MIRA INFORM REPORT
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Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
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Name : |
STRATASYS, INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1989 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer of three-dimensional (3D) printers
and 3D production systems for the office-based rapid prototyping (RP) and direct
digital manufacturing (DDM) markets |
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No. of Employees : |
530 employees |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United States - ECONOMIC OVERVIEW
The
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Source : CIA |
Company name & address
Stratasys, Inc.
Tel: 952-937-3000
Fax: 952-937-0070
Toll Free: (888) 480-3548
Web: www.stratasys.com
Synthesis
Employees: 530
Company Type: Public Parent
Corporate Family: 7
Companies
Traded: NASDAQ:
SSYS
Incorporation Date: 1989
Auditor: Grant Thornton LLP
Financials in: USD (Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: US
Dollar
Annual Sales: 155.9
1
Net Income: 20.6
Total Assets:
221.8 2
Market Value: 1,373.2 (14-Sep-2012)
Business Description
Stratasys, Inc. is a manufacturer of three-dimensional (3D) printers and
3D production systems for the office-based rapid prototyping (RP) and direct
digital manufacturing (DDM) markets. The Company develops, manufactures and
sells a product line of 3D printers and RP systems (and related consumable materials)
that create physical parts from computer-aided design (CAD) designs. It also
offers rapid prototyping and production part manufacturing services through its
centers located in North America, Europe and
Industry
Industry Computer Peripherals
ANZSIC 2006: 2421 - Computer and
Electronic Office Equipment Manufacturing
NACE 2002: 3002 - Manufacture
of computers and other information processing equipment
NAICS 2002: 334119 - Other
Computer Peripheral Equipment Manufacturing
UK SIC 2003: 3002 - Manufacture
of computers and other information processing equipment
UK SIC 2007: 2620 - Manufacture
of computers and peripheral equipment
US SIC 1987: 3577 - Computer
Peripheral Equipment, Not Elsewhere Classified
Key Executives
(Emails Available)
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Name |
Title |
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S. Scott Crump |
Chairman of the Board, President, Chief Executive Officer, Treasurer |
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Robert F. Gallagher |
Chief Financial Officer, Secretary |
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Thomas W. Stenoien |
Chief Operating Officer |
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Shane Glenn |
IR Contact |
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Bill Olsen |
Controller |
Significant
Developments
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* number of significant developments within the last 12 months
News
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Financial
Summary
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Stock
Snapshot
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ABI Number: 446202228
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Tel: 952-937-3000
Fax: 952-937-0070
Toll Free Tel: (888) 480-3548
Web: www.stratasys.com
Quote Symbol - Exchange
SSYS - NASDAQ
Sales USD(mil): 155.9
Assets USD(mil): 221.8
Employees: 530
Fiscal Year End: 31-Dec-2011
Industry: Computer
Peripherals
Incorporation Date: 1989
Company Type: Public
Parent
Quoted Status: Quoted
Chairman of the Board,
President,
Chief Executive Officer,
Treasurer: S.
Scott Crump
Company Web Links
Company Contact/E-mail
Employment Opportunities
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Product Codes
Brand/Trade Names
Financial Data
Market Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
2421 - Computer and Electronic Office Equipment Manufacturing
7000 - Computer System Design and Related Services
NACE 2002 Codes:
3002 - Manufacture of computers and other information processing
equipment
7222 - Other software consultancy and supply
NAICS 2002 Codes:
334119 - Other Computer Peripheral Equipment Manufacturing
541511 - Custom Computer Programming Services
US SIC 1987:
3577 - Computer Peripheral Equipment, Not Elsewhere Classified
7371 - Computer Programming Services
3002 - Manufacture of computers and other information processing
equipment
7222 - Other software consultancy and supply
2620 - Manufacture of computers and peripheral equipment
6202 - Computer consultancy activities
Business
Description
Stratasys, Inc., incorporated in 1989, is a manufacturer of
three-dimensional (3D) printers and 3D production systems for the office-based
rapid prototyping (RP) and direct digital manufacturing (DDM) markets. The
Company develops, manufactures and sells a product line of 3D printers and RP
systems (and related consumable materials) that create physical parts from
computer-aided design (CAD) designs. It also offers rapid prototyping and
production part manufacturing services through its centers located in North
America, Europe and
Products
Each of the
Company's products is based upon its fused deposition modeling (FDM) process.
The Company's products are sold as integrated systems, which consist of an RP
machine, the software to convert the CAD designs into a machine compatible
format, and modeling and support materials. The Dimension line of 3D printers
allows users to create parts in ABSplus plastic. The Fortus 900mc can build
parts measuring 4.5 feet diagonally.
FDM technology
allows the use of a variety of production grade plastic building materials than
other RP technologies. These materials are processed into filament form, which
is then fed into the FDM systems. The Company's spool-based system allows the
user to change material by mounting the spool and feeding the desired filament
into the FDM devices. It has 10 modeling materials commercially available for
use with its FDM technology: ABS, Polycarbonate (PC), PC-ABS, Polyphenylsufone
(PPSF), PC-ISO, ABS-M30i, ABSplus and M-30, ABSi, ULTEM 9085 and ABS-ESD7. In
addition to the modeling materials, the Company offers a water-soluble
material, WaterWorks.
The Company's
systems and 3D printers use one of two software products that convert the
three-dimensional CAD databases into the appropriate code to operate its FDM
system. The software products also provide a range of features, including
automatic support generation, part scaling, positioning and nesting, as well as
geometric editing capabilities. The software is integrated into the system and
is not sold as a stand-alone product. Catalyst EX, its entry-level software
product, enables users to build prototype parts at the push of a button. It is
used on Dimension 1200es SST and BST, Dimension Elite, uPrint, and uPrint Plus.
The Company's InSight preprocessing software is used on its Fortus products,
which includes Fortus 250mc, 360mc, 400mc, and 900mc.
Services
The Company
provides a number of services in relation to its rapid prototyping business. It
provides maintenance to its customers under the standard warranties and
separate maintenance contracts. In the United States, the Company leases or
rents Fortus 3D Production Systems and Dimension 3D printers to customers that
may not be interested in purchasing a printer. It offers training to its customers,
particularly on its high-performance systems. The Company also offers contract
engineering services to third parties. Its RedEye paid parts service produces
prototypes and end-use parts for customers from a customer-provided CAD file.
The Company’s RedEye on Demand Website service, www.redeyeondemand.com,
enables its customers to obtain quotes and order parts around-the-clock, seven
days a week. The Company has a relationship with two foreign service bureaus,
RapidPro and the Materialise Group. These service bureaus utilize Stratasys
printers, along with other technologies, to produce prototypes. RapidPro is an
Australian-based rapid manufacturing bureau. The Materialise Group specializes
in the field of rapid industrial and medical prototyping.
The Company
competes with 3D Systems, CMET, EOS GmbH, Z Corp., Solidscape, Objet Geometries
and Envisiontec
More Business Descriptions
Stratasys, Inc. is
a manufacturer of three-dimensional (3D) printers and 3D production systems for
the office-based rapid prototyping (RP) and direct digital manufacturing (DDM)
markets. The Company develops, manufactures and sells a product line of 3D
printers and RP systems (and related consumable materials) that create physical
parts from computer-aided design (CAD) designs. It also offers rapid
prototyping and production part manufacturing services through its centers
located in North America, Europe and
Rapid Prototyping
Devices Designer & Mfr for Creation of Physical Models from Computerized
Designs
Establishments
primarily engaged in manufacturing heavy machinery and equipment of a type used
primarily by the construction industries, such as bulldozers; concrete mixers;
cranes, except industrial plant overhead and truck-type cranes; dredging
machinery; pavers; and power shovels. Also included in this industry are
establishments primarily engaged in manufacturing forestry equipment and
certain specialized equipment, not elsewhere classified, similar to that used
by the construction industries, such as elevating platforms, ship cranes and
capstans, aerial work platforms, and automobile wrecker hoists.
Stratasys is
engaged in the development, manufacture and distribution of 3D printers, RP
systems and direct digital manufacturing (DDM) systems. Its products are used
by engineers and designers, for the creation of phsyical tools, models,
prototypes, jigs, and parts. The company serves multiple industries, including
automotive, aerospace, defence, educational institutions, medical equipment,
heavy equipment and electronics. The company's solutions are based on patented
fused deposition modeling (FDM®) technology and Genisys® technology.
Stratasys has its sales and service centers in North America, South America,
Stratasys, Inc.
(Stratasys), is a leading manufacturer of fabrication machines worldwide. The
company develops, manufactures and markets 3D printers and rapid prototyping
(RP) systems. It serves its clients in the office-based RP and direct digital
manufacturing (DDM) markets. The company serves various industries, including, automotive,
aerospace, architecture, consumer products, educational institutions, defence,
medical analysis, medical systems, electronics, and heavy equipment. Stratasys
is an ISO 9001:2008 certified company. Through its subsidiaries, resellers and
centers, it provides products and services across North America, South America,
Asia Pacific, and Europe.The company is headquartered in
Stratasys is one of
the leading manufacturers of in-office rapid prototyping and manufacturing
systems for automotive, aerospace, industrial, recreational, electronic,
medical and consumer product original equipment manufactures. Stratasys systems
allow design engineers to model highly complex geometries in a wide range of
high performance engineering materials. The company's rapid prototyping systems
create precision 3D prototyping parts directly from computer-aided design
systems for use in testing form, fit and function throughout the design and
development process. In addition to manufacturing products, Stratasys
distributes PolyJet rapid prototyping systems and Arcam rapid manufacturing and
prototyping systems. Stratasys is headquartered in
Manufacturer of
rapid prototyping and functional 3-D printing systems for automotive,
aerospace, industrial, electronic, medical, and consumer products. Products
include 3-D Modeler(tm), modeling systems used for constructing complete 3-D
physical representations of objects from 3-D wire frame, surface, or solid CAD
models. Developer of 3-D modeling software that runs on multiple platforms.
