The ExOne Company Reports $11.6 Million of Revenue in the Third Quarter of 2013

The ExOne Company Reports $11.6 Million of Revenue in the Third Quarter of

  *Revenue increased by $3.1 million, or 36%, over prior-year third quarter,
    driven by eight machine sales
  *Achieved 45% gross margin in quarter
  *Operating income improved to $0.3 million from operating loss of $5.7
    million in the third quarter of the prior year
  *Company reaffirms 2013 guidance

NORTH HUNTINGDON, Pa., Nov. 13, 2013 (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, reported financial results today for its 2013 third quarter and
nine-month period ended September 30, 2013.

Revenue for the quarter was $11.6 million, up 36% compared with revenue of
$8.5 million for the third quarter of 2012. Foreign currency had a $0.5
million, or 6%, unfavorable impact on revenue in the quarter. Net loss
attributable to ExOne for the reported quarter was $0.2 million, or $0.02 per
diluted share, an improvement of $5.7 million compared with a net loss
attributable to ExOne of $5.9 million for the prior-year period.

Third Quarter of 2013: Revenue Growth—Driven by Strong Machine Sales and PSC
($ in millions)                                                  
                           For the Quarter Ended    For the Nine Months Ended
                           September 30,            September 30,
                           2013         2012        2013         2012
Revenue by Product Line                                          
3D Printing Machines &      $7.8  66.8%  $5.2 60.9%  $17.8 61.9%  $6.7  42.2%
3D Printed Products,
Materials and Other         $3.8  33.2%  $3.3 39.1%  $11.0 38.1%  $9.2  57.8%
Services ("PSC")
Total Revenue               $11.6 100.0% $8.5 100.0% $28.8 100.0% $15.9 100.0%

During the quarter, machine revenue represented 67% of total revenue and
increased 50% over the prior-year period.Four S-Max™ machines, the largest of
the Company's 3D printing machines, were sold to diverse geographic customers.
One machine was sold to customers in each of Japan, Germany, Russia and the
U.S. Additionally, machine sales included one each of the Company's S-Print™,
S15™ (refurbished), M-Flex™ and X1-Lab™.The S-Print was for a customer in
Japan and the others were for U.S customers.Three S-Max machines and one S15
machine were sold in the prior year third quarter.

Production Service Center ("PSC") revenue was up 16% over the prior-year
quarter, reflecting ongoing demand for 3D printed products.

Third Quarter of 2013:Turned the Corner to Operating Profitability—Driven by
Machine Sales

Gross profit for the quarter was $5.3 million, an improvement of $1.7 million,
or 48%, compared with the third quarter of 2012.Gross profit as a percent of
sales was 45.2% compared with 41.8% in the prior year.Gross profit and gross
margin improved on volume, favorable sales mix and enhanced productivity in
the Company's PSCs.

Operating income was $0.3 million compared with an operating loss of $5.7
million in the third quarter of 2012, an improvement of $6.0 million.Selling,
general and administrative ("SG&A") expenses were $3.7 million, compared
with $8.9 million in the prior-year quarter. The 2012 third quarter SG&A
included a $6.0 million equity compensation charge compared with $0.2 million
in the 2013 quarter. Research and development ("R&D") expenses for the
quarter increased by $1.0 million to $1.3 million, in support of the Company's
materials qualification and machine technology enhancements.

Adjusted earnings before interest, taxes, depreciation and amortization
("EBITDA") was $1.1 million in the 2013 quarter, improved from an Adjusted
EBITDA loss of $5.2 million last year.ExOne management believes that when
used in conjunction with other measures prepared in accordance with accounting
principles generally accepted in the United States ("GAAP"), that Adjusted
EBITDA, a non-GAAP measure, assists in the understanding of operating
performance. See the attached tables for important disclosures regarding the
Company's use of Adjusted EBITDA as well as a reconciliation of net income
(loss) attributable to ExOne to Adjusted EBITDA for both the quarter and
nine-month periods ended September 30, 2013 and 2012.

Year-to-Date 2013 Review—Demonstrates Accelerating Growth

Revenue for the nine-month period ended September 30, 2013 was $28.8 million,
up $12.9 million, or 81%, compared with the prior-year period, driven
primarily by machine sales as well as growth in PSC revenue
globally.Unfavorable currency translation impacted the comparison by $0.7
million, or 4%.

