VALENCIA, Calif.--(BUSINESS WIRE)--March 24, 2003--3D Systems
Corp. (Nasdaq:
TDSC) announced today an update on the status of the
audit of its fiscal year ending December 31, 2002.
The Company stated that, as of March 24, 2003, the Company's
auditors had not completed their audit, and would be unable to
complete this audit until the Company's Audit Committee had completed
its investigation of certain matters, principally relating to the
timing of revenue recognition for transactions that occurred during
2002.
In order to meet this requirement, the Company's Audit Committee
has retained the law firm of Morgan, Lewis & Bockius, LLP, which has
engaged the accounting firm of BDO Seidman, LLP to review selected
sales transactions. Although there can be no assurances given at this
time, the Company seeks to complete its audit in time to file its Form
10K by April 15, which would be timely under applicable SEC
regulations (including any extensions). Its investor conference call,
which was postponed on February 18, 2003, will be rescheduled
following completion of the 2002 audit.
About 3D Systems
Founded in 1986, 3D Systems, the solid imaging company(SM),
provides solid imaging products and solutions that reduce the time and
cost of designing products and facilitate direct and indirect
manufacturing. Its systems utilize patented technologies to create
physical objects from digital input that can be used in design
communication, prototyping, and as functional end-use parts.
3D Systems currently offers the ThermoJet(R) solid object printer,
SLA(R) (stereolithography) systems, SLS(R) (selective laser sintering)
systems, and Accura(R) materials (including photopolymers, metals,
nylons, engineering plastics, and thermoplastics).
3D Systems is the originator of the advanced digital manufacturing
(ADM(SM)) solution for manufacturing applications. ADM is the
utilization of 3D Systems solid imaging technologies to accelerate
production of smaller volumes of customized/specialized parts. A
typical ADM center is expected to contain multiple 3D Systems' SLA,
MJM and/or SLS systems dedicated to full-time manufacturing
applications.
Product pricing in the U.S. ranges from $49,995, for the ThermoJet
printer, to $799,000 for the high-end SLA 7000 system. 3D Systems'
multiple platform product line enables companies to choose the most
appropriate systems for applications ranging from the creation of
design communication models to prototypes to production parts. More
information on the company is available at
www.3dsystems.com, or by
phoning 888/337-9786, or 661/295-5600 ext. 2882 internationally. An
investor packet can be obtained by calling 800/757-1799.
Note to editors: ADM and the solid imaging company are service
marks; and si2 is a trademark; and ThermoJet, SLA, SLS, Accura and the
3D logo are registered trademarks of 3D Systems Inc.
Certain statements in this news release may include
forward-looking statements that express the expectation, prediction,
belief or projection of 3D Systems. These statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance and achievement of 3D Systems to be
materially and adversely different from any future results,
performance or achievement expressed or implied by these
forward-looking statements. Factors that may cause actual results to
differ from the forward-looking statements contained in this release
and that may affect the company's prospects in general include, but
are not limited to: the timing and outcome of the Audit Committee
investigation; the funding of amounts of capital adequate to provide
for the working capital needs of the company; actions of competitors
and customers; the company's ability to successfully design and
produce new products; customer acceptance of new products; the
company's ability to enter into successful relationships with new
customers to fully exploit its products; the company's ability to
successfully implement all elements of its restructuring and cost
savings program, and such other factors as are described in the
company's filings with the Securities and Exchange Commission. The
company does not undertake to update any forward-looking statements.
CONTACT: 3D Systems Corp. Elizabeth Goode, 661/295-5600, Ext. 2632 Director Marketing Email Contact or Self & Associates Trudy Self, 909/336-5685 Email Contact