This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The ExOne Company Reports Revenue Growth On Higher Machine Sales In Fourth Quarter 2012

PSC revenue for the 2012 fourth quarter was up 52%, or $1.3 million, over the prior-year period. PSC revenue in 2012 improved by 31.3%, or $3.1 million, as the Company has increased its customer base from growing demand for 3D printed parts.   

Higher Machine Sales Results in Margin Expansion for the Quarter

Gross profit was $6.2 million in the fourth quarter of 2012, improved $5.8 million from gross profit of $0.4 million in the fourth quarter of 2011 driven by the significant increase in machine sales. Gross profit as a percent of sales was 49.0% in the fourth quarter of 2012 compared with 14.6% in the same period of 2011. Gross profit included a $1.5 million reduction in license fees.

Operating income for the fourth quarter of 2012 was $2.0 million, or 16.0% of sales, compared with an operating loss of $2.1 million in the fourth quarter of 2011. Improved operating income was due to higher sales volume. 

Full Year 2012 Operational Review

Gross profit was $12.1 million, or 42.4% of sales, in 2012. SG&A expenses were $18.3 million, or 63.8% of sales, for the year compared with $7.3 million, or 47.7% of sales, in 2011. Increased SG&A reflected investments for growth which included additional personnel to support higher future sales volume. Also included in SG&A for the year was approximately $1.9 million of expenses associated with the preparation for the initial public offering ("IPO") and a $7.7 million stock compensation expense. R&D expenses were $1.9 million in 2012, compared with $1.5 million in 2011. 

Excluding the aforementioned expenses of $9.6 million, operating income would have been $1.5 million for 2012, up from an operating loss of $5.2 million during 2011. As reported, consolidated operating loss for the year was $8.1 million. Backlog at December 31, 2012 was $5.1 million.

Balance Sheet Bolstered by Successful IPO

On February 12, 2013, ExOne completed its IPO of 6,095,000 shares of common stock at $18 per share, resulting in net proceeds to the Company of $92.0 million. Approximately $10.3 million of the proceeds were used to repay outstanding debt. In addition, we purchased the assets and repaid the liabilities of our variable interest entities for approximately $7.0 million. The Company plans to use the remainder of the proceeds to fund ExOne's growth initiatives, including the build out of an additional ten PSCs over the next three to five years and the expansion of our global manufacturing capacity, as well as further research and development, process improvement initiatives and other corporate purposes.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs