Proto Labs, Inc. (NYSE: PRLB), a leading online and
technology-enabled quick-turn manufacturer, today announced its
record financial results for the second quarter ended June 30,
2013.
Highlights include:
- Revenue for the second quarter of 2013
increased to a record $39.7 million, 33 percent above revenue of
$30.0 million in the second quarter of 2012.
- The record quarterly revenue was
achieved through a 22 percent increase in the number of product
developers served combined with an increase of 8 percent in
spending per product developer.
- Net income for the second quarter of
2013 increased to a record $8.6 million, or $0.33 per diluted
share. Non-GAAP net income, excluding the after tax expense of
stock compensation, was $9.3 million, or $0.36 per diluted share.
See “Non-GAAP Financial Measure” below.
“This past quarter again demonstrates that product developers
value our services. Businesses today compete globally and need to
use technology to accelerate their new ideas to the market. As the
world’s fastest provider of CNC and injection-molded parts using
engineering-grade materials and real manufacturing processes, we
are well-placed to benefit from this trend and make product
developers more successful,” said Proto Labs’ President and CEO
Brad Cleveland.
Additional highlights include:
- Gross margin was 62.5 percent of
revenue in the second quarter of 2013 compared with 59.1 percent
during the same quarter in 2012.
- During the second quarter of 2013,
spending on research and development, including the Protoworks
initiatives, totaled $2.8 million, or 6.9 percent of revenue. This
compares to $2.4 million, or 8.0 percent of revenue during the
second quarter of 2012.
- Operating margin was 31.8 percent of
revenue during the second quarter of 2013 compared to 24.9 percent
in the second quarter of 2012.
- Gross margin in the second quarter
exceeded the target model for the third consecutive quarter; and
for the fourth consecutive quarter, operating margin also exceeded
the target model.
- As measured on a year to date basis,
cash generated from operations totaled $19.4 million and
expenditures on capital equipment were $6.1 million.
“Our sales and marketing teams dig deeper and wider in our
customer base. We are making progress in our R&D efforts to
expand the part envelope and services we offer. Our world-wide
manufacturing teams stress both productivity and quality and these
results are clearly seen in our excellent gross margins. We
anticipate that all of these efforts will generate solid growth for
our company in future quarters,” concluded Mr. Cleveland.
Non-GAAP Financial Measure
The company has included non-GAAP net income, adjusted for
stock-based compensation expense in this press release to provide
investors with additional information regarding the company’s
financial results. The company has provided below a reconciliation
of non-GAAP net income, adjusted for stock-based compensation
expense, to net income, the most directly comparable measure
calculated and presented in accordance with GAAP. Non-GAAP net
income, adjusted for stock-based compensation expense, is used by
the company’s management and board of directors to understand and
evaluate operating performance and trends and provides a useful
measure for period-to-period comparisons of the company’s business.
Accordingly, the company believes that non-GAAP net income,
adjusted for stock-based compensation expense, provides useful
information to investors and others in understanding and evaluating
operating results in the same manner as our management and board of
directors.
Conference Call
The company has scheduled a conference call to discuss its
second quarter financial results today, August 1 at 8:30 a.m. ET.
To access the call in the U.S. please dial 877-474-9506. Outside
the U.S. please dial 857-244-7559. Use participant code 36641968#.
A simultaneous webcast of the call will also be available on the
investor relations section of the company’s website at
www.protolabs.com/investors. An audio replay will be available for
14 days following the call on the investor relations website of
Proto Lab’s website.
About Proto Labs, Inc.Proto Labs is a leading online and
technology-enabled quick-turn manufacturer of custom parts for
prototyping and short-run production. Proto Labs provides “Real
Parts, Really Fast” to product developers worldwide. Proto Labs
utilizes computer numerical control (CNC) machining and injection
molding to manufacture custom parts for our customers. For more
information, visit protolabs.com.
Forward-Looking StatementsStatements contained in this
press release regarding matters that are not historical or current
facts are “forward-looking statements” within the meaning of The
Private Securities Litigation Reform Act of 1995. These statements
involve known and unknown risks, uncertainties and other factors
which may cause the results of Proto Labs to be materially
different than those expressed or implied in such statements.
Certain of these risk factors and others are described in the “Risk
Factors” section within reports filed with the SEC. Other unknown
or unpredictable factors also could have material adverse effects
on Proto Labs’ future results. The forward-looking statements
included in this press release are made only as of the date hereof.
Proto Labs cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Proto
Labs expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances.
