Stratasys Reports Record First Quarter Financial Results

This release is available on the Stratasys web site at www.stratasys.com

Additional information on the Mojo 3D printer can be accessed at www.mojo3dprinting.com; and http://www.mojo3dprinting.com/printers/videos.aspx.

Important Information for Investors and Shareholders

In connection with the proposed combination of Objet and Stratasys pursuant to an Agreement and Plan of Merger (the “Merger”), Objet will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4, which will include a proxy statement/prospectus of Stratasys and a prospectus of Objet, as well as other relevant materials in connection with the proposed transaction. Stratasys will concurrently file the same proxy statement/prospectus with the SEC and will mail it to Stratasys shareholders for purposes of soliciting proxies for voting in favor of the Merger at a special meeting of Stratasys stockholders called for the purpose of approving the Merger Agreement and the Merger. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT STRATASYS, OBJET AND THE PROPOSED TRANSACTION. The proxy statement/prospectus and other relevant materials (when they become available) and any other related documents filed with the SEC may be obtained free of charge on the SEC’s website at www.sec.gov or via the Stratasys website at www.stratasys.com. Shareholders may also obtain a copy of the SEC filings free of charge upon written request to Stratasys, Attention: Shane Glenn, Director of Investor Relations, 7665 Commerce Way, Eden Prairie, Minnesota 55344.

Stratasys’ executive officers and directors may be deemed to be participants in the solicitation of proxies from the shareholders of Stratasys in connection with the Merger. Information about Stratasys’ executive officers and directors and their ownership of Stratasys common stock is set forth in Amendment No. 1 to Stratasys’ Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the SEC on April 27, 2012.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Stratasys

Stratasys Inc. is a maker of additive-manufacturing machines for prototyping and producing plastic parts. The company markets under the brands uPrint, Mojo and Dimension 3D Printers and Fortus Production 3D Printers. The company also operates RedEye On Demand, a digital-manufacturing service for prototypes and production parts. Stratasys manufactures 3D printers for Hewlett Packard, which it sells under the brand Designjet3D. In 2011 Stratasys acquired 3D printer maker Solidscape Inc. According to Wohlers Report 2011, Stratasys had a 41-percent market share in 2010, and has been the unit market leader for the ninth consecutive year. Stratasys patented and owns the Fused Deposition Modeling (FDM®) process. The process creates functional prototypes and manufactured goods directly from any 3D CAD program, using high-performance industrial thermoplastics. The company holds more than 350 granted or pending additive-manufacturing patents globally. Stratasys products are used in the aerospace, defense, automotive, medical, business and industrial equipment, education, architecture, and consumer-product industries. Online at: www.Stratasys.com

FDM, Dimension, Fortus, uPrint, Mojo and Stratasys are registered trademarks of Stratasys Inc. Fused Deposition Modeling is a trademark of Stratasys Inc.

       
STRATASYS, INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF OPERATIONS
 
             

Three Months Ended March 31,

2012 2011
      (unaudited)     (unaudited)
 
Net sales
Products $ 37,545,792 $ 28,096,205
Services   7,418,309     6,481,924  
44,964,101 34,578,129
 
Cost of sales
Products 17,810,559 13,485,265
Services   4,198,599     2,842,412  
22,009,158 16,327,677
   
Gross profit 22,954,943 18,250,452
 
Operating expenses
Research and development 4,352,160 3,348,093
Selling, general and administrative   11,374,792     8,736,231  
15,726,952 12,084,324
   
Operating income 7,227,991 6,166,128
 
Other income (expense)
Interest income, net 250,426 205,781
Foreign currency transaction losses, net (52,337 ) (131,115 )
Other, net   97,625     1,396,606  
295,714 1,471,272
   
Income before income taxes 7,523,705 7,637,400
 
Income tax expense   3,001,370     2,647,905  
 
Net income $ 4,522,335   $ 4,989,495  
 
Earnings per common share
Basic $ 0.21   $ 0.24  
Diluted $ 0.21   $ 0.23  
 

Weighted average number of common shares outstanding

Basic   21,265,772     21,009,871  
Diluted   21,802,393     21,647,691  
 
 
Note: Certain reclassifications have been made to prior period balances to conform to current period presentation.
 
STRATASYS, INC. AND SUBSIDIARIES
       
CONSOLIDATED BALANCE SHEETS
 
             
March 31, December 31,
2012 2011
      (unaudited)      
 
ASSETS
 
Current assets
Cash and cash equivalents $ 24,427,680 $ 20,092,200
Short-term investments - held to maturity 17,621,567 14,602,408

Accounts receivable, less allowance for doubtful accounts of $1,010,000 at March 31, 2012 and $1,089,000 at December 31, 2011

28,149,480 26,230,289
Inventories 21,619,711 22,771,460

Net investment in sales-type leases, less allowance for doubtful accounts of $258,000 at March 31, 2012 and $230,000 at December 31, 2011

3,846,831 3,295,039
Prepaid expenses and other current assets 2,617,025 3,259,012
Deferred income taxes   2,973,000     2,973,000  
Total current assets   101,255,294     93,223,408  
 
Property and equipment, net   41,494,535     39,669,433  
 
Other assets
Goodwill 25,417,558 25,393,967
Other Intangible assets, net 25,020,741 25,295,032
Net investment in sales-type leases 5,500,508 5,494,753
Long-term investments - held to maturity 29,904,534 32,581,472
Other non-current assets   145,332     112,300  
Total other assets   85,988,673     88,877,524  
 