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Strategic Initiatives
Key Organizational
Changes
Our Solidscape technology
offers high precision castable wax models that are ideal when our customers
have the need for fine feature detail and is particularly well suited for DDM
applications in the jewelry and dental markets. We plan to expand our presence
in these areas by offering improved system capabilities and new and improved
material properties. We believe that the recent acquisition of Solidscape will
open up additional industrial market opportunities as we continue to develop
this technology. We also continued to collaborate with a Fortune 500 global
manufacturing company to advance our proprietary FDM technology for direct
digital manufacturing applications and will maintain this collaboration into
2012 for the seventh consecutive year. Leverage our recent ISO 9001:2008
certification.
We plan to expand
our presence in these areas by offering improved system capabilities and new
and improved material properties. We believe that the recent acquisition of
Solidscape will open up additional industrial market opportunities as we
continue to develop this technology. We also continued to collaborate with a
Fortune 500 global manufacturing company to advance our proprietary FDM
technology for direct digital manufacturing applications and will maintain this
collaboration into 2012 for the seventh consecutive year. Leverage our recent
ISO 9001:2008 certification. During 2010, we worked to refine and improve our
internal processes and documentation in order to obtain ISO 9001:2008
certification, a standard published by the International Organization for
Standardization.
The first phase of
the program is expected to be rolled out in 2012, with installation across more
than 20 high schools, which have focus on engineering studies. The program is
expected to generate an order of 50 Dimension 3D printers in the next four
years for the company.Strategic AcquisitionsStrategic acquisitions help the
company in achieving its goal in a short period of time with a choice of
technologies. The strategy is to expand through organic and inorganic modes. In
May 2011, the company made the significant acquisition of Solidscape, Inc., for
a consideration of $38m. Solidscape is a leading manufacturer of 3D printers,
with applicability in dental, medical, jewelry and industrial markets.
The program is
expected to generate an order of 50 Dimension 3D printers in the next four
years for the company.Strategic AcquisitionsStrategic acquisitions help the
company in achieving its goal in a short period of time with a choice of
technologies. The strategy is to expand through organic and inorganic modes. In
May 2011, the company made the significant acquisition of Solidscape, Inc., for
a consideration of $38m. Solidscape is a leading manufacturer of 3D printers,
with applicability in dental, medical, jewelry and industrial markets. Its
specialized technology is employed for the casting of highly precise metal
parts, with ultra-fine features and smooth surface finish.
Partnerships
Our Solidscape DoD
thermoplastic ink-jetting technology offers easy to use systems producing high
precision castable wax models. Our overall business strategies are designed to
increase customer awareness of these advantages, provide our customers with
high-quality new products and services based on the capabilities of these technologies,
expand the distribution channel of our systems and lower the overall cost of
creating physical models, parts, tooling and prototypes from a CAD file. Our
current market strategy focuses on the following areas: Expanding the
distribution channel for our Dimension products. Although we continue to
manufacture an HP-branded 3D printer for distribution in
Our overall
business strategies are designed to increase customer awareness of these
advantages, provide our customers with high-quality new products and services
based on the capabilities of these technologies, expand the distribution
channel of our systems and lower the overall cost of creating physical models,
parts, tooling and prototypes from a CAD file. Our current market strategy
focuses on the following areas: Expanding the distribution channel for our
Dimension products. Although we continue to manufacture an HP-branded 3D
printer for distribution in
Product
The company also
provides three modeling materials available for use with Solidscape technology namely,
Indura®Cast , plusCast™ and DentaCast®. In 2011, Stratasys incurred $14.3m
of investments towards research and development (R&D) activities, an
increase of 47.2% over the previous year and accounting to 9.2% of the
company's revenue. The increase in R&D costs was primarily due to new
product initiatives within 3D printing and 3D production systems and the
acquisition of Solidscape. Geographically, the company has classified its
operations into North America,
Resource Management
We intend to
compensate for these lower margins by the continued growth in the market for 3D
printers and thereby substantially increasing the number of 3D printers sold
and our overall revenues and profits. However, there can be no assurance that
we will be able to increase our revenue sufficiently to maintain or increase
our current profitability. Given our strong cash position and no debt, we
believe that we have adequate liquidity to fund our growth strategy in 2012. We
may make investments in strategic acquisitions, fixed assets, process improvements,
information technology (“IT”), and human resource development activities
that will be required for future growth. Our expense levels are based in part
on our expectations of future sales and we will make adjustments as we consider
appropriate.
Sales and Distribution
While we have
adjusted, and will continue to adjust, our expense levels based on both actual
and anticipated sales, fluctuations in sales in a particular period could
adversely impact our operating results. We believe that our growth is largely
dependent upon our ability to penetrate new markets and develop and market new
RP, DDM and 3D printing systems, materials, applications, and services that
meet the needs of our current and prospective customers. Our ability to
implement our strategy for 2012 is subject to numerous uncertainties, many of
which are described under “Risk Factors,” above, in this Management’s
Discussion and Analysis of Financial Condition and Results of Operations and in
the section below captioned “Forward Looking Statements and Factors That May Affect
Future Results of Operations.” We cannot ensure that our efforts will be
successful.GlobalData uses a range of research techniques to gather and verify
its information and analysis. These include primary research, in-house
knowledge and expertise, proprietary databases, and secondary sources such as
company websites, annual reports, SEC filings and press releases.
Although the
high-performance market is more competitive than the 3D printing market, we
believe that the growth in sales of our Fortus 3D production systems has been
driven mainly by the system and material performance capabilities of our
systems rather than price. As our installed base of systems has increased, the
capacity to derive an increasing amount of revenue from sales of consumables,
maintenance contracts, and other services has also increased. In 2011, total
non-system product revenue increased by 28.2% as compared to the prior year due
principally to higher consumable usage by our installed base of systems and the
acquisition of Solidscape. Sales from our RedEye paid parts service increased
11.0% during 2011 as a result of increased new customer business and an
increase in average sales price. Revenue from maintenance contracts increased
by 12.4% in 2011 reflecting our growing installed base of systems and the
reduced impact of an extension in system warranty periods implemented in 2009.
In the last 12
months, we have seen our traditional competitors lower their prices to match
our prices. In a new hobbyist market, we have also seen companies develop
systems that are based on basic, early-stage, open-source technology but which
lack the sophisticated system controls needed for the professional market.
Despite the recent growth in market competition, we believe that over the last
three years, we have been the market leader in the 3D printer commercial market
and have followed a strategy of continuing to move down the price elasticity
curve as evidenced by our introduction of the uPrint and uPrint Plus. Although
the high-performance market is more competitive than the 3D printing market, we
believe that the growth in sales of our Fortus 3D production systems has been
driven mainly by the system and material performance capabilities of our
systems rather than price. As our installed base of systems has increased, the
capacity to derive an increasing amount of revenue from sales of consumables,
maintenance contracts, and other services has also increased.
To take advantage
of the growth we see in our DDM customer base, we are adding staff to our
existing sales force that will focus exclusively on large strategic accounts.
Description of Current Conditions Our revenue increased 32.3% in 2011 due
primarily to growth in systems and consumables sales, with service revenue
increasing by 12% as compared to 2010. The increase in revenue from systems as
compared to 2010 was driven mainly by higher unit volume in our Fortus 3D
production systems and the acquisition of Solidscape in May 2011. We shipped
2,602 units in 2011 as compared to 2,555 in 2010. Our average selling price
increased due to a shift in sales mix towards our higher-priced Fortus 3D
production systems.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Stratasys, Inc., is a US-based developer, manufacturer and marketer of 3D printers and RP systems, with a comprehensive product portfolio and wide customer base. During 2010, it entered into significant agreements and enjoyed improvements in its performance. Moreover, it is poised for further growth in light of the launch of its new product, strategic acquisition, expansion of production capacity and new contracts. However, it suffered from a decline in liquidity and weak performance of services segment, and continued to be overdependent on certain suppliers, during 2010. It is further challenged by seasonality of operations, government regulations and intense competition
Strengths
Improved Performance
Stratasys enjoyed significant progress in its financial performance in 2011, as compared to the previous fiscal year 2010. Its revenues grew 24.12%, from $98.36m in 2010 to $117.10m in 2011. Moreover, the operating expenses grew at a comparitively lower rate by 11.99%, from $92.53m in 2010 to $103.63m in 2011. The operating costs as a % of sales declined from 94.07% in 2010 to 88.49% in 2011.This led to improvements in the operating and net profit margins from 5.92% and 4.18% in 2010 to 11.50% and 8.00% in 2011. The return on equity also improved from 3.17% in 2010 to 6.15% in 2011. Such strong performance would allow the company to focus on executing its organic growth strategies.
