter) |
||
|
|
|
|
|
DELAWARE |
|
95-4431352 |
|
(State or other
jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
26081 AVENUE HALL, VALENCIA, CALIFORNIA |
|
91355 |
|
(Address of Principal Executive Offices) |
|
(Zip Code) |
|
|
|
|
|
(661) 295-5600 |
||
|
(Registrant’s Telephone Number, Including Area Code) |
||
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such report(s), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Shares of Common Stock, par value $0.001, outstanding as of July 26, 2002: 12,885,446
3D SYSTEMS CORPORATION
TABLE OF CONTENTS
2
3D SYSTEMS CORPORATION
As of June 28, 2002 and December 31, 2001
(in thousands)
(unaudited)
|
|
|
June 28, 2002 |
|
December 31, 2001 |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
6,696 |
|
$ |
5,948 |
|
|
Accounts receivable, less allowances for doubtful accounts of $3,145 (2002) and $2,710 (2001) |
|
32,031 |
|
38,181 |
|
||
|
Current portion of lease receivables |
|
391 |
|
498 |
|
||
|
Inventories |
|
16,532 |
|
17,822 |
|
||
|
Deferred tax assets |
|
4,388 |
|
5,271 |
|
||
|
Prepaid expenses and other current assets |
|
2,981 |
|
2,817 |
|
||
|
Total current assets |
|
63,019 |
|
70,537 |
|
||
|
|
|
|
|
|
|
||
|
Property and equipment, net |
|
17,395 |
|
17,864 |
|
||
|
Licenses and patent costs, net |
|
12,797 |
|
12,314 |
|
||
|
Deferred tax assets |
|
6,618 |
|
6,618 |
|
||
|
Lease receivables, less current portion |
|
1,150 |
|
1,750 |
|
||
|
Acquired technology, net |
|
8,441 |
|
9,192 |
|
||
|
Goodwill |
|
44,578 |
|
44,158 |
|
||
|
Other assets, net |
|
3,160 |
|
3,572 |
|
||
|
|
|
$ |
157,158 |
|
$ |
166,005 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Line of credit |
|
$ |
5,524 |
|
$ |
6,151 |
|
|
Accounts payable |
|
13,112 |
|
12,819 |
|
||
|
Accrued liabilities |
|
9,571 |
|
15,681 |
|
||
|
Current portion of long-term debt |
|
3,517 |
|
3,135 |
|
||
|
Customer deposits |
|
1,056 |
|
1,624 |
|
||
|
Deferred revenues |
|
13,932 |
|
13,697 |
|
||
|
Total current liabilities |
|
46,712 |
|
53,107 |
|
||
|
|
|
|
|
|
|
||
|
Deferred tax liabilities |
|
4,232 |
|
4,210 |
|
||
|
Other liabilities |
|
3,567 |
|
3,329 |
|
||
|
Long-term debt, less current portion |
|
14,665 |
|
16,240 |
|
||
|
Subordinated debt |
|
10,000 |
|
9,400 |
|
||
|
|
|
79,176 |
|
86,286 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Preferred stock, authorized 5,000 shares, none issued |
|
|
|
|
|
||
|
Common stock, authorized 25,000 shares, issued 12,869 and outstanding 12,644 (2002) and issued 13,357 and outstanding 13,132 (2001) |
|
13 |
|
13 |
|
||
|
Capital in excess of par value |
|
85,884 |
|
93,173 |
|
||
|
Notes receivable from officers |
|
(99 |
) |
(244 |
) |
||
|
Accumulated deficit |
|
(2,727 |
) |
(5,263 |
) |
||
|
Accumulated other comprehensive loss |
|
(3,549 |
) |
(6,420 |
) |
||
|
Treasury stock, at cost, 225 shares (2002 and 2001) |
|
(1,540 |
) |
(1,540 |
) |
||
|
Total stockholders’ equity |
|
77,982 |
|
79,719 |
|
||
|
|
|
$ |
157,158 |
|
$ |
166,005 |
|
See accompanying notes to consolidated financial statements
3
3D SYSTEMS CORPORATION
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
|
|
|
Three months ended |
|
Six months ended |
|
||||||||
|
|
|
June 28, 2002 |
|
June 29, 2001 |
|
June 28, 2002 |
|
June 29, 2001 |
|
||||
|
Sales: |
|
|
|
|
|
|
|
|
|
||||
|
Products |
|
$ |
19,349 |
|
$ |
17,201 |
|
$ |
38,292 |
|
$ |
37,887 |
|
|
Services |
|
9,433 |
|
7,841 |
|
17,686 |
|
15,058 |
|
||||
|
Total sales |
|
28,782 |
|
25,042 |
|
55,978 |
|
52,945 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
||||
|
Products |
|
11,025 |
|
8,313 |
|
21,768 |
|
||||||