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Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled quick-turn manufacturer, today announced its financial results for the first quarter ended March 31, 2012.
Highlights for Q1 2012 include:
Revenue increased to a record $30.0 million, 34 percent above revenue of $22.3 million in the first quarter of 2011. On a sequential basis, revenue increased 17 percent compared to the fourth quarter of 2011.
International revenue grew to $7.8 million, or 26 percent of revenue, in the first quarter of 2012 compared to $4.9 million, or 22 percent of revenue in the same quarter in 2011.
During the first quarter of 2012, revenue from 753 new customer companies totaled $2.9 million and revenue from 2,931 existing customer companies totaled $27.1 million.
Gross margin was 59.1 percent of revenue in the first quarter of 2012 compared with 62.3 percent in the first quarter of 2011 and 56.8 percent in the fourth quarter of 2011.
Net income totaled $4.8 million, or $0.22 per share. After adding back the after-tax expense of stock compensation, non-GAAP net income was $5.4 million, or $0.24 per share. See “Non-GAAP Financial Measure” below.
“Our first quarter revenue demonstrates the growing demand for our unique, technology-enabled manufacturing services,” said Brad Cleveland, President and CEO of Proto Labs. “We are especially pleased with the growth of new customers as our experience shows that once a customer does business with us, they tend to come back in future periods and do even more business with us. Our marketing and sales engines continue to help drive our customer acquisition and revenue opportunities.”
Additional Q1 highlights include:
Operating margin was 25.5 percent of revenue compared with 31.7 percent in the first quarter a year ago and 19.1 percent in the 2011 fourth quarter.
Cash generated through the completion of the initial public offering was $72 million, net of offering expenses. As of March 31, 2012, cash and investment balances totaled $80 million.
Expenditures on capital equipment were $8.3 million in the first quarter of 2012.
“We significantly strengthened our balance sheet in the quarter, enhancing our cash position and providing us with the financial resources necessary to pursue our growth strategy to drive revenue and enhanced profitability. We are focused on our opportunities to increase penetration of existing customer accounts, acquire new customers in existing markets, expand into new markets overseas, and broaden our part envelope and introduce new manufacturing processes to serve a broader range of customer needs. I would like to thank the Proto Labs team who remained focused on execution and generated excellent financial results in the quarter,” concluded Mr. Cleveland.