Proto Labs Reports Second Quarter 2012 Financial Results

Proto Labs, Inc. (NYSE:PRLB), a leading online and technology-enabled quick-turn manufacturer, today announced its financial results for the second quarter and the first six months ended June 30, 2012.

Highlights include:

• Revenue for the second quarter of 2012 increased to $30.0 million, 25 percent above revenue of $24.1 million in the second quarter of 2011. US revenue increased 26 percent to $23.9 million and European revenue increased 16 percent to $5.1 million in the second quarter of 2012 compared to the second quarter of 2011.
• For the first six months of 2012, revenue increased to $59.9 million, or 29 percent above revenue of $46.4 million during the first six months of 2011.
• During the first six months of 2012, revenue from 1,507 new customer companies totaled $7.4 million and revenue from 3,858 existing customer companies totaled $52.5 million.
• Net income during the second quarter of 2012 totaled $5.1 million, or $0.20 per share. After adding back the after-tax expense of stock compensation, non-GAAP net income was $5.7 million, or $0.23 per share. See “Non-GAAP Financial Measure” below.

“Our continuing revenue growth reflects the growing adoption of our Protomold and Firstcut services,” said Brad Cleveland, President and CEO of Proto Labs. “Our strong second quarter financial results were achieved despite macro-environment headwinds and demonstrate the robustness of our global, diversified, technology-enabled business and the benefits of a very broad customer base.”

Additional highlights include:

• Gross margin was 59.1 percent of revenue in the second quarter of 2012 compared with 60.4 percent in the second quarter of 2011.
• During the second quarter of 2012, spending on research and development, including the Protoworks initiatives, totaled $2.4 million, or 8.0 percent of revenue. This compares to $1.7 million, or 5.5 percent of revenue during the first quarter of 2012.
• Operating margin was 24.9 percent of revenue compared with 27.6 percent in the second quarter a year ago.
• Cash generated from operations totaled $11.5 million in the first six months of 2012 compared to $10.4 million during the same period in 2011.
• Expenditures on capital equipment were $12.7 million in the first half of 2012.

“Our world-class team continues to focus on acquiring new customers, growing our business with existing customers and expanding our services. We are working to continuously improve what is already the fastest and most-efficient low-volume custom manufacturing service in the world, and we’ve clearly just begun to scratch the surface of a global opportunity,” concluded Mr. Cleveland.

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