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The ExOne Company Reports $9.2 Million Of Revenue In The Second Quarter Of 2013

Stocks in this article: XONE

Approximately $40 million to $50 million in growth investments for manufacturing capacity and PSC development are planned for 2013 and 2014. This includes approximately $20 million for the recently announced expansion and consolidation of the Company's German operations. 

Webcast and Conference Call

ExOne will host a conference call and live webcast Wednesday, August 14 th at 8:30 a.m. Eastern Time. During the conference call and webcast, management will review the financial and operating results for the second quarter and discuss ExOne's corporate strategies and outlook. A question-and-answer session will follow.   The teleconference can be accessed by calling (201) 689-8471. The webcast can be monitored on the Company's website at www.exone.com

A telephonic replay will be available from 11:30 a.m. ET on the day of the teleconference through Wednesday, August 21, 2013. To listen to a replay of the call, dial (858) 384-5517 and enter the conference ID number 417130. An archive of the webcast will be available on the Company's website at www.exone.com and will include a transcript, once available.

About ExOne

ExOne is a global provider of 3D printing machines and printed products to industrial customers. ExOne's business primarily consists of manufacturing and selling 3D printing machines and printing products to specification for its customers using its in‐house 3D printing machines. ExOne offers pre‐production collaboration and prints products through Production Service Centers, which are located in the United States, Germany and Japan.  ExOne builds 3D printing machines at its facilities in the United States and Germany.  ExOne also supplies the associated products, including consumables and replacement parts, and services, including training and technical support, necessary for purchasers of its machines to print products.

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 property, 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
Condensed Statement of Consolidated Operations and Comprehensive Loss
($ in thousands, except per share data) 
(unaudited)
         
  Quarter Ended Six Months Ended
  June 30, June 30,
  2013 2012 2013 2012
         
Revenue $9,230 $4,676 $17,164 $7,398
Cost of sales 5,049 3,153 10,145 5,059
Gross profit 4,181 1,523 7,019 2,339
         
Operating expenses        
Research and development 1,276 348 2,132 832
Selling, general and administrative 3,908 4,262 7,476 5,948
  5,184 4,610 9,608 6,780
         
Loss from operations (1,003) (3,087) (2,589) (4,441)
         
Other (income) expense        
Interest expense 50 110 280 308
Other (income) expense - net (5) 18 (64) (27)
  45 128 216 281
         
Loss before income taxes (1,048) (3,215) (2,805) (4,722)
         
Provision for income taxes* 72 246 91 234
         
Net loss (1,120) (3,461) (2,896) (4,956)
         
Less: Net income attributable to noncontrolling interests  --  148 138 182
Net loss attributable to ExOne $ (1,120) $ (3,609) $ (3,034) $ (5,138)
         
Net loss attributable to ExOne per common share *:        
Basic $ (0.08) N/A $ (0.27) N/A
Diluted (0.08) N/A (0.27) N/A
         
Comprehensive loss:        
Net loss attributable to ExOne $ (1,120) $ (3,609) $ (3,034) $ (5,138)
Other comprehensive loss:        
Foreign currency translation adjustments (616) (257) (757) (317)
Comprehensive loss (1,736) (3,866) (3,791) (5,455)
         
Comprehensive loss attributable to ExOne $ (1,736) $ (3,866) $ (3,791) $ (5,455)
         
* Information is not comparable for the quarter and six months ended June 30, 2012 as a result of the reorganization of the company as a corporation on January 1, 2013.
     
The ExOne Company
Condensed Consolidated Balance Sheets
($ in thousands) (unaudited)
     
  June 30, December 31,
  2013 2012
Assets    
Current assets:    
Cash and cash equivalents $64,550 $2,802
Accounts receivable - net of allowance of $75 (2013) and $83 (2012) 5,672 8,413
Inventories - net 8,765 7,485
Prepaid expenses and other current assets 2,346 1,543
Total current assets 81,333 20,243
Property and equipment – net (Including amounts attributable to consolidated variable interest entities of $5,567 at December 31, 2012) 14,309 12,467
Deferred income taxes -- 178
Other noncurrent assets 476 187
Total assets $96,118 $33,075
Liabilities    
Current liabilities:    
Line of credit $ -- $528
Demand note payable to member -- 8,666
Current portion of long-term debt (Including amounts attributable to consolidated variable interest entities of $1,913 at December 31, 2012) 124 2,028
Current portion of capital and financing leases 507 920
Accounts payable 1,387 2,451
Accrued expenses and other current liabilities 4,660 4,436
Preferred unit dividends payable -- 1,437
Deferred income taxes -- 178
Deferred revenue and customer prepayments 1,980 4,281
Total current liabilities 8,658 24,925
Long-term debt - net of current portion(Including amounts attributable to consolidated variable interest entities of $3,150 at December 31, 2012) 2,146 5,669
Capital and financing leases - net of current portion 722 1,949
Other noncurrent liabilities 398 491
Total liabilities 11,924 33,034
Commitments and contingencies    
Stockholders' / Members' Equity (Deficit)    
ExOne stockholders' / members' deficit:    
Common stock, $0.01 par value, 200,000,000 shares authorized, 13,281,608 shares issued and outstanding 133 --
Additional paid-in capital 88,026 --
Accumulated deficit (3,034) --
Preferred units, $1.00 par value, 18,983,602 units issued and outstanding -- 18,984
Common units, $1.00 par value, 10,000,000 units issued and outstanding -- 10,000
Members' deficit -- (31,355)
Accumulated other comprehensive loss (931) (174)
Total ExOne stockholders' / members' equity (deficit) 84,194 (2,545)
Noncontrolling interests -- 2,586
Total stockholders' / members' equity 84,194 41
Total liabilities and stockholders' / members' equity $96,118 $33,075
     
