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

Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled quick-turn manufacturer, today announced its financial results for the fourth quarter and the year ended December 31, 2012.

Highlights include:

• Revenue for the fourth quarter of 2012 increased to a record $33.6 million, 31 percent above revenue of $25.6 million in the fourth quarter of 2011.
• For the year ended 2012, revenue increased to $126.0 million, or 27 percent above revenue of $98.9 million during 2011.
• During 2012, revenue from 2,991 new customer companies totaled $20.8 million and revenue from 4,763 existing customer companies totaled $105.2 million.
• Net income for the fourth quarter of 2012 totaled $7.4 million, or $0.29 per diluted share. Non-GAAP net income, excluding the after tax expense of stock compensation, was $7.9 million, or $0.31 per diluted share. See “Non-GAAP Financial Measure” below.
• Net income during 2012 totaled $24.0 million, or $0.98 per diluted share. Non-GAAP net income, excluding the after tax expense of stock compensation, was $26.2 million, or $1.07 per diluted share. See “Non-GAAP Financial Measure” below.

“The fourth quarter was a strong finish to a very good year, marked by record quarterly revenue and net income for Proto Labs,” said Brad Cleveland, President and CEO. “It is particularly encouraging that each of our global operations in the United States, Europe and Japan achieved quarterly revenue records. Our global colleagues did a tremendous job during the quarter despite significant economic challenges.”

Additional highlights include:

• Gross margin was 62.5 percent of revenue in the fourth quarter of 2012 compared with 56.8 percent during the same quarter in 2011.
• During the fourth quarter of 2012, spending on research and development, including the Protoworks initiatives, totaled $2.5 million, or 7.5 percent of revenue. This compares to $1.6 million, or 6.2 percent of revenue during the fourth quarter of 2011.
• Operating margin was 30.5 percent of revenue during the fourth quarter of 2012 compared to 19.1 percent in the fourth quarter of 2011.
• Cash generated from operations totaled $25.3 million during 2012. Expenditures on capital equipment were $17.4 million during 2012.

“Our manufacturing and engineering teams also continued their focus on streamlining our processes and further improving our already excellent margins. The result was yet another increase in our net income, and I would like to congratulate everyone involved on the success of their efforts,” concluded Mr. Cleveland.

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