Year-to-date gross profit was $12.3 million, up $6.4 million compared with the
last year's year-to-date period.Gross profit as a percentage of sales
improved to 42.6% from last year's 37.0%. SG&A expense was $11.2 million,
down $3.6 million from the prior-year period.R&D expense was $3.4, compared
with $1.2 million in the same period of 2012, reflecting the Company's
investments in growth.

Operating loss for the period was $2.3 million, improved from a loss of $10.1
million during the comparable prior-year period. Net loss attributable to
ExOne was $3.3 million, or $0.28 per diluted share, compared with $11.1
million for the 2012 period.


In September 2013, the Company issued 1.1 million shares in a secondary stock
offering, raising approximately $65.3 million of proceeds, net of underwriting
commissions, and resulting in 14.4 million shares outstanding at the end of
the quarter.As of September 30, 2013, ExOne had $115.1 million of cash
available to further its organic and acquisition growth strategy and $3.4
million of long-term debt and financing leases.

Outlook and Strategy

The Company continues to anticipate that its 2013 revenue will be at the lower
end of its $48 million to $52 million guidance, its 2013 gross margin will be
at the higher end of its 42% to 46% guidance and its 2013 operating expenses
will be at the upper end of its $18 million to $21 million guidance.

Approximately $40 million to $50 million in growth investments, including
manufacturing capacity expansion and PSC development, have been underway and
are planned for the remainder of 2013 and 2014.This includes approximately
$20 million for the recently announced expansion and consolidation of the
Company's German operations, of which approximately $5.8 million has been
invested this quarter.

S. Kent Rockwell, Chairman and CEO, noted, "We continue to aggressively
execute on our stated strategic plan – increasing machine sales, expanding our
production capacity and PSC network, and building our material and binders
portfolio.There are many exciting new projects we are involved with
globally.As we look forward to 2014, we expect to achieve our long-term
growth targets.We believe ExOne remains distinctively positioned as a leading
industrial provider of 3D printing machines and printed products."

Webcast and Conference Call

ExOne will host a conference call and live webcast Thursday, November 14^th at
8:30 a.m. Eastern Time.During the conference call and webcast, management
will review the financial and operating results for the third quarter and
discuss ExOne's corporate strategies and outlook.A question-and-answer
session will follow. The teleconference can be accessed by calling (201)
689-8471.The webcast can be monitored on the Company's website at

A telephonic replay will be available from 11:30 a.m. ET on the day of the
teleconference through Thursday, November 21, 2013.To listen to a replay of
the call, dial (858) 384-5517 and enter the conference ID number 420962.An
archive of the webcast will be available on the Company's website at and will include a transcript, once available.

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 seven production service centers ("PSCs"),
which are located in the United States, Germany 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 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. Except as required by law, the
Company disclaims any obligation to update or publicly announce any revisions
to any of the forward-looking statements contained in this news release.


The ExOne Company
Condensed Statement of Consolidated Operations
(in thousands, except per share data)
                        Quarter Ended            Nine Months Ended  
                        September 30,    % Change September 30,      % Change
                        2013    2012             2013     2012      
Revenue                  $11,621 $8,515   36%      $28,785  $15,913   81%
Cost of sales            6,370   4,959    28%      16,515   10,018    65%
Gross profit             5,251   3,556    48%      12,270   5,895     108%
Gross margin             45.2%   41.8%            42.6%    37.0%     
Research and development 1,286   347      271%     3,418    1,179     190%
Selling, general and     3,703   8,879    -58%     11,179   14,827    -25%
                        4,989   9,226    -46%     14,597   16,006    -9%
Operating income (loss)  262     (5,670)  NM       (2,327)  (10,111)  NM
Operating margin         2.3%    NM               NM       NM        
Interest expense         46      234      -80%     326      542       -40%
Other (income) expense – 1       (47)     NM       (63)     (74)      NM
                        47      187      NM       263      468       NM
Income (loss) before     215     (5,857)  NM       (2,590)  (10,579)  NM
income taxes
Provision (benefit) for  439     (63)     NM       530      171       NM
income taxes*
Net loss                 (224)   (5,794)  NM       (3,120)  (10,750)  NM
Less: Net income
attributable to          --    138      -100%    138      320       -57%
noncontrolling interests
Net loss attributable to $(224)  $(5,932) NM       $(3,258) $(11,070) NM
Net loss attributable to ExOne                                    
per common share:
Basic                    $(0.02) N/A*             $(0.28)  N/A*      
Diluted                  $(0.02) N/A*             $(0.28)  N/A*      
Weighted average shares
outstanding (basic and   13,534  N/A*             12,316   N/A*      