The ExOne Company
Condensed Statement of Consolidated Cash Flows
($ in thousands)
(unaudited)
     
  Six Months Ended
  June 30,
  2013 2012
Operating activities    
Net loss $ (2,896) $ (4,956)
Adjustments to reconcile net loss to cash used for operations:    
Depreciation 1,096 805
Equity-based compensation 311 1,785
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:    
(Increase) decrease in accounts receivable 2,589 (2,082)
(Increase) decrease in inventories (2,542) (3,989)
(Increase) decrease in prepaid expenses and other assets (1,804) (673)
Increase (decrease) in accounts payable (1,461) 841
Increase (decrease) in accrued expenses and other liabilities 217 (226)
Increase (decrease) in deferred revenue and customer prepayments (2,643) 997
Cash used for operating activities (7,133) (7,498)
     
Investing activities    
Capital expenditures (1,548) (1,518)
Deconsolidation of noncontrolling interests in variable interest entities (2,327) --
Cash used for investing activities (3,875) (1,518)
     
Financing activities    
Net proceeds from issuance of common stock 91,083 --
Net change in line of credit borrowings (528) 913
Net change in demand note payable to member (9,885) 5,479
Proceeds from financing leases -- 985
Payments on long-term debt (5,427) (996)
Payments on capital and financing leases (1,905) (239)
Payment of preferred stock dividends (456) --
Cash provided by financing activities 72,882 6,142
     
Effect of exchange rate changes on cash and cash equivalents (126) (28)
     
Net change in cash and cash equivalents 61,748 (2,902)
Cash and cash equivalents at beginning of period 2,802 3,496
     
Cash and cash equivalents at end of period $64,550 $594
         
The ExOne Company
Additional Information
(unaudited)
         
Machine Sales by Type
         
  Quarter Ended Six Months Ended
  June 30, June 30,
  2013 2012 2013 2012
         
S-Max™ 4 1 6 1
S-Print™ -- -- 1 --
M-Lab™ -- -- 1 --
Orion™ -- -- 1 --
  4 1 9 1
         
The ExOne Company
Adjusted EBITDA Reconciliation
($ in thousands)
(unaudited)
         
  Quarter Ended Six Months Ended
  June 30, June 30,
  2013 2012 2013 2012
         
Net loss attributable to ExOne $ (1,120) $ (3,609) $ (3,034) $ (5,138)
         
Net income attributable to noncontrolling interests  --  148 138 182
Interest expense 50 110 280 308
Provision for income taxes 72 246 91 234
Depreciation 524 421 1,096 805
Equity-based compensation* 200  --  311  -- 
Other (income) expense - net (5) 18 (64) (27)
         
Adjusted EBITDA (279) (2,666) (1,182) (3,636)
         
*As noted above, amounts reflected for equity-based compensation relate solely to expense incurred in connection with equity-based awards granted under ExOne's 2013 Equity Incentive Plan. During both the quarter and six months ended June 30, 2012, we incurred $1,785 of equity-based compensation expense related to the sale of common units by the majority member of the former limited liability company to another existing member of the former limited liability company. As this transaction is not a part of ExOne's 2013 Equity Incentive Plan, the Company has elected not to consider the related equity-based compensation in measuring Adjusted EBITDA for the respective 2012 periods.

ExOne defines Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) as net income (loss) attributable to ExOne (as calculated under accounting principles generally accepted in the United States ("GAAP")) plus net income (loss) of noncontrolling interests, provision (benefit) for income taxes, interest expense, depreciation, equity-based compensation associated with its 2013 Equity Incentive Plan and other (income) expense - net. Use of Adjusted EBITDA, which is a non-GAAP financial measure, as defined under the rules of the U.S. Securities and Exchange Commission (SEC), is intended as a supplemental measure of ExOne's performance that is not required by, or presented in accordance with, GAAP.  Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to ExOne or any other performance measure derived in accordance with GAAP. The Company's presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.

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