Broad Customer Base
Through its subsidiaries and sales centers, the company has
a wide customer base across the world. It has its sales and service centers in
North America, South America, Asia Pacific and
Comprehensive Product
Portfolio
Stratasys has developed a comprehensive range of 3D printers and RP systems. It received the ISO 9001:2008 certification, for its innovative line of products, in February 2011. The company has developed products, based on its proprietary Fused Depositional Modeling (FDM) technology, and its licensed Genisys technology. It has two families of products, namely, Dimension 3D Printers, and Fortus 3D Production Systems. The group of Dimension 3D printers, comprises five products, namely, uPrint, uPrint Plus, BST 1200 es, SST 1200 es, and Elite. These printers enable its users to create parts in ABS plus plastic, under the company's Catalyst EX Software. They are specially designed for use in office environment, and facilitate ease of use, speed, and networking capabilities. Similarly, its range of Fortus 3D production systems, contain four products, namely Fortus 200, Fortus 360, Fortus 400 and Fortus 900. These systems employ the company's InSight software, which is more flexible than Catalyst EX software. Moreover, the company offers prototypes, parts manufacturing, leasing, contract engineering, maintenance and support services to its clients. It has a specific business unit, namely, RedEye On Demand Services, for the prototypes and parts manufacturing services. Its strong product portfolio enables the company to maintain a strong competitive edge over its peers.
Weaknesses
Decline in Liquidity
During the fiscal year 2011, Stratasys' liquidity levels fell, due to decreasing cash and short term investments. For the year ended December 2011, the current ratio fell from 4.51 in 2010 to 3.24. The cash ratio decreased from 2.88 in 2010 to 1.51 in 2011. The accounts receivables rose by 4.15%, over the previous fiscal year 2010, while the accounts payable grew at a significantly higher rate of 53.41%. Cash and short term investments fell by 58%, from $68.01m in 2010 to $39.45m in 2011. The aggregate current assets accounted for 47.18% of the total assets in 2011, while the current liabilities accounted for 99.19% of the total external liabilities. These indicate the poor working capital management of the company during 2011. Its inability to efficiently utilize its working capital may lead to cash problems for any future acquisitions or expansion plans.
Poor Performance of
Services Segment
During 2011, the
performance of the services segment, was relatively stagnant. For the year
ended December 2011, the revenues from this segment grew a meager 0.9%, as
compared to those of 2010. While the revenues from the RedEye segment rose by
approximately 21.10%, these gains were offset by the decline in revenues from
the maintenance segment. The revenues from the maintenance segment fell by
approximately 8%, due to the extension of warranty period from three months to
one year. In the previous year 2010, the reverse was true for the company. It
experienced a 18% fall in the revenues from the RedEye segment, which were
offset by the revenues from the maintenance segment. Such volatilities in the
performance within the services segment, may undermine the overall performance
of the company.
Opportunities
Strategic Acquisitions
Strategic acquisitions help the company in achieving its goal in a short period of time with a choice of technologies. The strategy is to expand through organic and inorganic modes. In May 2011, the company made the significant acquisition of Solidscape, Inc., for a consideration of $38m. Solidscape is a leading manufacturer of 3D printers, with applicability in dental, medical, jewelry and industrial markets. Its specialized technology is employed for the casting of highly precise metal parts, with ultra-fine features and smooth surface finish. This acquisition will enable Stratasys to consolidate its presence in medical, dental, jewelry and industrial markets. With the consolidation of innovative products from two leading companies, Stratasys as a group, may be expected to offer better solutions to a more diverse range of customers. This acquisition will further enhance the company's competency in the market.
New Product Launches
The company introduced various new offerings in the major markets to increase its customer base and market share. In July 2011, the company introduced a new model under its Fortus group of products, namely, Fortus 250mc. This innovative product combines the convenience of Dimension 3D printers, with the flexibility of Fortus systems. It is the first cross-over system for the company, which facilitates ease of use through control of InSight software. The product uses AB plus thermoplastic, which features tensile strength, impact strength, bonding strength, and flexural strength. It also uses Stratasys SR-30 support material, that offers faster dissolving time than other soluble solutions. This product has further enhanced the company's already-existing innovative product portfolio, and may improve the toplines in the future.
Recent Contracts
The company's agreements and contracts with various
companies enhance its revenue. In September 2011, the company received a major
contract with the Georgia Institute of Technology, for its Dimension 3D
printers. The company was selected for the distribution of 3D printers across
certain high schools in the
Threats
Seasonality
The operations of the company are highly seasonal in nature. The company experiences stronger revenue growth during the fourth quarter due to capital expenditure budget cycles and incentive programs. It has witnessed poor growth during its first and third quarters. In the third quarter, despite the increase in volume of purchases from educational institutions, the company's deep discount program, has led to weak growth in revenues. The inability of the company to mitigate the risks involved from seasonal operations, may hinder the growth of the company.
Government
Regulations
The company operates in all the major regions across the
world. The European Union passed restrictions on the use of certain hazardous substances
in electrical and electronic equipment directive (RoHS) and the waste
electrical and electronic equipment directive (WEEE). Recently,
Competitive
Environment
The company’s growth could be impacted by growing competition in its operating markets. The worldwide market for 3D printing, prototyping and rapid manufacturing systems is highly competitive. It faces competition from companies that manufacture machines to make models, prototypes, molds and small-volume to medium-volume manufacturing parts. Primarily, it competes with 3D Systems Corporation, and Z Corporation. The company also faces significant competition from numerous national, regional and local companies within some or all of its product lines in each sector. Companies in the rapid prototyping market compete in terms of pricing, quality, and product capabilities, to name a few. Failure to adequately address these competitive factors could impact volume sales, which could have an adverse material effect on the company's top line.
Credit Report as of 04/01/2012
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Location |
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County: |
Hennepin |
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MSA: |
Minn-St Paul, MN |
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Phone: |
952-937-3000 |
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Fax: |
952-937-0070 |
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URL: |
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ABI: |
446202228 |
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Annual Sales: |
$155,894,000 (USD) |
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Employees: |
530 |
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Facility Size(ft2): |
40,000+ |
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Facility Own/Lease: |
Own |
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Business Type: |
Public |
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Location Type: |
Headquarter |
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Ticker: |
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Exchange: |
NASDAQ |
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Primary Line of
Business: |
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SIC: |
3531-01 - Machinery-Manufacturers |
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NAICS: |
333120 - Construction Machinery Mfg |
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Secondary Lines
of Business: |
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NAICS: |
339112 - Surgical & Medical Instrument Mfg |
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334119 - Other Computer Peripheral Equip Mfg |
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339999 - All Other Misc Mfg |
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541613 - Marketing Consulting Svcs |
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SICs: |
3577-02 - Computer Peripherals (Mfrs) |
|
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3841-04 - Physicians & Surgeons Equip & Supls-Mfrs |
|
|
3999-59 - Prototypes (Mfrs) |
|
|
8742-13 - Marketing Programs & Services |
|
|
9999-66 - Federal Government Contractors |
|
Corporate
Family |
Corporate
Structure News: |
|
|
Stratasys, Inc. |
|
Stratasys, Inc. |
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Stratasys, Inc. |
Parent |
|
|
Computer Peripherals |
155.9 |
530 |
|
|
Merger with Objet Ltd. proposed/announced.See corporate structure news on Stratasys, Inc. for details |
|||||||
|
Dimension Inc |
Branch |
|
|
Computer Services |
8.8 |
40 |
|
|
Solidscape, Inc. |
Subsidiary |
|
|
Auto and Truck Parts |
|
20 |
|
|
Stratasys GmbH |
Subsidiary |
Frankfurt Am |
|
Computer Services |
|
11 |
|
|
Stratasys Inc |
Branch |
|
|
Miscellaneous Fabricated Products |
1.0 |
5 |
|
|
Stratasys Training Facility |
Branch |
|
|
Miscellaneous Fabricated Products |
0.6 |
3 |
|
|
Stratasys Inc |
Branch |
|
|
Miscellaneous Fabricated Products |
0.6 |
3 |
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
3D Systems Corporation |
|
714 |
Public |
|
Apple Inc. |
|
60,400 |
Public |
|
Cmet Inc. |
|
30 |
Private |
|
Dassault Aviation SA |
|
11,504 |
Public |
|
Delcam plc |
|
551 |
Public |
|
Dell Inc. |
Round |
106,700 |
Public |
|
EOS GmbH Electro Optical Systems |
Krailling, |
356 |
Private |
|
Evans & Sutherland Computer Corp |
|
97 |
Public |
|
Immersion Corporation |
|
85 |
Public |
|
InFocus Corporation |
|
200 |
Private |
|
Logitech International SA |
Apples, |
7,600 |
Public |
|
Mitsui & Co. Ltd. |
|
44,805 |
Public |
|
SanDisk Corporation |
|
3,939 |
Public |
|
Sogeclair SA |
|
900 |
Public |
|
Teijin Ltd |
Chuo-ku, |
16,819 |
Public |
|
TransAct Technologies Incorporated |
|
134 |
Public |
|
Vero International Software |
|
5 |
Private |
|
Video Display Corporation |
Tucker, Georgia, |
324 |
Public |
|
Western Digital Corp. |
|
103,111 |
