3D Systems said Thursday it would delay its Form 10-K filing for the fiscal year ending December 31, 2015. The 3D printing company has also postponed its conference call and webcast to discuss fourth-quarter and full-year results. Previously, 3D Systems was set to hold the conference call on Monday, February 29. But now it has been rescheduled to coincide with the Form 10-K filing on or before March 15, 2016.
Deadline for the 10-K filing extended to March 15
The Rock Hill, South Carolina-based company said it would file a Notification for Late Filing with the Securities and Exchange Commission (SEC), which would allow it to extend the deadline for Form 10-K filing to March 15, 2016. The delay was due to completion of work related to goodwill and intangible asset impairment charges. It would not affect the company’s business operations or customers.
Earlier this month, 3D Systems had issued a strong preliminary fourth-quarter revenue outlook. The company said at the time that it would record a non-cash goodwill and intangible asset impairment charge between $510 million and $570 million in the fourth quarter. It would also take a $27 million charge related to inventory write-downs and purchase commitments as it is moving away from the consumer business.
3D Systems reaffirms revenue outlook
The 3D printing major reiterated its fourth-quarter revenue guidance of $183 million, a 20.7% increase over the third-quarter. It is well above analysts’ estimate of $161 million. 3D Systems also estimates its operating expenses to have decreased to $90 million in December quarter. Interim CEO Andrew Johnson said earlier this month that the industry conditions were still challenging, but long-term prospects are promising.
3D Systems has grown largely on the back of acquisitions. The goodwill reflects the premium it has paid for acquisitions over their liquidation value. Companies typically evaluate these assets in the fourth quarter to figure out whether they are still worth their carrying value. Taking huge goodwill write-downs suggests that its acquisitions have failed to live up to the management’s expectations.