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

Explanatory Note:

The ExOne Company was reorganized as a corporation on January 1, 2013 from a limited liability company. Financial statements presented herein are not reflective of the reorganization and should be read in conjunction with the Company's Annual Report on Form 10-K to be filed with the SEC on or before April 1, 2013. The ExOne Company completed its initial public offering of 6.1 million shares of common stock on February 12, 2013. 

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "typically," "anticipates," "believes," "appears," "could," "plan," and other similar words.  Such statements include, but are not limited to, statements concerning future revenue and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, which include our ability to qualify more materials in which we can print; the availability of skilled personnel; our strategy, including the expansion and growth of our operations; the impact of loss of key management; our plans regarding increased international operations in additional international locations; sufficiency of funds for required capital expenditures, working capital, and debt service; the adequacy of sources of liquidity; expectations regarding demand for our industrial products, operating revenues, operating and maintenance expenses, insurance expenses and deductibles, interest expenses, debt levels, and other matters with regard to outlook; demand for aerospace, automotive, energy and other industrial products; the impact of disruption of our manufacturing facilities or PSCs; liabilities under laws and regulations protecting the environment; the impact of governmental laws and regulations; operating hazards, war, terrorism and cancellation or unavailability of insurance coverage; the effect of litigation and contingencies; and the adequacy of our protection of our intellectual proper, and other factors disclosed in the Company's Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission.  Because they are forward-looking, these statements should be evaluated in light of important risk factors and uncertainties.

Should one or more of these risks or uncertainties materialize, or should any of ExOne's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

The ExOne Company
Consolidated Statements of Operations
($ in thousands)
  Three months ended December 31, Year ended  December 31,
  2012 2011 2012 2011
Revenue $ 12,744  $ 2,718 $ 28,657  $ 15,290
Cost of sales   6,496  2,320  16,514  11,647
Gross profit  6,248  398  12,143  3,643
Gross margin 49.0% 14.6% 42.4% 23.8%
Operating expenses        
Research and development  751  385  1,930  1,531
Selling, general and administrative  3,458  2,090  18,285  7,286
   4,209  2,475  20,215  8,817
Income (loss) from operations  2,039   (2,077)  (8,072)  (5,174)
Operating margin 16.0% -76.4% -28.2% -33.8%
Other (income) expense        
Interest expense  300  382  842  1,570
Other (income) expense – net   (147)   (191)  (221)  (158)
   153  191  621  1,412
Profit (loss) before income taxes  1,886  (2,268)  (8,693)  (6,586)
Provision for income taxes  824  322  995  1,031
Net income (loss)  1,062  (2,590)  (9,688)  (7,617)
Less: Net income attributable to noncontrolling interests  160  176  480  420
Net income (loss) attributable to ExOne $ 902  $ (2,766)  $ (10,168)  $ (8,037)
The ExOne Company
Condensed Consolidated Balance Sheets
($ in thousands)
  December 31,
  2012 2011
Current assets:    
Cash and cash equivalents  $ 2,802  $ 3,496
Accounts receivable – net  8,413  1,335
Inventories - net  7,485  4,431
Prepaid expenses and other current assets  1,543  854
Total current assets  20,243  10,116
Property and equipment - net  12,467  7,919
Other noncurrent assets  365  580
Total assets  $ 33,075  $ 18,615
Current liabilities:    
Line of credit  $ 528  $ -- 
Demand note payable to member  8,666  -- 
Current portion of long-term debt and financing leases  2,948  1,294
Accounts payable, accrued expenses and other current liabilities  7,065  4,863
Preferred unit dividends payable  1,437  -- 
Deferred revenue and customer prepayments  4,281  4,938
Total current liabilities  24,925  11,095
Long-term debt and financing leases - net of current portion  7,618  4,135
Redeemable preferred units  --   18,984
Other noncurrent liabilities  491  --  
Total liabilities  33,034  34,214
Commitments and contingencies    
Members' equity (deficit)    
Total ExOne members' deficit  (2,545)  (17,705)
Noncontrolling interests  2,586   2,106
Total members' equity (deficit)  41  (15,599)
Total liabilities and members' deficit  $ 33,075  $ 18,615
The ExOne Company
Additional Information
Machine Sales by Type    
  Three months ended December 31, Year  ended December 31,
Machines 2012 2011 2012 2011
S 15 -- -- 1 2
S Max 5 -- 9 1
S Print 3 -- 3 1
Other -- 1 -- 1
Total 8 1 13 5
         Nicole McEwen
         Marketing Director
         (724) 765-1328
         John Irvin
         Chief Financial Officer
         (724) 765-1310
         Deborah K. Pawlowski
         Kei Advisors LLC
         (716) 843-3908

The ExOne Company logo

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