Proto Labs Reports Record Revenue And Net Income For The Third Quarter 2012

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

Highlights include:

• Revenue for the third quarter of 2012 increased to a record $32.5 million, 21 percent above revenue of $26.9 million in the third quarter of 2011.
• European revenue grew 14 percent and Japan revenue grew 15 percent sequentially in the third quarter of 2012 compared to the second quarter.
• For the first nine months of 2012, revenue increased to $92.4 million, or 26 percent above revenue of $73.3 million during the first nine months of 2011.
• During the first nine months of 2012, revenue from 2,251 new customer companies totaled $13.6 million and revenue from 4,394 existing customer companies totaled $78.8 million.
• Net income during the third quarter of 2012 totaled $6.7 million, or $0.26 per diluted share. After adding back the after-tax expense of stock compensation, non-GAAP net income was $7.3 million, or $0.29 per diluted share. See “Non-GAAP Financial Measure” below.

“We are pleased to report record quarterly revenue for Proto Labs,” said Brad Cleveland, President and CEO. “It is particularly encouraging that all of our global operations contributed to this result, with sequential growth occurring in the United States, Europe and Japan.”

Additional highlights include:

• Gross margin was 60.7 percent of revenue in the third quarter of 2012 compared with 59.1 percent in the second quarter of 2012.
• During the third quarter of 2012, spending on research and development, including the Protoworks initiatives, totaled $2.6 million, or 7.9 percent of revenue. This compares to $2.4 million, or 8.0 percent of revenue during the second quarter of 2012.
• Operating margin was 29.5 percent of revenue during the third quarter of 2012 compared to 24.9 percent in the second quarter of 2012.
• Cash generated from operations totaled $19.3 million in the first nine months of 2012. Expenditures on capital equipment were $14.4 million in the first nine months of 2012.

“Our record quarterly net income reflects the impact of our ongoing margin expansion initiatives around the world, and I would like to congratulate my global colleagues for their achievements despite macro-economic challenges,” concluded Mr. Cleveland.

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