Public |
|
Z Corporation |
|
130 |
Private |
Executive report
|
Board of
Directors |
|
|
|
|
||||||||||
|
Chairman of the Board, President, Chief Executive Officer, Treasurer |
Chairman |
|
||||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Executives |
|
|
|
|
|||||||||||||
|
Chairman of the Board, President, Chief
Executive Officer, Treasurer |
Chief Executive Officer |
|
|||||||||||||
|
||||||||||||||||
|
Vice President-Research & Development |
Operations Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Vice President-Operations |
Operations Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Vice President Operations |
Operations Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Chief Operating Officer |
Operations Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Payroll Admin and Human Resources Admin |
Administration Executive |
|
|
||||||||||||
|
Senior Software Systems Administrator Executive |
Administration Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Chief Financial Officer, Secretary |
Company Secretary |
|
|
||||||||||||
|
||||||||||||||||
|
Controller |
Controller |
|
|
||||||||||||
|
Controller Software Manager |
Controller |
|
|
||||||||||||
|
||||||||||||||||
|
Human Resources Manager |
Human Resources Executive |
|
|
||||||||||||
|
Human Resources Manager |
Human Resources Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Human Resources Representative |
Human Resources Executive |
|
|
||||||||||||
|
Human Resources Director |
Human Resources Executive |
|
|
||||||||||||
|
Human Resources Representative |
Human Resources Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Vice President-FDM Sales, Marketing &
Customer Service |
Customer Service Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Customer Service Director |
Customer Service Executive |
|
|
||||||||||||
|
Vice President Sales |
Sales Executive |
|
|
||||||||||||
|
Marketing, Vice President, Sales Executive |
Sales Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Director, Sales |
Sales Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Sales Automation Manager |
Sales Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Senior Sales Executive |
Sales Executive |
|
|
||||||||||||
|
Sales Manager |
Sales Executive |
|
|
||||||||||||
|
Marketing VP |
Marketing Executive |
|
|
||||||||||||
|
Director-Marketing |
Marketing Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Marketing Specialist |
Marketing Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Marketing |
Marketing Executive |
|
|
||||||||||||
|
Director Marketing and Communications |
Marketing Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Marketing |
Marketing Executive |
|
|
||||||||||||
|
Media Contact |
Corporate Communications Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Director Technology and Systems |
Information Executive |
|
|
||||||||||||
|
||||||||||||||||
|
MIS Director |
Information Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Information Technology |
Information Executive |
|
|
||||||||||||
|
Information Technology |
Information Executive |
|
|
||||||||||||
|
Systems and Materials Engineering Mana... |
Information Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Director Software Engineering |
Engineering/Technical Executive |
|
|
||||||||||||
|
Cs Engineer |
Engineering/Technical Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Engineer |
Engineering/Technical Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Senior Project Engineer |
Engineering/Technical Executive |
|
|
||||||||||||
|
Software Supervisor |
Engineering/Technical Executive |
|
|
||||||||||||
|
Application Engineering Manager |
Engineering/Technical Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Senior Applications Engineer |
Engineering/Technical Executive |
|
|
||||||||||||
|
Senior Software Engineer |
Engineering/Technical Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Mechanical Engineer |
Engineering/Technical Executive |
|
|
||||||||||||
|
Mechanical Engineer |
Engineering/Technical Executive |
|
|
||||||||||||
|
Vice President-New Business Development-Direct Digital Mfg. |
Business Development Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Vice President-Process Improvement |
Business Development Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Senior Buyer |
Merchandise Management Executive |
|
|
||||||||||||
|
||||||||||||||||
|
Facilities Manager |
Facilities Executive |
|
|
||||||||||||
|
Procurement Supervisor |
Purchasing Executive |
|
|
||||||||||||
|
Director, Materials Development |
Purchasing Executive |
|
|
||||||||||||
|
North American Channel Manager |
Other |
|
|
||||||||||||
|
Regional Manager |
Other |
|
|
||||||||||||
|
IR Contact |
Other |
|
|
||||||||||||
|
||||||||||||||||
|
Field Service Manager |
Other |
|
|
||
|
||||||
Significant Developments
Stratasys Inc Agrees To Settle Merger Litigation Sep 06, 2012
Stratasys Inc announced that it has signed a memorandum of understanding to settle the previously disclosed class action lawsuit captioned Hennig v. Crump, et al., C.A. No. 7670-VCL pending in the Delaware Court of Chancery and the class action lawsuit in the District Court, Fourth Judicial District, Hennepin County, Minnesota entitled Legette v. Crump, et al., File No. 27-cv-12-14321. A third action, Askersrud v. Stratasys Inc., et al., also pending before District Court, Fourth Judicial District, Hennepin County, Minnesota under File No. 27-cv-12-15581, will be voluntarily dismissed by the plaintiff.
Stratasys, Inc. Raises FY 2012 Guidance Aug 01, 2012
Stratasys, Inc. updated fiscal 2012 guidance and expects revenue to be in the range of $193 million to $198 million, compared to previous guidance of $183 million to $193 million. Non-GAAP earnings guidance of $1.31 to $1.38 per share (EPS), compared to previous guidance of $1.29 to $1.38 per share. GAAP earnings guidance of $0.83 to $0.98 per share, compared to previous GAAP guidance of $0.97 to $1.13 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $188 million and EPS of $1.31 for fiscal 2012.
Stratasys, Inc. And
Stratasys, Inc. announced a joint initiative with the U.S. Department of Energy (DOE) at Oak Ridge National Laboratory (ORNL) to develop fused deposition modeling (FDM) additive manufacturing for production use. The initiative builds upon a collaboration that leverages ORNL`s Manufacturing Demonstration Facility (MDF) to foster energy efficient production using additive manufacturing materials and processes. Described in this video, the project aims to develop FDM additive manufacturing technology to make it a mainstream manufacturing process.
Rigrodsky & Long, P.A. Announces Investigation Of Stratasys, Inc. Buyout Jun 26, 2012
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Stratasys, Inc. regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Objet Ltd. (Objet). Under the terms of the proposal, public shareholders of Stratasys will receive one Objet ordinary share for each share of Stratasys common stock they own, and Objet will change its name to Stratasys Ltd. The transaction has a combined equity value of approximately $1.4 billion. The investigation concerns whether Stratasys's board of directors failed to adequately shop the Company and obtain the best possible value for Stratasys's shareholders before entering into an agreement with Objet.
Law Office of Brodsky & Smith, LLC Investigates Stratasys, Inc. Jun 15, 2012
Law Office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Stratasys, Inc. relating to the proposed merger with Objet Ltd. Under the terms of the transaction, Stratasys shareholders will receive only one Objet share for each share of Stratasys stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Stratasys for not acting in the Company's shareholders' interests in connection with the merger. The transaction may undervalue Stratasys, which uses fused deposition modeling focused on high-end 3D printers. 3D printing, also known as additive manufacturing or rapid prototyping, is a process for fabricating a physical object from a computer design. The 3D printer then applies thin layers of plastic, metal, resin or powder to form a perfect replica of the object in amazing detail.
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Stratasys, Inc. Jun 14, 2012
Levi & Korsinsky announced that it is investigating the Board of Directors of Stratasys, Inc. (Stratasys or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Objet Ltd. Under the terms of the transaction, Stratasys stockholders will receive one Objet ordinary share for each share of Stratasys common stock they own, and Objet will change its name to Stratasys Ltd. Upon closing of the transaction, Stratasys stockholders are expected to own 55% and Objet stockholders are expected to own 45% of the combined company. The transaction has a combined equity value of approximately $1.4 billion, based upon the closing price of Stratasys' common stock on April 13, 2012. The investigation concerns whether the Stratasys Board of Directors breached their fiduciary duties to Stratasys stockholders by failing to adequately shop the Company before entering into this transaction and whether the proposed transaction fairly values Stratasys shares.
Stratasys, Inc. Raises FY 2012 Guidance May 09, 2012
Stratasys, Inc. revised fiscal 2012 guidance and expects revenue to be in the range of $183 million to $193 million compared to previous guidance range of $175 million to $190 million. Non-GAAP earnings guidance range of $1.29 to $1.38 per share (EPS) compared to previous guidance range of $1.17 to $1.28 per share. GAAP earnings guidance range of $0.97 to $1.13 per share compared to previous guidance range of $1.02 to $1.13 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $185 million and EPS of $1.25 for fiscal 2012.
Objet Ltd Drops IPO, To Merge With Stratasys, Inc.-Reuters Apr 16, 2012
reported that Objet Ltd dropped plans for an IPO and instead
will merge with fellow 3D printer maker Stratasys, Inc. in a stock deal valuing
the combined companies at about $1.4 billion. The new concern, which will be
55% owned by Stratasys shareholders, will be headed by Objet CEO David Reis.
Stratasys CEO Scott Crump will become full-time Chairman. Objet filed with
Stratasys, Inc. Reaffirms FY 2012 EPS Guidance Feb 07, 2012
Stratasys, Inc. reaffirmed fiscal 2012 guidance for fiscal 2012 and expects revenue to be in the range of $175 million to $190 million and earnings per share (EPS) in the range of $1.02 to $1.13. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.13 for fiscal 2012.
Stratasys, Inc. Secures Contract Jan 19, 2012
Stratasys, Inc. announced that the Department of Defense (DoD) STARBASE
youth program has placed a $1 million order for Stratasys uPrint SE 3D
printers.
Stratasys, Inc. Reaffirms FY 2012 Guidance-Conference Call Jan 11, 2012
Stratasys, Inc. announced that for fiscal 2012, it expects revenue to be
in the range of 175-190 million and EPS gross GAAP to be in the range of
$1.02-$1.13. According to I/B/E/S estimates, analysts were expecting the
Company to report revenue of $179 million and EPS of $1.13 for fiscal 2012.