* Information is not comparable for the quarter and nine months ended
September 30, 2012 as a result of the reorganization of the Company as a
corporation on January 1, 2013.
NM Not Meaningful

The ExOne Company
Condensed Consolidated Balance Sheets
($ in thousands, except share and unit amounts) (unaudited)
                                                   September 30, December 31,
                                                   2013          2012
Current assets:                                                  
Cash and cash equivalents                           $115,144      $2,802
Accounts receivable - net of allowance of $65       8,391         8,413
(2013) and $83 (2012)
Inventories - net                                   10,809        7,485
Prepaid expenses and other current assets           3,352         1,543
Total current assets                                137,696       20,243
Property and equipment - net (including amounts
attributable to consolidated variable interest      23,967        12,467
entities of $5,567 at December 31, 2012)
Deferred income taxes                               --          178
Other noncurrent assets                             1,034         187
Total assets                                        $162,697      $33,075
Current liabilities:                                             
Line of credit                                      $--        $528
Demand note payable to member                       --          8,666
Current portion of long-term debt (including
amounts attributable to consolidated variable       126           2,028
interest entities of $1,913 at December 31, 2012)
Current portion of capital and financing leases     532           920
Accounts payable                                    3,173         2,451
Accrued expenses and other current liabilities      5,148         4,436
Preferred unit dividends payable                    --          1,437
Deferred income taxes                               --          178
Deferred revenue and customer prepayments           1,031         4,281
Total current liabilities                           10,010        24,925
Long-term debt - net of current portion (including
amounts attributable to consolidated variable       2,114         5,669
interest entities of $3,150 at December 31, 2012)
Capital and financing leases - net of current       607           1,949
Other noncurrent liabilities                        378           491
Total liabilities                                   13,109        33,034
Contingencies and commitments                                    
Stockholders' / Members' Equity                                  
ExOne stockholders' / members' equity (deficit):                 
Common stock, $0.01 par value, 200,000,000 shares
authorized, 14,387,608 shares issued and            144           --
Additional paid-in capital                          153,163       --
Accumulated deficit                                 (3,258)       --
Preferred units, $1.00 par value, 18,983,602 units  --          18,984
issued and outstanding
Common units, $1.00 par value, 10,000,000 units     --          10,000
issued and outstanding
Members' deficit                                    --          (31,355)
Accumulated other comprehensive loss                (461)         (174)
Total ExOne stockholders' / members' equity         149,588       (2,545)
Noncontrolling interests                            --          2,586
Total stockholders' / members' equity               149,588       41
Total liabilities and stockholders' / members'      $162,697      $33,075

The ExOne Company
Condensed Statement of Consolidated Cash Flows
($ in thousands)
                                                           Nine Months Ended
                                                           September 30,
                                                           2013     2012
Operating activities                                                
Net loss                                                    $(3,120) $(10,750)
Adjustments to reconcile net loss to cash used for                  
operating activities:
Depreciation                                                1,685    1,258
Equity-based compensation                                   511      7,735
Changes in assets and liabilities, excluding effects of             
foreign currency translation adjustments:
(Increase) decrease in accounts receivable                  (196)    (1,186)
(Increase) decrease in inventories                          (6,128)  (5,395)
(Increase) decrease in prepaid expenses and other assets    (2,723)  (57)
Increase (decrease) in accounts payable                     (75)     793
Increase (decrease) in accrued expenses and other           187      554
Increase (decrease) in deferred revenue and                 (3,592)  (1,944)
Cash used for operating activities                          (13,451) (8,992)
Investing activities                                                
Capital expenditures                                        (9,822)  (1,802)
Cash effect of deconsolidation of noncontrolling interests  (2,327)  --
in variable interest entities
Cash used for investing activities                          (12,149) (1,802)
Financing activities                                                
Net proceeds from issuance of common stock – initial public 91,083   --
Net proceeds from issuance of common stock – secondary      65,201   --
public offering
Net change in line of credit borrowings                     (528)    914
Net change in demand note payable to member                 (9,885)  6,953
Proceeds from financing leases                              --     2,539
Payments on long-term debt                                  (5,457)  (1,311)
Payments on capital and financing leases                    (2,031)  (341)
Payment of preferred stock dividends                        (456)    --
Cash provided by financing activities                       137,927  8,754
Effect of exchange rate changes on cash and cash            15       (25)
Net change in cash and cash equivalents                     112,342  (2,065)
Cash and cash equivalents at beginning of period            2,802    3,496
Cash and cash equivalents at end of period                  $115,144 $1,431

