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Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled quick-turn manufacturer, today announced record financial results for the fourth quarter ended December 31, 2013.
Revenue for the fourth quarter of 2013 increased to a record $44.0 million, 31 percent above revenue of $33.6 million in the fourth quarter of 2012.
The record quarterly revenue was achieved through a 21 percent increase in the number of product developers served combined with an increase of 9 percent in spending per product developer.
Net income for the fourth quarter of 2013 increased to a record $9.5 million, or $0.36 per diluted share. Non-GAAP net income, excluding the after tax expense of stock compensation, was $10.2 million, or $0.39 per diluted share. See “Non-GAAP Financial Measure” below.
“I am very proud of our many accomplishments in the fourth quarter of 2013, my last as CEO,” said Brad Cleveland, departing President and Chief Executive Officer of Proto Labs. “We were very successful during 2013 on all fronts, including gains with product developers, progress with our Protoworks initiatives, enhancements in our software, exceptional new employees, and of course, successive quarters of record financial results. Our organization is clearly in an excellent condition to transition the CEO position to Vicki Holt.”
Additional highlights include:
Gross margin was 62.7 percent of revenue in the fourth quarter of 2013 compared with 62.5 percent during the same quarter in 2012.
During the fourth quarter of 2013, spending on research and development, including the Protoworks initiatives, totaled $3.5 million, or 7.9 percent of revenue. This compares to $2.5 million, or 7.5 percent of revenue during the fourth quarter of 2012.
Operating margin was 31.5 percent of revenue during the fourth quarter of 2013 compared to 30.5 percent in the fourth quarter of 2012.
As measured on a year to date basis, cash generated from operations totaled $48.4 million and expenditures on capital equipment were $18.8 million. Cash and cash equivalents and investments totaled $143.4 million as of December 31, 2013.
“As part of the Proto Labs team for a few days now, I am enjoying getting to know the company and its employees,” said Victoria Holt, current President and Chief Executive Officer. “I am excited by this opportunity at Proto Labs and grateful to the Board of Directors for their confidence in my ability to lead the company to the next level of growth. We have exciting new services rolling out in Protoworks and during the next few months I will be spending time with our sales and marketing teams to gain a clear understanding of our customer base worldwide. I look forward to communicating with our investors the strengths of our business and our plans to drive continued growth and profitability.”