Stratasys, Inc. Issues FY 2012 Guidance In Line With Analysts' Estimates
Oct 26, 2011
Stratasys, Inc. announced that for fiscal 2012, it expects revenue to be
in the range of $175-$190 million and earnings per share (EPS) in the range of
$1.02 to $1.13. According to I/B/E/S estimates, analysts were expecting the
Company to report revenue of $177 million and EPS of $1.08 for fiscal 2012.
news
|
A-B |
23-Sep-2012 |
|
Stratasys Inc. Files SEC
Form 425, Prospectuses And Communications, Business Combinations (Sept. 6,
2012) |
19-Sep-2012 |
|
Stratasys Inc. Files
SEC Form 8-K, Current Report (Sept. 6, 2012) |
19-Sep-2012 |
|
Nasdaq stocks posting
largest percentage decreases |
18-Sep-2012 |
|
Deal snapshot:
STRATASYS SHAREHOLDERS GREENLIGHT MERGER WITH ISRAEL'S OBJET |
18-Sep-2012 |
|
M&A Navigator: Deal
pipeline - 17 September |
17-Sep-2012 |
|
Stratasys shareholders
greenlight merger with |
17-Sep-2012 |
|
Minnesota stocks
gaining ground |
16-Sep-2012 |
|
Stratasys Stockholders
Approve Merger with Objet |
14-Sep-2012 |
|
Sigma Labs, Inc.
Announces Memorandum of Understanding With Morris Technologies, Inc. Relating
to The Commercialization of Sigma Labs' Printrite3DT... |
13-Sep-2012 |
articles
|
Stratasys shareholders
greenlight merger with |
17-Sep-2012 |
|
M&A Navigator: Deal
pipeline - 17 September |
17-Sep-2012 |
|
Aurora Flight Sciences
and Stratasys Showcase Additive Manufacturing Wing |
23-Aug-2012 |
|
NAMII Announcement
Spotlights |
22-Aug-2012 |
|
Stratasys Reports
Filing Definitive Proxy Materials in Connection with Pending Combination with
Objet |
15-Aug-2012 |
|
Stratasys announces
filing of definitive proxy materials in connection with pending merger with
Objet |
13-Aug-2012 |
|
Stratasys Partners with
|
11-Jul-2012 |
|
Stratasys and |
11-Jul-2012 |
|
Stratasys CEO Tapped
among Top 20 Most Influential People in Rapid Technology Industry |
23-Jun-2012 |
|
TCT Magazine Recognizes
Stratasys CEO among Top 20 Most Influential People in Rapid Technology
Industry |
20-Jun-2012 |
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated |
Reclassified |
Reclassified |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
155.9 |
122.8 |
99.0 |
124.5 |
112.2 |
|
Revenue |
155.9 |
122.8 |
99.0 |
124.5 |
112.2 |
|
Other Revenue |
0.0 |
-5.0 |
0.0 |
0.0 |
- |
|
Other Revenue, Total |
0.0 |
-5.0 |
0.0 |
0.0 |
- |
|
Total Revenue |
155.9 |
117.8 |
99.0 |
124.5 |
112.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
73.5 |
61.8 |
52.6 |
58.1 |
52.5 |
|
Cost of Revenue, Total |
73.5 |
61.8 |
52.6 |
58.1 |
52.5 |
|
Gross Profit |
82.4 |
61.1 |
46.4 |
66.4 |
59.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
39.0 |
32.9 |
32.8 |
35.0 |
33.8 |
|
Labor & Related Expense |
- |
- |
- |
1.3 |
- |
|
Total Selling/General/Administrative Expenses |
39.0 |
32.9 |
32.8 |
36.3 |
33.8 |
|
Research & Development |
14.4 |
9.8 |
7.7 |
9.0 |
7.5 |
|
Restructuring Charge |
- |
- |
- |
0.5 |
- |
|
Unusual Expense (Income) |
- |
- |
- |
0.5 |
- |
|
Total Operating Expense |
126.9 |
104.4 |
93.2 |
103.9 |
93.8 |
|
|
|
|
|
|
|
|
Operating Income |
29.0 |
13.5 |
5.8 |
20.6 |
18.5 |
|
|
|
|
|
|
|
|
Interest Income -
Non-Operating |
- |
- |
- |
- |
2.3 |
|
Investment Income -
Non-Operating |
-0.9 |
-0.6 |
-0.2 |
-0.8 |
-0.5 |
|
Interest/Investment Income - Non-Operating |
-0.9 |
-0.6 |
-0.2 |
-0.8 |
1.8 |
|
Interest Income (Expense) - Net Non-Operating |
0.9 |
0.9 |
1.0 |
2.0 |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
0.0 |
0.3 |
0.8 |
1.2 |
1.8 |
|
Other Non-Operating Income (Expense) |
2.3 |
0.1 |
-0.4 |
-1.1 |
0.1 |
|
Other, Net |
2.3 |
0.1 |
-0.4 |
-1.1 |
0.1 |
|
Income Before Tax |
31.4 |
13.8 |
6.2 |
20.7 |
20.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
10.7 |
4.5 |
2.1 |
7.1 |
6.0 |
|
Income After Tax |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
Net Income |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
21.1 |
20.6 |
20.2 |
20.7 |
20.8 |
|
Basic EPS Excl Extraord Items |
0.98 |
0.46 |
0.20 |
0.66 |
0.69 |
|
Basic/Primary EPS Incl Extraord Items |
0.98 |
0.46 |
0.20 |
0.66 |
0.69 |
|
Diluted Net Income |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
Diluted Weighted Average Shares |
21.7 |
21.1 |
20.3 |
21.1 |
21.6 |
|
Diluted EPS Excl Extraord Items |
0.95 |
0.44 |
0.20 |
0.65 |
0.66 |
|
Diluted EPS Incl Extraord Items |
0.95 |
0.44 |
0.20 |
0.65 |
0.66 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
5.9 |
6.4 |
5.8 |
4.8 |
3.6 |
|
Total Special Items |
- |
- |
- |
0.5 |
- |
|
Normalized Income Before Tax |
31.4 |
13.8 |
6.2 |
21.3 |
20.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
- |
0.2 |
- |
|
Inc Tax Ex Impact of Sp Items |
10.7 |
4.5 |
2.1 |
7.3 |
6.0 |
|
Normalized Income After Tax |
20.6 |
9.4 |
4.1 |
14.0 |
14.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
20.6 |
9.4 |
4.1 |
14.0 |
14.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.98 |
0.46 |
0.20 |
0.68 |
0.69 |
|
Diluted Normalized EPS |
0.95 |
0.44 |
0.20 |
0.66 |
0.66 |
|
Amort of Intangibles, Supplemental |
4.5 |
3.0 |
2.4 |
2.2 |
1.4 |
|
Rental Expenses |
0.8 |
0.7 |
0.6 |
0.6 |
0.9 |
|
Advertising Expense, Supplemental |
3.6 |
2.8 |
3.4 |
4.0 |
3.5 |
|
Research & Development Exp, Supplemental |
14.4 |
9.8 |
7.7 |
9.0 |
7.5 |
|
Reported Gross Profit |
82.4 |
56.1 |
46.4 |
66.4 |
59.7 |
|
Reported Operating Profit |
29.0 |
13.5 |
5.8 |
20.6 |
18.5 |
|
Normalized EBIT |
29.0 |
13.5 |
5.8 |
21.1 |
18.5 |
|
Normalized EBITDA |
39.4 |
22.8 |
14.1 |
28.1 |
23.4 |
|
Current Tax - Domestic |
9.9 |
4.3 |
3.1 |
6.0 |
6.5 |
|
Current Tax - Foreign |
0.3 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Current Tax - Local |
0.8 |
0.2 |
0.4 |
0.9 |
-0.7 |
|
Current Tax - Total |
11.0 |
4.7 |
3.7 |
7.0 |
6.0 |
|
Deferred Tax - Domestic |
-0.3 |
-0.2 |
-1.6 |
0.1 |
-0.2 |
|
Deferred Tax - Local |
0.0 |
-0.1 |
0.0 |
0.0 |
0.2 |
|
Deferred Tax - Total |
-0.2 |
-0.2 |
-1.6 |
0.1 |
0.1 |
|
Income Tax - Total |
10.7 |
4.5 |
2.1 |
7.1 |
6.0 |
|
Defined Contribution Expense - Domestic |
0.5 |
0.2 |
0.1 |
0.6 |
0.5 |
|
Total Pension Expense |
0.5 |
0.2 |
0.1 |
0.6 |
0.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated |
Reclassified |
Updated |
Restated |
Reclassified |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
20.1 |
27.6 |
48.3 |
27.9 |
16.2 |
|
Short Term Investments |
17.9 |
11.9 |
19.7 |
8.7 |
30.5 |
|
Cash and Short Term Investments |
38.0 |
39.4 |
68.0 |
36.7 |
46.7 |
|
Accounts Receivable -
Trade, Gross |
27.3 |
21.1 |
20.2 |
27.6 |
27.5 |
|
Provision for Doubtful
Accounts |
-1.1 |
-1.1 |
-0.9 |
-1.0 |
-1.2 |
|
Trade Accounts Receivable - Net |
26.2 |
20.1 |
19.2 |
26.5 |
