SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 24,
1997
3D SYSTEMS CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 0-22250 95-4431352
(State of Other (Commission (IRS Employer
Jurisdiction of File Number) Identification
No.)
Incorporation)
26081 Avenue Hall
Valencia, California 91355
(Address of Principal Executive Offices)
(805) 295-5600
(Registrant's Telephone Number)
<PAGE>
ITEM 5. OTHER EVENTS
------------
Reference is made to the press release of Registrant, issued on July 24,
1997, which contains information meeting the requirements of this Item 5,
and which is incorporated herein by this reference. A copy of this press
release is attached to this Form 8-K as Exhibit 99.1.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
July 30, 1997 3D SYSTEMS CORPORATION
By /s/ Edward C. Ferrier
------------------------
Edward C. Ferrier
Controller and Acting Chief
Financial Officer
<PAGE>
EXHIBIT INDEX
EXHIBITS PAGE NUMBER
- -------- -----------
99.1 Press Release dated July 24, 1997. 5
<PAGE>
NEWS RELEASE
------------
CONTACT: FOR IMMEDIATE RELEASE
Mary E. Woods
Investor Relations
805/295.5600 Ext. 2508
3D SYSTEMS CORPORATION ANNOUNCES
RECORD REVENUE IN SECOND QUARTER
VALENCIA, CALIF., July 24, 1997--3D Systems Corporation (Nasdaq -
NNM:TDSC) today reported record second quarter revenues of $21.8 million,
up 18 percent from last year's $18.6 million.
As anticipated, the company posted a net loss in the second quarter
of $279,681, or two cents a share, compared with net income of $801,068, or
seven cents a share, a year ago. Second quarter results were impacted by a
previously announced $500,000 non-recurring expense relating to severance
benefits.
For the six months ended June 30, net income was $107,865, or one
cent a share, compared with $1.9 million, or 16 cents a share, in the prior
year. Revenues climbed 15 percent to $43.3 million from $37.7 million a
year ago.
Arthur B. Sims, chairman and chief executive officer, stated that the
second quarter results were affected by continued softness in U.S. sales,
effects of foreign currency adjustments, as well as the non-recurring
severance expense.
(more)
<PAGE>
Page 2: 3D Systems Reports Record 2nd Quarter Revenue
The company achieved strong performance internationally, he said,
both in Europe and the Asia Pacific regions. "European sales were robust,
up 27 percent over last year's second quarter. Asia Pacific sales in the
quarter increased four-fold from the first quarter and in the first half
increased 150 percent compared to last year's first half."
On July 9 the Company announced that it signed a definitive agreement
to acquire from Carl Zeiss Jena GmbH, a majority interest in EOS GmbH, a
major European supplier of rapid prototyping systems that reported sales of
approximately $20 million in fiscal 1996. Terms were not disclosed and
3D's acquisition of Zeiss' 75.1 percent stake is subject to certain
conditions, including the expiration on or about August 11 of the minority
investor's preemptive right to acquire the majority interest.
"Our prospective acquisition of EOS offers potentially significant
operating synergy with our existing European operations and adds a
complementary technology, laser sintering, to our SLA and multi-jet
modeling technologies," Sims said.
3D Systems Corporation develops, manufactures and markets solid-
imaging systems. In manufacturing, 3D's products fabricate solid objects
using input from CAD/CAM systems, substantially reducing the time and cost
of bringing new products to market. Major applications include rapid
prototyping and tooling for products in a variety of manufacturing
industries worldwide, including automotive, aerospace, medical computer,
electronic and consumer products.
(more)
<PAGE>
Page 3: 3D Systems Reports 2nd Quarter Revenue
Except for the historical information contained in this news release,
the matters discussed are forward-looking statements that involve
uncertainties such as the timely development and acceptance of new
products, the impact of competitive products and pricing, industry-wide
economic conditions, the management of growth and other risks detailed from
time to time in the company's SEC reports, including Form 10-K for the year
ended December 31, 1996.
# # #
For investor information and faxed financials or press releases on demand,
please call our shareholder communications service at 800/757.1799.
