Stratasys Files Preliminary Proxy Statement in Connection With Proposed Combination With Objet

®) process. The process creates functional prototypes and manufactured goods directly from any 3D CAD program, using high-performance industrial thermoplastics. The company holds more than 285 granted or pending additive-manufacturing patents globally. Stratasys products are used in the aerospace, defense, automotive, medical, business and industrial equipment, education, architecture, and consumer-product industries. Online at: www.Stratasys.com

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

 
STRATASYS, INC. AND SUBSIDIARIES
 
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
 
Three Months Ended March 31, 2012
 
 

As Reported

  Pro Forma Pro Forma   Non-GAAP Non-GAAP
(in thousands, except per share data)   (unaudited)   Adjustments   (unaudited)   Adjustments   (unaudited)
 

Net sales

Products $ 37,546 $ - $ 37,546 $ - $ 37,546
Services   7,418     -     7,418     -     7,418  
44,964 - 44,964 - 44,964
 
Cost of sales
Products 17,810 - 17,810 (436 ) (b) 17,374
Services   4,199     -     4,199     -     4,199  
22,009 - 22,009 (436 ) 21,573
         
Gross profit 22,955 - 22,955 436 23,391
 
Operating expenses
Research and development 4,352 - 4,352 - 4,352

Selling, general and administrative

  11,375     (981 ) (a)   10,394     (614 ) (c)   9,780  
15,727 (981 ) 14,746 (614 ) 14,132
         
Operating income 7,228 981 8,209 1,050 9,259
 
Other income (expense)
Interest income, net 250 - 250 - 250

Foreign currency transaction losses, net

(52 ) - (52 ) - (52 )
Other, net   98     -     98     -     98  
296 - 296 - 296
         
Income before income taxes 7,524 981 8,505 1,050 9,555
 
Income tax expense   3,002     -     3,002     417   (d)   3,419  
 
Net income $ 4,522   $ 981   $ 5,503   $ 633   $ 6,136  
 
Earnings per common share
Basic $ 0.21   $ 0.05   $ 0.26   $ 0.03   $ 0.29  
Diluted $ 0.21   $ 0.04   $ 0.25   $ 0.03   $ 0.28  
 

Weighted average number of common shares outstanding

Basic   21,266     21,266     21,266  
Diluted   21,802     21,802     21,802  

(a)

 

Represents expense associated with the Company's current efforts to combine with Objet Ltd.

(b)

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

(c)

Represents non-cash stock-based compensation expense of $0.48 million and amortization expense of $0.13 million related to acquired Solidscape, Inc. intangible assets

(d)

Represents the tax benefit related to non-GAAP adjustments.

 
STRATASYS, INC. AND SUBSIDIARIES
 
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
 
Twelve Months Ended December 31, 2011
 
    Pro Forma   Pro Forma   Non-GAAP Non-GAAP

(in thousands, except per share data)

 

As Reported

  Adjustments   (unaudited)   Adjustments   (unaudited)
 
Net sales
Products $ 127,476 $ - $ 127,476 $ - $ 127,476
Services   28,418     -   28,418     -     28,418  
155,894 - 155,894 - 155,894
 
Cost of sales
Products 61,545 - 61,545 (1,724 ) (a) 59,821
Services   11,945     -   11,945     -     11,945  
73,490 - 73,490 (1,724 ) 71,766
         
Gross profit 82,404 - 82,404 1,724 84,128
 
Operating expenses
Research and development 14,360 - 14,360 - 14,360
Selling, general and administrative   39,038     -   39,038     (2,558 ) (b)   36,480  
53,398 - 53,398 (2,558 ) 50,840
         
Operating income 29,006 - 29,006 4,282 33,288
 
Other income (expense)
Interest income, net 923 - 923 - 923
Foreign currency transaction losses, net (888 ) - (888 ) - (888 )
Other, net   2,311     -   2,311     (1,830 ) (c)   481  
2,346 - 2,346 (1,830 ) 516
         