26.3 |
|
Total Receivables, Net |
26.2 |
20.1 |
19.2 |
26.5 |
26.3 |
|
Inventories - Finished Goods |
9.8 |
7.0 |
6.3 |
12.0 |
6.1 |
|
Inventories - Raw Materials |
13.0 |
10.8 |
8.3 |
7.9 |
6.7 |
|
Total Inventory |
22.8 |
17.9 |
14.6 |
19.9 |
12.8 |
|
Prepaid Expenses |
3.3 |
3.4 |
2.2 |
2.6 |
2.5 |
|
Deferred Income Tax - Current Asset |
3.0 |
3.4 |
2.3 |
2.2 |
0.7 |
|
Other Current Assets, Total |
3.0 |
3.4 |
2.3 |
2.2 |
0.7 |
|
Total Current Assets |
93.2 |
84.2 |
106.4 |
87.9 |
89.0 |
|
|
|
|
|
|
|
|
Buildings |
14.5 |
14.0 |
11.8 |
11.0 |
12.4 |
|
Land/Improvements |
4.4 |
4.4 |
3.1 |
3.1 |
3.0 |
|
Machinery/Equipment |
46.7 |
42.1 |
38.9 |
36.7 |
30.9 |
|
Construction in
Progress |
13.0 |
4.0 |
1.9 |
2.8 |
- |
|
Property/Plant/Equipment - Gross |
78.6 |
64.5 |
55.7 |
53.6 |
46.2 |
|
Accumulated Depreciation |
-39.0 |
-34.6 |
-29.4 |
-23.9 |
-19.7 |
|
Property/Plant/Equipment - Net |
39.7 |
29.9 |
26.3 |
29.7 |
26.6 |
|
Goodwill, Net |
25.4 |
0.9 |
0.9 |
0.8 |
0.9 |
|
Intangibles - Gross |
46.2 |
22.7 |
21.4 |
19.7 |
17.3 |
|
Accumulated Intangible Amortization |
-20.9 |
-17.2 |
-14.6 |
-12.2 |
-10.2 |
|
Intangibles, Net |
25.3 |
5.5 |
6.8 |
7.5 |
7.2 |
|
LT Investments - Other |
38.1 |
56.8 |
10.0 |
19.5 |
22.1 |
|
Long Term Investments |
38.1 |
56.8 |
10.0 |
19.5 |
22.1 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
0.7 |
0.0 |
0.7 |
|
Other Long Term Assets |
0.1 |
1.2 |
2.1 |
2.3 |
2.3 |
|
Other Long Term Assets, Total |
0.1 |
1.2 |
2.8 |
2.3 |
3.0 |
|
Total Assets |
221.8 |
178.5 |
153.1 |
147.7 |
148.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
8.5 |
7.4 |
4.8 |
6.0 |
6.4 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
9.8 |
9.6 |
10.7 |
12.8 |
11.0 |
|
Income Taxes Payable |
1.4 |
0.0 |
2.7 |
0.0 |
1.1 |
|
Other Payables |
7.9 |
5.8 |
4.7 |
5.5 |
6.2 |
|
Other Current Liabilities |
1.5 |
1.2 |
0.7 |
0.3 |
0.3 |
|
Other Current liabilities, Total |
20.6 |
16.6 |
18.7 |
18.6 |
18.5 |
|
Total Current Liabilities |
29.1 |
24.0 |
23.6 |
24.6 |
24.9 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
6.8 |
0.2 |
0.0 |
0.6 |
- |
|
Deferred Income Tax |
6.8 |
0.2 |
0.0 |
0.6 |
- |
|
Other Long Term Liabilities |
2.6 |
2.0 |
- |
- |
- |
|
Other Liabilities, Total |
2.6 |
2.0 |
- |
- |
- |
|
Total Liabilities |
38.5 |
26.2 |
23.6 |
25.2 |
24.9 |
|
|
|
|
|
|
|
|
Common Stock |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Common Stock |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Additional Paid-In Capital |
118.1 |
107.8 |
94.3 |
91.6 |
87.0 |
|
Retained Earnings (Accumulated Deficit) |
104.0 |
83.4 |
74.0 |
69.9 |
56.3 |
|
Treasury Stock - Common |
-39.0 |
-39.0 |
-39.0 |
-39.0 |
-19.9 |
|
Other Comprehensive Income |
-0.1 |
-0.1 |
0.0 |
-0.2 |
0.2 |
|
Other Equity, Total |
-0.1 |
-0.1 |
0.0 |
-0.2 |
0.2 |
|
Total Equity |
183.3 |
152.3 |
129.6 |
122.6 |
123.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
221.8 |
178.5 |
153.1 |
147.7 |
148.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
21.2 |
20.8 |
20.4 |
20.2 |
21.0 |
|
Total Common Shares Outstanding |
21.2 |
20.8 |
20.4 |
20.2 |
21.0 |
|
Treasury Shares - Common Stock Primary Issue |
5.7 |
5.7 |
5.7 |
5.7 |
4.6 |
|
Employees |
530 |
414 |
361 |
368 |
382 |
|
Number of Common Shareholders |
11,919 |
10,741 |
7,694 |
8,932 |
9,768 |
|
Accumulated Intangible Amort, Suppl. |
20.9 |
17.2 |
14.6 |
12.2 |
10.2 |
|
Deferred Revenue - Current |
9.8 |
9.6 |
10.7 |
12.8 |
11.0 |
|
Deferred Revenue - Long Term |
2.6 |
2.0 |
- |
- |
- |
|
Total Operating Leases, Supplemental |
2.4 |
0.8 |
1.2 |
0.8 |
0.6 |
|
Operating Lease Payments Due in Year 1 |
0.8 |
0.5 |
0.6 |
0.4 |
0.2 |
|
Operating Lease Payments Due in Year 2 |
0.6 |
0.2 |
0.5 |
0.3 |
0.2 |
|
Operating Lease Payments Due in Year 3 |
0.4 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Operating Lease Payments Due in Year 4 |
0.4 |
0.0 |
- |
- |
0.0 |
|
Operating Lease Payments Due in Year 5 |
0.2 |
0.0 |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
1.0 |
0.3 |
0.6 |
0.4 |
0.4 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.6 |
0.0 |
- |
- |
0.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
Depreciation |
5.9 |
6.4 |
5.8 |
4.8 |
3.6 |
|
Depreciation/Depletion |
5.9 |
6.4 |
5.8 |
4.8 |
3.6 |
|
Amortization of Intangibles |
4.5 |
3.0 |
2.4 |
2.2 |
1.4 |
|
Amortization |
4.5 |
3.0 |
2.4 |
2.2 |
1.4 |
|
Deferred Taxes |
-0.1 |
-0.3 |
-1.4 |
-0.1 |
-0.1 |
|
Unusual Items |
-2.0 |
0.0 |
0.8 |
1.2 |
0.0 |
|
Other Non-Cash Items |
-1.0 |
3.7 |
1.1 |
1.3 |
0.1 |
|
Non-Cash Items |
-3.0 |
3.7 |
1.9 |
2.5 |
0.1 |
|
Accounts Receivable |
-5.7 |
-0.8 |
7.3 |
-0.2 |
-1.3 |
|
Inventories |
-5.8 |
-5.4 |
4.8 |
-6.9 |
-2.4 |
|
Prepaid Expenses |
1.4 |
-1.1 |
0.4 |
-0.1 |
0.9 |
|
Other Assets |
-2.3 |
1.8 |
1.2 |
-1.1 |
-2.1 |
|
Accounts Payable |
6.5 |
4.5 |
1.1 |
- |
- |
|
Payable/Accrued |
- |
- |
- |
-2.1 |
5.6 |
|
Other Liabilities |
0.6 |
0.9 |
-2.1 |
1.8 |
1.1 |
|
Changes in Working Capital |
-5.3 |
-0.1 |
12.7 |
-8.6 |
1.8 |
|
Cash from Operating Activities |
22.5 |
22.0 |
25.5 |
14.5 |
21.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-12.8 |
-7.8 |
-2.3 |
-8.5 |
-10.2 |
|
Purchase/Acquisition of Intangibles |
-4.3 |
-1.3 |
-1.7 |
-2.4 |
-3.7 |
|
Capital Expenditures |
-17.2 |
-9.1 |
-4.0 |
-10.9 |
-13.9 |
|
Acquisition of Business |
-38.6 |
0.0 |
0.0 |
- |
- |
|
|
0.0 |
0.0 |
0.0 |
0.3 |
0.1 |
|
Sale/Maturity of Investment |
35.7 |
27.7 |
7.0 |
23.9 |
14.5 |
|
Purchase of Investments |
-18.8 |
-67.9 |
-9.9 |
0.0 |
-24.5 |
|
Other Investing Cash Flow Items, Total |
-21.6 |
-40.2 |
-2.9 |
24.2 |
-9.9 |
|
Cash from Investing Activities |
-38.8 |
-49.3 |
-6.8 |
13.3 |
-23.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
2.6 |
0.4 |
0.0 |
0.0 |
0.8 |
|
Financing Cash Flow Items |
2.6 |
0.4 |
0.0 |
0.0 |
0.8 |
|
Repurchase/Retirement
of Common |
- |
0.0 |
0.0 |
-19.1 |
0.0 |
|
Common Stock, Net |
- |
0.0 |
0.0 |
-19.1 |
0.0 |
|
Options Exercised |
6.1 |
6.4 |
1.6 |
3.2 |
8.5 |
|
Issuance (Retirement) of Stock, Net |
6.1 |
6.4 |
1.6 |
-15.9 |
8.5 |
|
Cash from Financing Activities |
8.8 |
6.8 |
1.6 |
-15.9 |
9.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
-0.2 |
0.1 |
-0.2 |
0.3 |
|
Net Change in Cash |
-7.5 |
-20.8 |
20.4 |
11.7 |
6.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
27.6 |
48.3 |
27.9 |
16.2 |
9.3 |
|
Net Cash - Ending Balance |
20.1 |
27.6 |
48.3 |
27.9 |
16.2 |
|
Cash Taxes Paid |
6.0 |
5.0 |
0.6 |
8.1 |
3.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated |
Reclassified |
Reclassified |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period
Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Products |
