UNITED STATES
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 September 30, 2004
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)
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DELAWARE |
95-4431352 |
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(State or Other
Jurisdiction of |
(I.R.S. Employer |
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26081 AVENUE HALL |
91355 |
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(Address of Principal Executive Offices) |
(Zip Code) |
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(661) 295-5600 |
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(Registrant’s Telephone Number, Including Area Code) |
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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 $0.001, outstanding as of October 29, 2004: 13,407,751
3D SYSTEMS CORPORATION
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PART I. |
FINANCIAL INFORMATION |
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ITEM 1. |
Condensed Consolidated Financial Statements |
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Condensed Consolidated Balance Sheets as of September 30, 2004 (unaudited) and December 31, 2003 |
1 |
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2 |
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3 |
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4 |
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5 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
20 |
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37 |
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37 |
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37 |
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38 |
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September 30, |
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December 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
19,854 |
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$ |
23,954 |
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Accounts receivable, net of allowance for doubtful accounts of $1,278 (2004) and $1,656 (2003) |
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19,707 |
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22,773 |
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Inventories, net of reserves of $2,537(2004) and $2,924 (2003) |
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13,531 |
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9,694 |
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Prepaid expenses and other current assets |
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4,485 |
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2,751 |
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Total current assets |
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57,577 |
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59,172 |
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Property and equipment, net |
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9,911 |
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11,455 |
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Intangible assets, net |
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11,084 |
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13,210 |
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Goodwill |
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44,869 |
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44,900 |
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Restricted cash |
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1,200 |
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1,200 |
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Other assets, net |
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1,286 |
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1,528 |
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$ |
125,927 |
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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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$ |
180 |
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$ |
165 |
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Accounts payable |
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7,736 |
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7,299 |
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Accrued liabilities |
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14,221 |
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16,466 |
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Customer deposits |
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756 |
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771 |
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Deferred revenues |
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13,069 |
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15,648 |
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Total current liabilities |
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35,962 |
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40,349 |
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Long-term debt, less current portion |
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3,745 |
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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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1,143 |
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2,579 |
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73,554 |
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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 $16,385, including accrued and unpaid dividends of $625) |
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15,214 |
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15,210 |
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Stockholders’ equity: |
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Common stock, $0.001 par value, authorized 25,000 shares; issued and outstanding 13,408 (2004) and 12,903 (2003) |
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13 |
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13 |
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Additional paid-in capital |
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88,481 |
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85,588 |
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Notes receivable from employees for purchase of stock |
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— |
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(19 |
) |
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Cumulative preferred stock dividends |
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(1,990 |
) |
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(867 |
) |
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Treasury stock, 8 shares (2004) and 6 shares (2003) at cost |
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(68 |
) |
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(45 |
) |
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Accumulated deficit in earnings |
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(48,357 |
) |
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(47,442 |
) |
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Accumulated other comprehensive loss |
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(920 |
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(530 |
) |
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Total stockholders’ equity |
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37,159 |
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36,698 |
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$ |
125,927 |
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$ |
131,465 |
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See accompanying notes to condensed consolidated financial statements.
1