UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES |
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For the quarterly period ended June 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES |
Commission File No. 0-22250
3D SYSTEMS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE |
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95-4431352 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
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26081 AVENUE HALL |
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91355 |
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(Address of Principal Executive Offices) |
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(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 reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
Shares of Common Stock, par value $0.001, outstanding as of July 31, 2004: 13,197,784
3D SYSTEMS CORPORATION
TABLE OF CONTENTS
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PART I. |
FINANCIAL INFORMATION |
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ITEM 1. |
Condensed Consolidated Financial Statements |
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Condensed Consolidated Balance Sheets as of June 30, 2004 (unaudited) and December 31, 2003 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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3D SYSTEMS CORPORATION
Condensed Consolidated Balance Sheets
As of June 30, 2004 and December 31, 2003
(amounts in thousands)
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June 30, 2004 |
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December 31, 2003 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
19,971 |
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$ |
23,954 |
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Accounts receivable, net of allowance for doubtful accounts of $1,412 (2004) and $1,656 (2003) |
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18,035 |
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22,773 |
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Inventories, net of reserves of $2,634 (2004) and $2,924 (2003) |
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13,509 |
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9,694 |
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Prepaid expenses and other current assets |
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2,173 |
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2,751 |
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Total current assets |
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53,688 |
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59,172 |
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Property and equipment, net |
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10,137 |
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11,455 |
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Intangible assets, net |
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11,794 |
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13,210 |
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Goodwill |
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44,799 |
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44,900 |
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Restricted cash |
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1,200 |
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1,200 |
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Other assets, net |
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1,359 |
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1,528 |
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$ |
122,977 |
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$ |
131,465 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
175 |
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$ |
165 |
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Accounts payable |
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7,530 |
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7,299 |
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Accrued liabilities |
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12,955 |
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16,466 |
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Customer deposits |
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709 |
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771 |
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Deferred revenues |
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14,750 |
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15,648 |
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Total current liabilities |
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36,119 |
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40,349 |
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Long-term debt, less current portion |
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3,835 |
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3,925 |
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Convertible subordinated debentures |
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32,704 |
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32,704 |
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Other liabilities |
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1,471 |
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2,579 |
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74,129 |
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79,557 |
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Authorized 5,000 preferred shares; Series B convertible redeemable preferred stock, authorized 2,670 shares, issued and outstanding 2,627 (2004) and 2,634 (2003) shares, mandatory redemption in 2013 (aggregate liquidation value of $15,427) |
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15,199 |
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15,210 |
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Stockholders’ equity: |
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Common stock, $0.001 par value, authorized 25,000 shares; issued and outstanding 13,190 (2004) and 12,903 (2003) |
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13 |
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13 |
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Additional paid-in capital |
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86,928 |
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85,588 |
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Notes receivable from employees for purchase of stock |
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— |
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(19 |
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Cumulative preferred stock dividends |
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(1,577 |
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(867 |
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Treasury stock, 8 shares (2004) and 6 shares (2003) at cost |
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(68 |
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(45 |
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Accumulated deficit in earnings |
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(50,483 |
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(47,442 |
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Accumulated other comprehensive loss |
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(1,164 |
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(530 |
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Total stockholders’ equity |
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33,649 |
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36,698 |
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$ |
122,977 |
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$ |
131,465 |
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See accompanying notes to condensed consolidated financial statements.
1
3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Operations
For the Three Months and Six Months Ended June 30, 2004 and June 27, 2003
(amounts in thousands, except per share amounts)
(unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, 2004 |
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June 27, 2003 |
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June 30, 2004 |
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June 27, 2003 |
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(as restated) |
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(as restated) |
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Revenue: |
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Products |
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$ |
17,613 |
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$ |
18,010 |
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$ |
37,342 |
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$ |
32,746 |
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Services |
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10,280 |
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8,861 |
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20,066 |
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17,141 |
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Total revenue |
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27,893 |
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26,871 |
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