127.5 |
97.5 |
73.8 |
99.0 |
89.3 |
|
Services |
28.4 |
25.4 |
25.1 |
25.5 |
23.0 |
|
Fair value of warrant related to OEM agr |
0.0 |
-5.0 |
0.0 |
0.0 |
- |
|
Total Revenue |
155.9 |
117.8 |
99.0 |
124.5 |
112.2 |
|
|
|
|
|
|
|
|
Products |
61.5 |
50.4 |
41.5 |
47.7 |
40.5 |
|
Cost of Services |
11.9 |
11.4 |
11.0 |
10.4 |
12.0 |
|
Research and development |
14.4 |
9.8 |
7.7 |
9.0 |
7.5 |
|
Selling, general and administrative |
39.0 |
32.9 |
32.8 |
35.0 |
33.8 |
|
Stock Based Compensation Expenses |
- |
- |
- |
1.3 |
- |
|
Restructuring Expenses |
- |
- |
- |
0.5 |
- |
|
Total Operating Expense |
126.9 |
104.4 |
93.2 |
103.9 |
93.8 |
|
|
|
|
|
|
|
|
Interest Income |
- |
- |
- |
- |
2.3 |
|
Interest, Net |
0.9 |
0.9 |
1.0 |
2.0 |
- |
|
Foreign currency transaction losses net |
-0.9 |
-0.6 |
-0.2 |
-0.8 |
-0.5 |
|
Other |
2.3 |
0.1 |
-0.4 |
-1.1 |
0.1 |
|
Net Income Before Taxes |
31.4 |
13.8 |
6.2 |
20.7 |
20.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
10.7 |
4.5 |
2.1 |
7.1 |
6.0 |
|
Net Income After Taxes |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
Net Income |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
21.1 |
20.6 |
20.2 |
20.7 |
20.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.98 |
0.46 |
0.20 |
0.66 |
0.69 |
|
Basic EPS Including ExtraOrdinary Item |
0.98 |
0.46 |
0.20 |
0.66 |
0.69 |
|
Diluted Net Income |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
Diluted Weighted Average Shares |
21.7 |
21.1 |
20.3 |
21.1 |
21.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.95 |
0.44 |
0.20 |
0.65 |
0.66 |
|
Diluted EPS Including ExtraOrd Items |
0.95 |
0.44 |
0.20 |
0.65 |
0.66 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
31.4 |
13.8 |
6.2 |
21.3 |
20.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.7 |
4.5 |
2.1 |
7.3 |
6.0 |
|
Normalized Income After Taxes |
20.6 |
9.4 |
4.1 |
14.0 |
14.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
20.6 |
9.4 |
4.1 |
14.0 |
14.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.98 |
0.46 |
0.20 |
0.68 |
0.69 |
|
Diluted Normalized EPS |
0.95 |
0.44 |
0.20 |
0.66 |
0.66 |
|
Research & Development Exp |
14.4 |
9.8 |
7.7 |
9.0 |
7.5 |
|
Amort of Intangibles |
4.5 |
3.0 |
2.4 |
2.2 |
1.4 |
|
Rental Expense |
0.8 |
0.7 |
0.6 |
0.6 |
0.9 |
|
Depreciation |
5.9 |
6.4 |
5.8 |
4.8 |
3.6 |
|
Advertising Expense |
3.6 |
2.8 |
3.4 |
4.0 |
3.5 |
|
Current Tax - Federal |
9.9 |
4.3 |
3.1 |
6.0 |
6.5 |
|
Current Tax - State |
0.8 |
0.2 |
0.4 |
0.9 |
-0.7 |
|
Current Tax - Foreign |
0.3 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Current Tax - Total |
11.0 |
4.7 |
3.7 |
7.0 |
6.0 |
|
Deferred Tax - Federal |
-0.3 |
-0.2 |
-1.6 |
0.1 |
-0.2 |
|
Deferred Tax - State |
0.0 |
-0.1 |
0.0 |
0.0 |
0.2 |
|
Deferred Tax - Total |
-0.2 |
-0.2 |
-1.6 |
0.1 |
0.1 |
|
Income Tax - Total |
10.7 |
4.5 |
2.1 |
7.1 |
6.0 |
|
Operating income |
29.0 |
13.5 |
5.8 |
20.6 |
18.5 |
|
Gross profit |
82.4 |
56.1 |
46.4 |
66.4 |
59.7 |
|
Defined Contribution Retirement Plan |
0.5 |
0.2 |
0.1 |
0.6 |
0.5 |
|
Total Pension Expense |
0.5 |
0.2 |
0.1 |
0.6 |
0.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated |
Reclassified |
Updated |
Restated |
Reclassified |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash/Equivalents |
20.1 |
27.6 |
48.3 |
27.9 |
16.2 |
|
Marketable Secs. |
14.6 |
8.8 |
16.1 |
4.8 |
27.3 |
|
Accounts Rcvbl. |
27.3 |
21.1 |
20.2 |
27.6 |
27.5 |
|
Allowance |
-1.1 |
-1.1 |
-0.9 |
-1.0 |
-1.2 |
|
Finished Goods |
9.8 |
7.0 |
6.3 |
12.0 |
6.1 |
|
Raw Materials |
13.0 |
10.8 |
8.3 |
7.9 |
6.7 |
|
Inv. Sales-Lease |
3.3 |
3.1 |
3.6 |
3.9 |
3.3 |
|
Prepaid expenses and other current asset |
3.3 |
3.4 |
2.2 |
2.6 |
2.5 |
|
Deferred Taxes |
3.0 |
3.4 |
2.3 |
2.2 |
0.7 |
|
Total Current Assets |
93.2 |
84.2 |
106.4 |
87.9 |
89.0 |
|
|
|
|
|
|
|
|
Inv. Sales-Lease |
5.5 |
3.1 |
3.5 |
4.5 |
4.1 |
|
Deferred Taxes |
- |
- |
0.7 |
0.0 |
0.7 |
|
Longterm investments Available for sale |
0.0 |
1.2 |
1.1 |
1.1 |
0.0 |
|
LT Investments |
32.6 |
52.5 |
5.5 |
13.8 |
18.0 |
|
Other Assets |
0.1 |
1.2 |
2.1 |
2.3 |
2.3 |
|
Mach./Equip. |
29.8 |
26.3 |
23.9 |
22.4 |
19.6 |
|
Building |
14.5 |
14.0 |
11.8 |
11.0 |
10.3 |
|
Computer Soft. |
11.9 |
10.9 |
10.3 |
9.7 |
8.9 |
|
Office Equip. |
2.6 |
2.6 |
2.5 |
2.5 |
2.4 |
|
Furniture and Fixtures |
2.4 |
2.3 |
2.2 |
2.2 |
- |
|
Capital Work in Progress |
13.0 |
4.0 |
1.9 |
2.8 |
- |
|
Land |
4.4 |
4.4 |
3.1 |
3.1 |
3.0 |
|
Leasehold |
- |
- |
- |
- |
2.1 |
|
Depreciation |
-39.0 |
-34.6 |
-29.4 |
-23.9 |
-19.7 |
|
Intangible Assets, Gross |
46.2 |
22.7 |
21.4 |
19.7 |
17.3 |
|
Accumulated Amortization of Intangibles |
-20.9 |
-17.2 |
-14.6 |
-12.2 |
-10.2 |
|
Goodwill |
25.4 |
0.9 |
0.9 |
0.8 |
0.9 |
|
Total Assets |
221.8 |
178.5 |
153.1 |
147.7 |
148.8 |
|
|
|
|
|
|
|
|
Unearned Revenue |
9.8 |
9.6 |
10.7 |
12.8 |
11.0 |
|
Trade Payables |
8.5 |
7.4 |
4.8 |
6.0 |
6.4 |
|
Compensation, Commissions Payables |
5.8 |
3.9 |
3.0 |
4.0 |
3.9 |
|
Reserve for Warrants |
1.5 |
1.2 |
0.7 |
0.3 |
0.3 |
|
Income Taxes |
1.4 |
0.0 |
2.7 |
0.0 |
1.1 |
|
Other Payables |
2.1 |
1.9 |
1.7 |
1.5 |
2.3 |
|
Total Current Liabilities |
29.1 |
24.0 |
23.6 |
24.6 |
24.9 |
|
|
|
|
|
|
|
|
Unearned revenues - long-term |
2.6 |
2.0 |
- |
- |
- |
|
Deferred tax liabilities |
6.8 |
0.2 |
0.0 |
0.6 |
- |
|
Total Liabilities |
38.5 |
26.2 |
23.6 |
25.2 |
24.9 |
|
|
|
|
|
|
|
|
Common Stock |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Paid in Capital |
118.1 |
107.8 |
94.3 |
91.6 |
87.0 |
|
Retained Earning |
104.0 |
83.4 |
74.0 |
69.9 |
56.3 |
|
Treasury Stock |
-39.0 |
-39.0 |
-39.0 |
-39.0 |
-19.9 |
|
Accumulated other comprehensive loss |
-0.1 |
-0.1 |
0.0 |
-0.2 |
0.2 |
|
Total Equity |
183.3 |
152.3 |
129.6 |
122.6 |
123.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
221.8 |
178.5 |
153.1 |
147.7 |
148.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
21.2 |
20.8 |
20.4 |
20.2 |
21.0 |
|
Total Common Shares Outstanding |
21.2 |
20.8 |
20.4 |
20.2 |
21.0 |
|
T/S-Common Stock |
5.7 |
5.7 |
5.7 |
5.7 |
4.6 |
|
Deferred Revenue - Current |
9.8 |
9.6 |
10.7 |
12.8 |
11.0 |
|
Deferred Revenue - Long Term |
2.6 |
2.0 |
- |
- |
- |
|
Accumulated Amortization of Intangibles |
20.9 |
17.2 |
14.6 |
12.2 |
10.2 |
|
Full-Time Employees |
530 |
414 |
361 |
368 |
382 |
|
Number of Common Shareholders |
11,919 |
10,741 |
7,694 |
8,932 |
9,768 |
|
Operating Lease Payable Within 1 Year |
0.8 |
0.5 |
0.6 |
0.4 |
0.2 |
|
Operating Lease Payable Within 2 Year |
0.6 |
0.2 |
0.5 |
0.3 |
0.2 |
|
Operating Lease Payable Within 3 Year |