Income before income taxes 31,352 - 31,352 2,452 33,804
 
Income tax expense   10,726     -   10,726     601   (d)   11,327  
 
Net income $ 20,626   $ - $ 20,626   $ 1,851   $ 22,477  
 
Earnings per common share
Basic $ 0.98   $ - $ 0.98   $ 0.09   $ 1.06  
Diluted $ 0.95   $ - $ 0.95   $ 0.09   $ 1.04  
 

Weighted average number of common shares outstanding

Basic   21,133     21,133     21,133  
Diluted   21,653     21,653     21,653  

(a)

 

Represents amortization expense of $1.16 million related to acquired Solidscape, Inc. intangible assets and expense of $0.56 million for the revaluation of Solidscape, Inc. inventory at the time of acquisition.

(b)

Represents non-cash stock-based compensation expense of $1.59 million, amortization expense of $0.36 million related to acquired Solidscape, Inc. intangible assets and expense of $0.61 million for the acquisition of Solidscape, Inc.

(c)

Represents a gain of $1.20 million on the sale of an equity investment and a gain of $0.63 million on the sale of an auction rate security

(d)

Represents the tax benefit related to non-GAAP adjustments.

 
OBJET LTD.
 
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
 
Three Months Ended March 31, 2012
 
  As Reported   Pro Forma Pro Forma   Non-GAAP Non-GAAP

(in thousands, except per share data)

  (unaudited)   Adjustments   (unaudited)   Adjustments   (unaudited)
 
Net sales
Products $ 33,697 $ - $ 33,697 $ - $ 33,697
Services   4,378     -     4,378     -     4,378  
38,075 - 38,075 - 38,075
 
Cost of sales
Products 9,911 7,489 (a) 17,400 (7,010 ) (e) 10,390
Services   4,004     150   (b)   4,154     (150 ) (b)   4,004  
13,915 7,639 21,554 (7,160 ) 14,394
         
Gross profit 24,160 (7,639 ) 16,521 7,160 23,681

 

Operating expenses
Research and development 3,849 429 (b) 4,278 (429 ) (b) 3,849

Selling, general and administrative

  16,171     2,434   (c)   18,605     (5,971 ) (f)   12,634  
20,020 2,863 22,883 (6,400 ) 16,483
         
Operating income 4,140 (10,502 ) (6,362 ) 13,560 7,198
 
Other income (expense)
Other, net   (101 )   -     (101 )   -     (101 )
(101 ) - (101 ) - (101 )
         
Income before income taxes 4,039 (10,502 ) (6,463 ) 13,560 7,097
 
Income tax expense   645     (803 ) (d)   (158 )   803   (d)   645  
 
Net income $ 3,394   $ (9,699 ) $ (6,305 ) $ 12,757   $ 6,452  

(a)

 

Represents amortization expense of $6.87 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $0.14 million and a $0.48 million reclassification of shipping and handling costs from selling, general and administrative.

(b)

Represents non-cash stock-based compensation expense.

(c)

Represents amortization expense of $1.96 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $1.65 million, the elimination of $0.69 million of transaction costs related to the merger and a $0.48 million reclassification of shipping and handling costs to cost of sales.

(d)

Represents the tax benefit related to non-GAAP adjustments.

(e)

Represents amortization expense of $6.87 million related to acquired Objet intangible assets and non-cash stock-based compensation expense of $0.14 million.

(f)

Represents amortization expense of $1.96 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $1.65 million and expense of $2.37 million related to Objet's previously planned initial public offering.

 
OBJET LTD.
 
