The ExOne Company Reports 2016 Second Quarter Results


    
The ExOne Company
Statement of Consolidated Cash Flows
(in thousands)
(Unaudited)
    
  Six Months Ended
  June 30,
   2016    2015 
      
Operating activities   
Net loss$(8,419) $(14,569)
Adjustments to reconcile net loss to cash used for operations:   
Depreciation and amortization 2,862   2,489 
Deferred income taxes (29)  (206)
Equity-based compensation 554   822 
(Recoveries) provision for bad debts (271)  324 
Loss from disposal of property and equipment 198   - 
Amortization of debt issuance costs 204   - 
Changes in fair value of contingent consideration -   (193)
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:     
Decrease in accounts receivable 4,652   6,134 
Increase in inventories (948)  (8,357)
Decrease in prepaid expenses and other assets 823   89 
Increase in accounts payable 208   1,914 
Decrease in accrued expenses and other liabilities (1,551)  (527)
Increase in deferred revenue and customer prepayments 1,550   3,974 
Cash used for operating activities (167)  (8,106)
    
Investing activities   
Capital expenditures (331)  (2,831)
Proceeds from sale of property and equipment 44   - 
Cash used for investing activities (287)   (2,831 )
       
Financing activities      
Net proceeds from issuance of common stock - registered direct offering to a related party   12,447       -  
Net proceeds from issuance of common stock - at the market offerings   595       -  
Payments on long-term debt   (68 )     (65 )
Payments on capital and financing leases   (41 )     (194 )
Cash provided by (used for) financing activities   12,933       (259 )
       
Effect of exchange rate changes on cash and cash equivalents   63       (226 )
Net change in cash and cash equivalents   12,542       (11,422 )
Cash and cash equivalents at beginning of period   19,342       36,202  
Cash and cash equivalents at end of period $ 31,884     $ 24,780  
       
       
Supplemental disclosure of noncash investing and financing activities      
Property and equipment included in accounts payable $ 20     $ 234  
       
Transfer of internally developed 3D printing machines from inventories to property and equipment for internal use or leasing activities $ 1,997     $ 2,506  
       
Transfer of internally developed 3D printing machines from property and equipment to inventories for sale $ 682     $ 149  
       

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