The inventor of Stereolithography seems to be pulling out of the recession right along with its customers.
3D Systems Corporation (NASDAQ: TDSC) announced today that it earned 9 cents per share during the first quarter on a 32% revenue increase, 37% gross profit improvement and 4% lower operating expenses compared to the first quarter of 2009.
The company reported that its $2.0 million net income for the quarter included $1.8 million of non-cash expenses primarily related to depreciation and amortization expense. During the quarter, the company generated $1.7 million of net cash, after using $3.0 million to fund acquisitions, ending with $26.6 million of available cash compared to $24.9 million at December 31, 2009. Cash per share on March 31, 2010 was $1.16.
Systems revenue increased by $3.9 million compared to the 2009 quarter with 3D printer sales accounting for 54% of all systems revenue.
Materials sales grew by $3.0 million over the first quarter of 2009. The company said this rise indicates a continued recovery across the installed base.
“We are pleased with the continued revenue recovery and improved earnings from the operating leverage in our P&L,” said Abe Reichental, 3D Systems President and Chief Executive Officer. §