0.4 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Operating Lease Payable Within 4 Year |
0.4 |
0.0 |
- |
- |
0.0 |
|
Operating Lease Payable Within 5 Year |
0.2 |
0.0 |
- |
- |
- |
|
Total Operating Leases |
2.4 |
0.8 |
1.2 |
0.8 |
0.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
Grant Thornton
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
20.6 |
9.4 |
4.1 |
13.6 |
14.3 |
|
Depreciation |
5.9 |
6.4 |
5.8 |
4.8 |
3.6 |
|
Fair value of warrant related to OEM agr |
0.0 |
5.0 |
0.0 |
0.0 |
- |
|
Stock based compensation |
1.6 |
1.2 |
1.1 |
1.3 |
1.0 |
|
Amortization |
4.5 |
3.0 |
2.4 |
2.2 |
1.4 |
|
Deferred Taxes |
-0.1 |
-0.3 |
-1.4 |
-0.1 |
-0.1 |
|
Accounts Receivable |
-5.7 |
-0.8 |
7.3 |
-0.2 |
-1.3 |
|
Inventories |
-5.8 |
-5.4 |
4.8 |
-6.9 |
-2.4 |
|
Inv. Sales-Type Leas |
-2.6 |
0.9 |
1.3 |
-1.1 |
-1.2 |
|
Prepaid Expenses |
1.4 |
-1.1 |
0.4 |
-0.1 |
0.9 |
|
Other Assets |
0.3 |
0.9 |
-0.1 |
0.0 |
-0.8 |
|
Payable/Other |
- |
- |
- |
-2.1 |
5.6 |
|
Accounts payable and other current liabi |
6.5 |
4.5 |
1.1 |
- |
- |
|
Excess tax benefit from stock options |
-2.6 |
-2.5 |
0.0 |
0.0 |
-0.8 |
|
Unearned Revenues |
0.6 |
0.9 |
-2.1 |
1.8 |
1.1 |
|
Gain on sale of investment |
-1.8 |
0.0 |
0.0 |
- |
- |
|
Loss on write down of investment |
0.0 |
0.0 |
0.4 |
1.3 |
0.0 |
|
|
-0.2 |
0.0 |
0.3 |
-0.1 |
0.0 |
|
|
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
22.5 |
22.0 |
25.5 |
14.5 |
21.2 |
|
|
|
|
|
|
|
|
Acquisition of Solidscape, Inc., net of |
-38.6 |
0.0 |
0.0 |
- |
- |
|
Intangible Assets |
-4.3 |
-1.3 |
-1.7 |
-2.4 |
-3.7 |
|
Capital Expenditures |
-12.8 |
-7.8 |
-2.3 |
-8.5 |
-10.2 |
|
Proceeds from sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.3 |
0.1 |
|
Proceeds from the sale of investments |
15.7 |
0.0 |
0.0 |
- |
- |
|
Proc. Marketable Sec |
19.9 |
27.7 |
7.0 |
23.9 |
14.5 |
|
Purchase of investments |
-18.8 |
-67.9 |
-9.9 |
0.0 |
-24.5 |
|
Cash from Investing Activities |
-38.8 |
-49.3 |
-6.8 |
13.3 |
-23.8 |
|
|
|
|
|
|
|
|
Excess tax benefit from stock options |
2.6 |
2.5 |
0.0 |
0.0 |
0.8 |
|
Cash paid for vested stock option repurc |
0.0 |
-2.1 |
0.0 |
0.0 |
- |
|
Proceeds from exercise of stock options |
6.1 |
6.4 |
1.6 |
3.2 |
8.5 |
|
Treasury Stock |
- |
0.0 |
0.0 |
-19.1 |
0.0 |
|
Cash from Financing Activities |
8.8 |
6.8 |
1.6 |
-15.9 |
9.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
-0.2 |
0.1 |
-0.2 |
0.3 |
|
Net Change in Cash |
-7.5 |
-20.8 |
20.4 |
11.7 |
6.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
27.6 |
48.3 |
27.9 |
16.2 |
9.3 |
|
Net Cash - Ending Balance |
20.1 |
27.6 |
48.3 |
27.9 |
16.2 |
|
Cash Taxes Paid |
6.0 |
5.0 |
0.6 |
8.1 |
3.0 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio Comparisons
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
72.57 |
23.35 |
22.09 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
84.89 |
32.12 |
42.91 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
16.64 |
9.70 |
12.36 |
10.71 |
|
Beta |
1.51 |
1.28 |
1.19 |
1.00 |
|
Price/Revenue (TTM) |
7.72 |
7.55 |
4.07 |
2.57 |
|
Price/Book (MRQ) |
7.08 |
5.32 |
4.73 |
3.67 |
|
Price to Tangible Book (MRQ) |
9.53 |
5.06 |
6.85 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
41.74 |
17.04 |
17.48 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
107.42 |
15.32 |
23.00 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
- |
3.57% |
1.65% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
0.00 |
0.01 |
0.71 |
1.99 |
|
Dividend 5 Yr Growth |
- |
13.05% |
7.13% |
0.08% |
|
Payout Ratio (TTM) |
0.00% |
0.30% |
10.38% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
30.73% |
19.90% |
28.50% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
30.42% |
15.75% |
18.25% |
17.69% |
|
Revenue 5 Yr Growth |
8.47% |
4.79% |
16.94% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
-24.59% |
51.35% |
41.24% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
15.74% |
108.80% |
49.53% |
32.55% |
|
EPS 5 Yr Growth |
12.07% |
-3.27% |
20.44% |
9.86% |
|
Capital Spending 5 Yr Growth |
17.70% |
-23.50% |
9.78% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
2.60 |
2.06 |
1.98 |
1.24 |
|
Current Ratio (MRQ) |
3.22 |
2.64 |
2.38 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.00 |
0.19 |
0.31 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.00 |
0.22 |
0.36 |
0.73 |
|
Interest Coverage (TTM) |
- |
14.20 |
11.30 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
52.58% |
41.20% |
55.32% |
45.21% |
|
Gross Margin - 5 Yr Avg |
51.43% |
40.27% |
53.24% |
44.91% |
|
EBITD Margin (TTM) |
24.44% |
3.26% |
25.78% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
20.89% |
6.50% |
21.39% |
22.84% |
|
Operating Margin (TTM) |
16.73% |
-1.02% |
22.29% |
20.63% |
|
Operating Margin - 5 Yr Avg |
14.34% |
3.30% |
17.62% |
18.28% |
|
Pretax Margin (TTM) |
17.29% |
6.11% |
22.54% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
15.17% |
3.89% |
18.75% |
17.10% |
|
Net Profit Margin (TTM) |
10.78% |
-4.26% |
17.35% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
10.18% |
3.82% |
12.72% |
12.10% |
|
Effective Tax Rate (TTM) |
37.62% |
24.73% |
23.73% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
32.89% |
27.06% |
24.82% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
8.63% |
3.24% |
12.89% |
8.54% |
|
Return on Assets - 5 Yr Avg |
7.78% |
1.13% |
10.70% |
8.40% |
|
Return on Investment (TTM) |
10.08% |
5.94% |
13.09% |
7.90% |
|
Return on Investment - 5 Yr Avg |
9.18% |
3.60% |
11.50% |
8.27% |
|
Return on Equity (TTM) |
10.55% |
9.16% |
25.23% |
19.72% |
|
Return on Equity - 5 Yr Avg |
9.28% |
5.75% |
21.05% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
335,650.90 |
627,476.49 |
617,868.03 |
927,613.77 |
|
Net Income/Employee (TTM) |
36,194.70 |
33,681.46 |
132,630.14 |
116,121.92 |
|
Receivables Turnover (TTM) |
6.24 |
11.11 |
8.08 |
13.25 |
|
Inventory Turnover (TTM) |
3.86 |
9.18 |
19.61 |
14.53 |
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Asset Turnover (TTM) |
0.80 |
1.37 |
0.75 |
0.93 |
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Stock report
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Traded: NASDAQ: SSYS |
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As of 14-Sep-2012 US Dollars |
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Traded: NASDAQ: SSYS |
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As of 14-Sep-2012 US Dollars |
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Stock history
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.91 |
|
|
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SCs credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.