ExOne veröffentlicht Q3 2013 Ergebnisse

Das 3D-Technologie Unternehmen ExOne (XONE), präsentiert seine Ergebnisse für das 3.Quartal 2013.

Demnach soll der Umsatz des Unternehmens im Vergleich zum selben Quartal 2012 um $3,1 Mio. (+36%) auf $11,6 Mio. gewachsen sein. Der Umsatz setzt sich zu 67% (+50% im Vergleich zu Q3 2013) aus verkauften Maschinen zusammen. Insgesamt wurden 8 Anlangen (davon eine refurbished) verkauft. Im 3. Quartal 2012 waren es nur vier.

The ExOne Company Reports $11.6 Million of Revenue in the Third Quarter of 2013

• Revenue increased by $3.1 million, or 36%, over prior-year third quarter, driven by eight machine sales
• Achieved 45% gross margin in quarter
• Operating income improved to $0.3 million from operating loss of $5.7 million in the third quarter of the prior year
• Company reaffirms 2013 guidance

NORTH HUNTINGDON, Pa., Nov. 13, 2013 (GLOBE NEWSWIRE) — The ExOne Company (Nasdaq:XONE) (“ExOne” or “the Company”), a global provider of three-dimensional (“3D”) printing machines and printed products to industrial customers, reported financial results today for its 2013 third quarter and nine-month period ended September 30, 2013.

Revenue for the quarter was $11.6 million, up 36% compared with revenue of $8.5 million for the third quarter of 2012. Foreign currency had a $0.5 million, or 6%, unfavorable impact on revenue in the quarter. Net loss attributable to ExOne for the reported quarter was $0.2 million, or $0.02 per diluted share, an improvement of $5.7 million compared with a net loss attributable to ExOne of $5.9 million for the prior-year period.

Third Quarter of 2013: Revenue Growth—Driven by Strong Machine Sales and PSC Growth

During the quarter, machine revenue represented 67% of total revenue and increased 50% over the prior-year period. Four S-Max™ machines, the largest of the Company’s 3D printing machines, were sold to diverse geographic customers. One machine was sold to customers in each of Japan, Germany, Russia and the U.S. Additionally, machine sales included one each of the Company’s S-Print™, S15™ (refurbished), M-Flex™ and X1-Lab™. The S-Print was for a customer in Japan and the others were for U.S customers. Three S-Max machines and one S15 machine were sold in the prior year third quarter.

Production Service Center (“PSC”) revenue was up 16% over the prior-year quarter, reflecting ongoing demand for 3D printed products.

Third Quarter of 2013: Turned the Corner to Operating Profitability—Driven by Machine Sales

Gross profit for the quarter was $5.3 million, an improvement of $1.7 million, or 48%, compared with the third quarter of 2012. Gross profit as a percent of sales was 45.2% compared with 41.8% in the prior year. Gross profit and gross margin improved on volume, favorable sales mix and enhanced productivity in the Company’s PSCs.

Operating income was $0.3 million compared with an operating loss of $5.7 million in the third quarter of 2012, an improvement of $6.0 million. Selling, general and administrative (“SG&A”) expenses were $3.7 million, compared with $8.9 million in the prior-year quarter. The 2012 third quarter SG&A included a $6.0 million equity compensation charge compared with $0.2 million in the 2013 quarter. Research and development (“R&D”) expenses for the quarter increased by $1.0 million to $1.3 million, in support of the Company’s materials qualification and machine technology enhancements.

Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $1.1 million in the 2013 quarter, improved from an Adjusted EBITDA loss of $5.2 million last year. ExOne management believes that when used in conjunction with other measures prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), that Adjusted EBITDA, a non-GAAP measure, assists in the understanding of operating performance. See the attached tables for important disclosures regarding the Company’s use of Adjusted EBITDA as well as a reconciliation of net income (loss) attributable to ExOne to Adjusted EBITDA for both the quarter and nine-month periods ended September 30, 2013 and 2012.

Year-to-Date 2013 Review—Demonstrates Accelerating Growth

Revenue for the nine-month period ended September 30, 2013 was $28.8 million, up $12.9 million, or 81%, compared with the prior-year period, driven primarily by machine sales as well as growth in PSC revenue globally. Unfavorable currency translation impacted the comparison by $0.7 million, or 4%.

Year-to-date gross profit was $12.3 million, up $6.4 million compared with the last year’s year-to-date period. Gross profit as a percentage of sales improved to 42.6% from last year’s 37.0%. SG&A expense was $11.2 million, down $3.6 million from the prior-year period. R&D expense was $3.4, compared with $1.2 million in the same period of 2012, reflecting the Company’s investments in growth.

Operating loss for the period was $2.3 million, improved from a loss of $10.1 million during the comparable prior-year period. Net loss attributable to ExOne was $3.3 million, or $0.28 per diluted share, compared with $11.1 million for the 2012 period.

Capitalization

In September 2013, the Company issued 1.1 million shares in a secondary stock offering, raising approximately $65.3 million of proceeds, net of underwriting commissions, and resulting in 14.4 million shares outstanding at the end of the quarter. As of September 30, 2013, ExOne had $115.1 million of cash available to further its organic and acquisition growth strategy and $3.4 million of long-term debt and financing leases.

Outlook and Strategy

The Company continues to anticipate that its 2013 revenue will be at the lower end of its $48 million to $52 million guidance, its 2013 gross margin will be at the higher end of its 42% to 46% guidance and its 2013 operating expenses will be at the upper end of its $18 million to $21 million guidance.

Approximately $40 million to $50 million in growth investments, including manufacturing capacity expansion and PSC development, have been underway and are planned for the remainder of 2013 and 2014. This includes approximately $20 million for the recently announced expansion and consolidation of the Company’s German operations, of which approximately $5.8 million has been invested this quarter.

S. Kent Rockwell, Chairman and CEO, noted, “We continue to aggressively execute on our stated strategic plan — increasing machine sales, expanding our production capacity and PSC network, and building our material and binders portfolio. There are many exciting new projects we are involved with globally. As we look forward to 2014, we expect to achieve our long-term growth targets. We believe ExOne remains distinctively positioned as a leading industrial provider of 3D printing machines and printed products.”

Webcast and Conference Call

ExOne will host a conference call and live webcast Thursday, November 14th at 8:30 a.m. Eastern Time. During the conference call and webcast, management will review the financial and operating results for the third quarter and discuss ExOne’s corporate strategies and outlook. A question-and-answer session will follow. The teleconference can be accessed by calling (201) 689-8471. The webcast can be monitored on the Company’s website at www.exone.com.

A telephonic replay will be available from 11:30 a.m. ET on the day of the teleconference through Thursday, November 21, 2013. To listen to a replay of the call, dial (858) 384-5517 and enter the conference ID number 420962. An archive of the webcast will be available on the Company’s website at www.exone.com and will include a transcript, once available.

via ExOne