Proto Labs, Inc. Condensed Consolidated
Balance Sheets (In thousands)
June
30, December 31, 2013
2012 (Unaudited)
Assets Current assets Cash and cash equivalents $ 35,446 $
36,759 Short-term marketable securities 30,330 25,137 Accounts
receivable, net 17,529 15,791 Inventory 4,875 4,619 Other current
assets 8,461 7,850 Total current assets 96,641 90,156
Property and equipment, net 47,144 45,316 Long-term
marketable securities 54,169 36,965 Other long-term assets
246 285 Total assets $ 198,200 $ 172,722
Liabilities and shareholders' equity
Current liabilities
Accounts payable $ 5,712 $ 4,758 Accrued compensation 4,372 5,995
Accrued liabilities and other 623 513 Current portion of long-term
debt obligations 180 273 Total current liabilities
10,887 11,539 Deferred tax liabilities 3,346 3,346 Long-term
debt obligations 241 356 Other long-term liabilities 700 782
Shareholders' equity 183,026 156,699 Total
liabilities and shareholders' equity $ 198,200 $ 172,722
Proto Labs,
Inc. Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited) Three Months Ended Six Months
Ended June 30, June 30,
2013
2012
2013
2012
Revenues Protomold $ 27,924 $ 21,446 $ 54,804 $ 43,239 Firstcut
11,825 8,505
22,258 16,682 Total
revenues 39,749 29,951 77,062 59,921 Cost of revenues
14,896 12,239
28,930 24,482 Gross profit
24,853 17,712 48,132 35,439 Operating expenses Marketing and
sales 5,550 4,557 10,813 8,998 Research and development 2,751 2,401
5,379 4,061 General and administrative
3,923
3,288 7,917
7,276 Total operating expenses
12,224 10,246
24,109 20,335 Income from
operations 12,629 7,466 24,023 15,104 Other income (expense), net
116 173
119 (404 ) Income
before income taxes 12,745 7,639 24,142 14,700 Provision for income
taxes
4,134 2,493
7,244 4,772 Net income
$ 8,611 $ 5,146
$ 16,898 $
9,928 Net income per share: Basic
$ 0.34 $ 0.22
$ 0.68 $ 0.44
Diluted
$ 0.33 $
0.20 $ 0.66 $
0.42 Shares used to compute net income
per share: Basic 25,258,932 23,929,886 25,030,283 22,432,415
Diluted 25,850,247 25,280,835 25,627,382 23,743,122
Proto Labs, Inc. Condensed Consolidated
Statements of Cash Flows (In thousands)
(Unaudited) Six Months Ended June 30,
2013 2012 Operating activities Net
income $ 16,898 $ 9,928 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 3,582 2,768 Stock-based compensation expense 1,736
1,620 Deferred taxes 307 - Excess tax benefit from stock-based
compensation (5,929 ) - Amortization of held-to-maturity securities
633 24 Loss on disposal of property and equipment 59 - Changes in
operating assets and liabilities:
2,162
(2,838 ) Net cash provided by
operating activities
19,448
11,502 Investing activities
Purchases of property and equipment (6,069 ) (12,664 ) Purchases of
marketable securities (57,310 ) (34,366 ) Proceeds from maturities
of marketable securities
34,280
250 Net cash used in investing activities
(29,099 )
(46,780 ) Financing
activities Proceeds from initial public offering, net of
offering costs - 71,530 Payments on debt (166 ) (191 ) Proceeds
from exercises of warrants and stock options 2,870 37 Excess tax
benefit from stock-based compensation
5,929
- Net cash provided by financing
activities
8,633
71,376 Effect of exchange rate changes on cash
and cash equivalents
(295 )
153 Net increase (decrease) in cash and cash
equivalents (1,313 ) 36,251
Cash and cash equivalents,
beginning of period 36,759
8,135 Cash and cash equivalents, end of
period $ 35,446 $
44,386
Proto Labs, Inc. Reconciliation of GAAP to
Non-GAAP Financial Measure (In thousands, except share and
per share amounts) (Unaudited) Three
Months Ended Six Months Ended June 30,
2013 June 30, 2013 Non-GAAP net
income, adjusted for stock-based compensation expense: GAAP net
income $ 8,611 $ 16,898 Add back: Stock-based compensation expense
Cost of revenue 73 144 Marketing and sales 151 301 Research and
development 181 354 General and administrative
466 937 Total
stock-based compensation expense 871 1,736 Less: Tax benefit on
stock-based compensation
(202 )
(408 ) Non-GAAP net income
$ 9,280 $
18,226 Non-GAAP net income per share:
Basic
$ 0.37 $
0.73 Diluted
$ 0.36
$ 0.71 Shares used
to compute non-GAAP net income per share: Basic 25,258,932
25,030,283 Diluted 25,850,247 25,627,382
Proto Labs,
Inc. Revenue by Geography - Based on Shipping Location
(In thousands) (Unaudited) Three
Months Ended Six Months Ended June
30, June 30,
2013
2012
2013
2012
Revenues Domestic United States $ 30,106 $ 22,905 $ 58,254 $ 45,080
International Europe 6,840 5,054 13,304 10,534 Japan 1,317 959
2,666 2,317 United States
1,486
1,033 2,838
1,990 Total international
9,643
7,046 18,808
14,841 Total revenue
$
39,749 $ 29,951
$ 77,062 $
59,921
Proto Labs, Inc. Customer Information (In
thousands, except customer amounts) (Unaudited)
Six Months Ended June 30, 2013 2012
Number ofCustomers
Revenue ($)
Number ofCustomers
Revenue ($) New customers 1,435 $ 7,952 1,507 $ 7,456
Existing customers
4,644 69,110
3,858 52,465 Total
6,079 $ 77,062
5,365 $ 59,921
Proto Labs, Inc. Product
Developer Information (Unaudited) Three Months
Ended Six Months Ended June 30, June 30,
2013 2012 2013 2012 Unique
product developers served
6,885 5,625
10,219 8,444
Proto Labs, Inc. Product Developer
Information - Quarterly (Unaudited) Three
Months Ended Jun. 30, Mar. 31, Dec. 31,
Sep. 30, Jun. 30, Mar. 31, Dec. 31,
Sep. 30, Jun. 30, Mar. 31, 2013
2013 2012 2012
2012 2012 2011
2011 2011 2011 Unique
product developers served
6,885 6,488
6,043 5,928 5,625
5,370 4,785 4,700
4,302 3,903
Proto Labs (NYSE:PRLB)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Proto Labs (NYSE:PRLB)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024