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
 
Twelve Months Ended December 31, 2011
 
    Pro Forma Pro Forma   Non-GAAP Non-GAAP
(in thousands, except per share data)   As Reported   Adjustments   (unaudited)   Adjustments   (unaudited)
 
Net sales
Products $ 105,759 $ - $ 105,759 $ - $ 105,759
Services   15,337     -     15,337     -     15,337  
121,096 - 121,096 - 121,096
 
Cost of sales
Products 34,008 30,042 (a) 64,050 (28,141 ) (e) 35,909
Services   12,946     651   (b)   13,597     (651 ) (b)   12,946  
46,954 30,693 77,647 (28,792 ) 48,855
         
Gross profit 74,142 (30,693 ) 43,449 28,792 72,241

 

Operating expenses
Research and development 14,569 1,854 (b) 16,423 (1,854 ) (b) 14,569
Selling, general and administrative   42,062     15,203   (c)   57,265     (17,104 ) (f)   40,161  
56,631 17,057 73,688 (18,958 ) 54,730
         
Operating income 17,511 (47,750 ) (30,239 ) 47,750 17,511
 
Other income (expense)
Other, net   (1,228 )   -     (1,228 )   -     (1,228 )
(1,228 ) - (1,228 ) - (1,228 )
         
Income before income taxes 16,283 (47,750 ) (31,467 ) 47,750 16,283
 
Income tax expense   1,589     (3,458 ) (d)   (1,869 )   3,458   (d)   1,589  
 
Net income $ 14,694   $ (44,292 ) $ (29,598 ) $ 44,292   $ 14,694  

(a)

 

Represents amortization expense of $27.47 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $0.67 million and a $1.90 million reclassification of shipping and handling costs from selling, general and administrative.

(b)

Represents non-cash stock-based compensation expense.

(c)

Represents amortization expense of $7.82 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $9.28 million and a $1.90 million reclassification of shipping and handling costs to cost of sales.

(d)

Represents the tax benefit related to non-GAAP adjustments.

(e)

Represents amortization expense of $27.47 million related to acquired Objet intangible assets and non-cash stock-based compensation expense of $0.67 million.

(f)

Represents amortization expense of $7.82 million related to acquired Objet intangible assets and non-cash stock-based compensation expense of $9.28 million.

 
UNAUDITED CONDENSED COMBINED STATEMENTS OF OPERATIONS
 
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
 
Three Months Ended March 31, 2012
 
  As Reported   Pro Forma Pro Forma   Non-GAAP Non-GAAP
(in thousands, except per share data)   (unaudited)   Adjustments   (unaudited)   Adjustments   (unaudited)
 
Net sales
Products $ 71,243 $ - $ 71,243 $ - $ 71,243
Services   11,796     -     11,796     -     11,796  
83,039 - 83,039 - 83,039
 
Cost of sales
Products 27,721 7,489 (a) 35,210 (7,446 ) (e) 27,764
Services   8,203     150   (b)   8,353     (150 ) (b)   8,203  
35,924 7,639 43,563 (7,596 ) 35,967
         
Gross profit 47,115 (7,639 ) 39,476 7,596 47,072

 

Operating expenses
Research and development 8,201 429 (b) 8,630 (429 ) (b) 8,201
Selling, general and administrative   27,546     1,453   (c)   28,999     (6,585 ) (f)   22,414  
35,747 1,882 37,629 (7,014 ) 30,615
         
Operating income 11,368 (9,521 ) 1,847 14,610 16,457
 
Other income (expense)
Interest income, net 250 - 250 - 250
Foreign currency transaction losses, net (52 ) - (52 ) - (52 )
Other, net   (3 )   -     (3 )   -     (3 )
195 - 195 - 195
         
Income before income taxes 11,563 (9,521 ) 2,042 14,610 16,652
 
Income tax expense   3,647     (803 ) (d)   2,844     1,220   (d)   4,064  
 
Net income $ 7,916   $ (8,718 ) $ (802 ) $ 13,390   $ 12,588  
 
Earnings per common share
Basic $ 0.22   $ (0.24 ) $ (0.02 ) $ 0.36   $ 0.34  
Diluted $ 0.20   $ (0.22 ) $ (0.02 ) $ 0.34   $ 0.32  
 

Weighted average number of common shares outstanding

Basic   36,695     36,695     36,695  
Diluted   39,854     36,695     39,854  

(a)

 

Represents amortization expense of $6.87 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $0.14 million and a $0.48 million reclassification of shipping and handling costs from selling, general and administrative.