The ExOne Company
Additional Information
Machine Sales by Type                     
                     Quarter Ended Nine Months Ended
                     September 30, September 30,
Machine units sold:   2013   2012   2013     2012
S-Max                 4      3      10       4
S-Print               1      --   2        --
S15                   1      1      1        1
M-Flex                1      --   1        --
X1-Lab                1      --   2        --
Micromachinery        --     --   1        --
                     8      4      17       5


The ExOne Company
Adjusted EBITDA Reconciliation
($ in thousands)
                                           Quarter Ended   Nine Months Ended
                                           September 30,   September 30,
                                           2013   2012     2013     2012
Net loss attributable to ExOne              $(224) $(5,932) $(3,258) $(11,070)
Net income attributable to noncontrolling   --   138      138      320
Interest expense                            46     234      326      542
Provision (benefit) for income taxes        439    (63)     530      171
Depreciation                                589    453      1,685    1,258
Equity-based compensation*                  200    --     511      --
Other (income) expense - net                1      (47)     (63)     (74)
Adjusted EBITDA                             $1,051 $(5,217) $(131)   $(8,853)

*As noted above, amounts reflected for equity-based compensation relate solely
to expense incurred in connection with equity-based awards granted under
ExOne's 2013 Equity Incentive Plan.During the quarter and nine months ended
September 30, 2012, we incurred approximately $5,950 and $7,735 of
equity-based compensation expense related to the sale of common units by the
majority member of the former limited liability company to an existing member
and two executives of the former limited liability company.As these
transactions were not a part of ExOne's 2013 Equity Incentive Plan, the
Company has elected not to consider the related equity-based compensation in
measuring Adjusted EBITDA for the respective 2012 periods.

ExOne defines Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization) as net income (loss) attributable to ExOne (as calculated
under accounting principles generally accepted in the United States ("GAAP"))
plus net income (loss) of noncontrolling interests, provision (benefit) for
income taxes, interest expense, depreciation, equity-based compensation
associated with its 2013 Equity Incentive Plan and other (income) expense -
net. Use of Adjusted EBITDA, which is a non-GAAP financial measure, as defined
under the rules of the U.S. Securities and Exchange Commission, is intended as
a supplemental measure of ExOne's performance that is not required by, or
presented in accordance with, GAAP. Adjusted EBITDA should not be considered
as an alternative to net income (loss) attributable to ExOne or any other
performance measure derived in accordance with GAAP. The Company's
presentation of Adjusted EBITDA should not be construed to imply that its
future results will be unaffected by unusual or non-recurring items.

The Company believes Adjusted EBITDA is meaningful to its investors to enhance
their understanding of ExOne's financial performance. Although Adjusted EBITDA
is not necessarily a measure of the Company's ability to fund its cash needs,
the Company understands that it is frequently used by securities analysts,
investors and other interested parties as a measure of financial performance
and to compare ExOne's performance with the performance of other companies
that report Adjusted EBITDA. ExOne's calculation of Adjusted EBITDA may not be
comparable to similarly titled measures reported by other companies.

CONTACT: For more information, contact:
         Nicole McEwen
         Marketing Director
         (724) 765-1328
         John Irvin
         Chief Financial Officer
         (724) 765-1310
         Deborah K. