- Delay results from additional time needed to complete consolidated financial statements
- Confirming 2015 guidance and actual 2015 shipments
- Expects to announce 2015 financial results on March 22, 2016
- Conference call rescheduled for Wednesday, March 23, 2016
NORTH HUNTINGDON, Pa., March 14, 2016 (GLOBE NEWSWIRE) -- The ExOne Company (NASDAQ:XONE) (“ExOne” or “the Company”), a global provider of three-dimensional (“3D”) printing machines and printed products to industrial customers, announced today that it will delay the release of its fourth quarter and full year 2015 financial results until after the closing of financial markets on Tuesday, March 22, 2016. The Company is also rescheduling its conference call and webcast to review the financial and operating results for the quarter, along with its corporate strategies and outlook from Wednesday, March 16, 2016 until Wednesday, March 23, 2016. A question-and-answer session will follow.
Fourth Quarter and Full Year 2015 Earnings Conference Call
Wednesday, March 23, 2016
8:30 a.m. Eastern Time
Phone: (201) 689-8470 (No pass code needed)
Internet Webcast: www.exone.com.
A telephonic replay of the conference call will be available from 11:30 a.m. ET on the day of the teleconference through Wednesday, March 30, 2016. To listen to a replay of the call, dial (858) 384-5517 and enter the conference ID number 13628059, or access the webcast replay via the Company’s website, where a transcript will also be posted once available.
The Company needs additional time to complete its consolidated financial statements for the year ended December 31, 2015. This timing issue is exacerbated by the Company’s previously reported material weaknesses in controls over financial reporting that require the Company to take additional, manual steps to prepare its consolidated financial statements. The Company has filed a Form 12b-25 with the Securities and Exchange Commission (the “SEC”) requesting an automatic extension of up to fifteen days to file its 2015 Annual Report on Form 10-K. The Company expects to file its Annual Report on Form 10-K on Monday, March 21, 2016.
The Company confirmed its 2015 guidance:
- Revenue expected to be approximately $40 million
- Gross margin expected to be between 17% and 21%, excluding anticipated non-recurring costs estimated at $0.5 million to $1.0 million to complete facility integrations
- SG&A expenses expected to be in a range of $21 million to $23 million, excluding approximately $0.5 million to $1.0 million of costs associated with ongoing implementation of the Company’s enterprise resource planning system
- R&D expenses expected to be in a range of $6.5 million to $7.5 million
- Cash and cash equivalents expected to be between $18 million and $22 million
- Capital expenditures expected to be approximately $9 million
The Company also reconfirmed that it shipped eleven 3D printing machines to customers in the quarter which ended December 31, 2015, as previously announced. In total, the Company shipped 38 3D printing machines in 2015.
About ExOne
ExOne is a global provider of 3D printing machines and printed products, materials and other services to industrial customers. ExOne’s business primarily consists of manufacturing and selling 3D printing machines and printing products to specification for its customers using its in‐house 3D printing machines. ExOne offers pre‐production collaboration and prints products for customers through its nine production service centers (“PSCs”), which are located in the United States, Germany, Italy, Sweden and Japan. ExOne builds 3D printing machines at its facilities in the United States and Germany. ExOne also supplies the associated materials, including consumables and replacement parts, and other services, including training and technical support, necessary for purchasers of its machines to print products.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “typically,” “anticipates,” “believes,” “appears,” “could,” “plan,” and other similar words. Such statements include, but are not limited to, statements concerning future revenue and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, which include our ability to qualify more materials in which we can print; the availability of skilled personnel; the impact of increased operating expenses and expenses relating to proposed acquisitions, investments and alliances; our strategy, including the expansion and growth of our operations; the impact of loss of key management; our plans regarding increased international operations in additional international locations; sufficiency of funds for required capital expenditures, working capital, and debt service; the adequacy of sources of liquidity; expectations regarding demand for our industrial products, operating revenues, operating and maintenance expenses, insurance expenses and deductibles, interest expenses, debt levels, and other matters with regard to outlook; demand for aerospace, automotive, heavy equipment, energy/oil/gas and other industrial products; the scope, nature or impact of acquisitions, alliances and strategic investments and our ability to integrate acquisitions and strategic investments; liabilities under laws and regulations protecting the environment; the impact of governmental laws and regulations; operating hazards, war, terrorism and cancellation or unavailability of insurance coverage; the effect of litigation and contingencies; the impact of disruption of our manufacturing facilities or PSCs; the adequacy of our protection of our intellectual property; material weaknesses in our internal control over financial reporting; the impact of customer specific terms in machine purchase agreements on the period in which we recognize revenue and the impact of market conditions and other factors on the carrying value of long-lived assets and other factors disclosed in the Company’s Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. Because they are forward-looking, these statements should be evaluated in light of important risk factors and uncertainties.
Should one or more of these risks or uncertainties materialize, or should any of ExOne’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. The Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
For more information, contact:
Brian Smith
Chief Financial Officer
(724) 765-1350
brian.smith@exone.com
Deborah K. Pawlowski / Karen L. Howard
Kei Advisors LLC
(716) 843-3908 / (716) 843-3942
dpawlowski@keiadvisors.com / khoward@keiadvisors.com
