Proto Labs Reports Record Revenue And Net Income For The Third Quarter 2013 And Announces 2014 CEO Transition Plan

Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled quick-turn manufacturer, today announced record financial results for the third quarter ended September 30, 2013.

Highlights include:
  • Revenue for the third quarter of 2013 increased to a record $42.0 million, 29 percent above revenue of $32.5 million in the third quarter of 2012.
  • The record quarterly revenue was achieved through a 23 percent increase in the number of product developers served, combined with an increase of 5 percent in spending per product developer.
  • Net income for the third quarter of 2013 increased to a record $8.9 million, or $0.34 per diluted share. Non-GAAP net income, excluding the after tax expense of stock compensation, was $9.5 million, or $0.37 per diluted share. See “Non-GAAP Financial Measure” below.

“Our world-wide marketing and sales efforts led to a record number of product developers selecting Proto Labs to help them accelerate their ideas to markets. This resulted in record revenue globally and in each of our geographic markets. As we prepare to roll out additional services over the next few quarters, we remain confident that our ability to offer solutions to product developers will continue to drive our business forward,” said Proto Labs’ President and CEO Brad Cleveland.

Additional highlights include:
  • Gross margin was 61.8 percent of revenue in the third quarter of 2013 compared with 60.7 percent during the same quarter in 2012.
  • During the third quarter of 2013, spending on research and development, including the Protoworks initiatives, totaled $3.0 million, or 7.2 percent of revenue. This compares to $2.6 million, or 7.9 percent of revenue during the third quarter of 2012.
  • Operating margin was 31.9 percent of revenue during the third quarter of 2013 compared to 29.5 percent in the third quarter of 2012.
  • As measured on a year to date basis, cash generated from operations totaled $34.9 million and expenditures on capital equipment were $13.0 million.

Proto Labs also announced that CEO Brad Cleveland has notified the Board of Directors of his intent to resign once the Company has found a new CEO capable of leading the company’s continued growth.

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