Total assets $ 228,738,502   $ 221,770,365  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities
Accounts payable and other current liabilities $ 19,404,542 $ 19,368,197
Unearned revenues   10,486,025     9,768,610  
Total current liabilities   29,890,567     29,136,807  
 
Non-current liabilities
Deferred tax liabilities 6,760,000 6,760,000
Unearned revenues - long-term   2,656,101     2,562,195  
 
Total liabilities   39,306,668     38,459,002  
 
Commitments and contingencies
 
Stockholders' equity

Common stock, $.01 par value, authorized 30,000,000 shares; 26,978,696 and 26,933,301 issued at March 31, 2012 and December 31, 2011, respectively

269,787 269,333
Additional paid-in capital 119,619,707 118,134,006
Retained earnings 108,534,193 104,011,848
Accumulated other comprehensive loss 12,572 (99,399 )

Treasury stock at cost, 5,687,631 shares at March 31, 2012 and December 31, 2011

  (39,004,425 )   (39,004,425 )
Total stockholders' equity   189,431,834     183,311,363  
 
Total liabilities and stockholders' equity $ 228,738,502   $ 221,770,365  
 
 
Note: Certain reclassifications have been made to prior period balances to conform to current period presentation.
             
STRATASYS, INC. AND SUBSIDIARIES
 
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
 
                               

Three Months Ended March 31, 2012

Three Months Ended March 31, 2011

As Reported Non-GAAP As Reported Non-GAAP
      (unaudited)   Adjustments     (unaudited)   (unaudited)   Adjustments     (unaudited)
 
Net sales
Products $ 37,545,792 $ - $ 37,545,792 $ 28,096,205 $ - $ 28,096,205
Services   7,418,309     -     7,418,309     6,481,924     -     6,481,924  
44,964,101 - 44,964,101 34,578,129 - 34,578,129
 
Cost of sales
Products 17,810,559 (436,012 ) (a) 17,374,547 13,485,265 - 13,485,265
Services   4,198,599     -     4,198,599     2,842,412     -     2,842,412  
22,009,158 (436,012 ) 21,573,146 16,327,677 - 16,327,677
           
Gross profit 22,954,943 436,012 23,390,955 18,250,452 - 18,250,452
 
Operating expenses
Research and development 4,352,160 - 4,352,160 3,348,093 - 3,348,093
Selling, general and administrative   11,374,792     (1,595,002 )

(b)

  9,779,790     8,736,231     (323,598 ) (d)   8,412,633  
15,726,952 (1,595,002 ) 14,131,950 12,084,324 (323,598 ) 11,760,726
           
Operating income 7,227,991 2,031,014 9,259,005 6,166,128 323,598 6,489,726
 
Other income (expense)
Interest income, net 250,426 - 250,426 205,781 - 205,781
Foreign currency transaction losses, net (52,337 ) - (52,337 ) (131,115 ) - (131,115 )
Other, net   97,625     -     97,625     1,396,606     (1,204,408 ) (e)   192,198  
295,714 - 295,714 1,471,272 (1,204,408 ) 266,864
           
Income before income taxes 7,523,705 2,031,014 9,554,719 7,637,400 (880,810 ) 6,756,590
 
Income tax expense   3,001,370     417,170   (c)   3,418,540     2,647,905     (330,197 ) (c)   2,317,708  
 
Net income $ 4,522,335   $ 1,613,844   $ 6,136,179   $ 4,989,495   $ (550,613 ) $ 4,438,882  
 
Earnings per common share
Basic $ 0.21   $ 0.08   $ 0.29   $ 0.24   $ (0.03 ) $ 0.21  
Diluted $ 0.21   $ 0.07   $ 0.28   $ 0.23   $ (0.03 ) $ 0.21  
 
Weighted average number of common
shares outstanding
Basic   21,265,772     21,265,772     21,009,871     21,009,871  
Diluted   21,802,393     21,802,393     21,647,691     21,647,691  
 

These adjustments reconcile the Company’s GAAP results of operations to its non-GAAP results of operations. The Company believes that presentation of results adjusted for the non-GAAP items described below provides meaningful supplemental information to both management and investors.

 
(a) Represents amortization expense related to acquired Solidscape, Inc. intangible assets.

(b) Represents non-cash stock-based compensation expense of $480,639, amortization expense of $133,333 related to acquired Solidscape, Inc. intangible assets and expense of 981,030 associated with the Company's current efforts to combine with Objet Ltd.

(c) Represents the tax benefit (expense) related to non-GAAP adjustments.
(d) Represents non-cash stock-based compensation expense.
(e) Represents gain on the sale of an equity investment during the first quarter of 2011.
 

The Company considers these non-GAAP measures to be indicative of its core operating results and facilitates a comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes, however these measures should not be viewed as a substitute for the Company’s GAAP results.

   
STRATASYS, INC. AND SUBSIDIARIES
 
FISCAL YEAR 2012
RECONCILIATION OF NON-GAAP TO GAAP FORWARD LOOKING GUIDANCE
 
        Earnings Per Diluted Share Range
 
U.S. GAAP measure $0.97 to $1.13
 

Adjustments

 
Stock-based compensation expense $0.04 to $0.08
Solidscape, Inc. intangible amortization expense $ 0.07
Objet-related transaction expense $0.14 to $0.17
 
Non-GAAP estimate $1.29 to $1.38
 

Forward looking guidance does not reflect the potential combined performance of Stratasys, Inc. and Objet Ltd, nor does it include the estimated costs that would be incurred upon closing the transaction.


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