(b)

Represents non-cash stock-based compensation expense.

(c)

Represents amortization expense of $1.96 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $1.65 million, the elimination of $1.67 million of transaction costs related to the merger and a $0.48 million reclassification of shipping and handling costs to cost of sales.

(d)

Represents the tax benefit related to non-GAAP adjustments.

(e)

Represents amortization expense of $7.30 million related to acquired intangible assets and non-cash stock-based compensation expense of $0.14 million.

(f)

Represents amortization expense of $2.09 million related to acquired intangible assets, non-cash stock-based compensation expense of $2.13 million, and expense of $2.37 million related to Objet's previously planned initial public offering

 
UNAUDITED CONDENSED COMBINED STATEMENTS OF OPERATIONS
 
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
 
Twelve Months Ended December 31, 2011
 
  As Reported   Pro Forma Pro Forma   Non-GAAP Non-GAAP
(in thousands, except per share data)   (unaudited)   Adjustments   (unaudited)   Adjustments   (unaudited)
 
Net sales
Products $ 233,235 $ - $ 233,235 $ - $ 233,235
Services   43,755     -     43,755     -     43,755  
276,990 - 276,990 - 276,990
 
Cost of sales
Products 95,553 30,042 (a) 125,595 (29,865 ) (e) 95,730
Services   24,891     651   (b)   25,542     (651 ) (b)   24,891  
120,444 30,693 151,137 (30,516 ) 120,621
         
Gross profit 156,546 (30,693 ) 125,853 30,516 156,369

 

Operating expenses
Research and development 28,929 1,854 (b) 30,783 (1,854 ) (b) 28,929
Selling, general and administrative   81,100     15,203   (c)   96,303     (19,662 ) (f)   76,641  
110,029 17,057 127,086 (21,516 ) 105,570
         
Operating income 46,517 (47,750 ) (1,233 ) 52,032 50,799
 
Other income (expense)
Interest income, net 923 - 923 - 923
Foreign currency transaction losses, net (888 ) - (888 ) - (888 )
Other, net   1,083     -     1,083     (1,830 ) (g)   (747 )
1,118 - 1,118 (1,830 ) (712 )
         
Income before income taxes 47,635 (47,750 ) (115 ) 50,202 50,087
 
Income tax expense   12,315     (3,458 ) (d)   8,857     4,059   (d)   12,916  
 
Net income $ 35,320   $ (44,292 ) $ (8,972 ) $ 46,143   $ 37,171  
 
Earnings per common share
Basic $ 0.97   $ (1.21 ) $ (0.25 ) $ 1.26   $ 1.02  
Diluted $ 0.90   $ (1.21 ) $ (0.25 ) $ 1.17   $ 0.94  
 

Weighted average number of common shares outstanding

Basic   36,562     36,562     36,562  
Diluted   39,436     36,562     39,436  

(a)

 

Represents amortization expense of $27.47 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $0.67 million and a $1.90 million reclassification of shipping and handling costs from selling, general and administrative.

(b)

Represents non-cash stock-based compensation expense.

(c)

Represents amortization expense of $7.82 million related to acquired Objet intangible assets, non-cash stock-based compensation expense of $9.28 million and a $1.90 million reclassification of shipping and handling costs to cost of sales.

(d)

Represents the tax benefit related to non-GAAP adjustments.

(e)

Represents amortization expense of $28.63 million related to acquired intangible assets, non-cash stock-based compensation expense of $0.67 million and expense of $0.56 million for the revaluation of Solidscape, Inc. inventory at the time of acquisition.

(f)

Represents amortization expense of $8.18 million related to acquired intangible assets, non-cash stock-based compensation expense of $10.87 million and expense of $0.61 million for the acquisition of Solidscape, Inc.

(g)

Represents a gain of $1.20 million on the sale of an equity investment and a gain of $0.63 million on the sale of an auction rate security


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