<PAGE>
3D SYSTEMS CORPORATION
Consolidated Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Month Periods Ended Six Month Periods Ended
------------------------- -----------------------
June 28, 1996 June 27, 1997 June 28, 1996 June 27, 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Sales:
Products $ 11,923,002 $ 14,111,466 $ 25,599,885 $ 27,709,322
Services 6,632,346 7,691,979 12,122,027 15,552,935
------------- ------------- ------------- -------------
Total sales 18,555,348 21,803,445 37,721,912 43,262,257
------------- ------------- ------------- -------------
Cost of sales:
Products 5,419,266 7,711,852 11,583,47 14,999,244
Services 4,177,202 5,636,094 7,667,791 11,138,683
------------- ------------- ------------- -------------
Total cost of sales 9,596,468 13,347,946 19,251,262 26,137,927
------------- ------------- ------------- -------------
Gross profit 8,958,880 8,455,499 18,470,650 17,124,330
------------- ------------- ------------- -------------
Operating expenses:
Selling, general and administrative 6,225,735 7,170,603 12,427,754 13,561,294
Research and development 1,825,757 2,011,893 3,651,507 3,941,727
------------- ------------- ------------- -------------
Total operating expenses 8,051,492 9,182,496 16,079,261 17,503,021
------------- ------------- ------------- -------------
Income (loss) from operations 907,388 (726,997) 2,391,389 (378,691)
Interest income 376,777 334,622 832,294 685,670
Interest expense (5,158) (68,420) (11,498) (127,203)
------------- ------------- ------------- -------------
Income (loss) before
provision for income taxes 1,279,007 (460,795) 3,212,185 179,776
Provision for income taxes (benefit) (477,939) (181,114) (1,289,874) 71,911
------------- ------------- ------------- -------------
Net income (loss) $ 801,068 $ (279,681) $ 1,922,311 $ 107,865
============= ============= ============= =============
Net income (loss) per share $ .07 $ (.02) $ .16 $ .01
============= ============= ============= =============
Weighted average number of common and
common equivalent shares outstanding
during the period 11,814,114 11,376,199 11,795,599 11,643,948
============= ============= ============= =============
</TABLE>
<PAGE>
3D SYSTEMS CORPORATION
Consolidated Balance Sheets
<TABLE>
<CAPTION> (Unaudited)
ASSETS December 31, 1996 June 27, 1997
------------------ --------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 24,356,441 $ 18,630,098
Restricted cash 722,000 632,000
Short-term investments 3,759,492 ---
Accounts receivable, less allowances for
doubtful accounts of $379,583 (1996) and
$275,232 (1997) 19,601,383 21,234,194
Current portion of lease receivables 987,362 2,019,335
Inventories 12,309,588 15,684,449
Deferred tax assets 2,958,227 2,569,282
Prepaid expenses and other current assets 2,332,337 2,710,539
------------- -------------
Total current assets 67,026,830 63,479,897
Property and equipment, net 14,452,504 17,364,914
Licenses and patent costs, net 3,660,568 3,695,647
Deferred tax assets 1,821,000 1,821,000
Lease receivables, less current portion 3,773,573 6,360,431
Other assets 1,504,382 1,243,776
----------- -----------
$92,238,857 $93,965,665
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,805,930 $ 5,719,077
Accrued liabilities 6,890,343 6,690,884
Current portion of long-term debt 100,000 100,000
Customer deposits 894,111 945,867
Deferred revenues 5,572,892 6,891,816
------------- -------------
Total current liabilities 17,263,276 20,347,644
Other liabilities 1,472,991 1,421,918
Long-term debt, less current portion 4,800,000 4,745,000
------------- -------------
23,536,267 26,514,562
------------- -------------
Stockholders' equity:
Preferred stock, $.001 par value. Authorized 5,000,000
shares; none issued
Common stock, $.001 par value. Authorized 25,000,000
shares; issued and outstanding 11,358,892 (1996)
and 11,398,357 (1997) 11,359 11,398
Capital in excess of par value 72,527,768 72,727,613
Retained earnings (deficit) (4,308,471) (4,200,606)
Cumulative translation adjustment 471,934 (922,364)
Treasury stock, at cost, 25,000 shares --- (164,938)
-------------- --------------
Total stockholders' equity 68,702,590 67,451,103
-------------- --------------
$ 92,238,857 $ 93,965,665
============== ==============
</TABLE>
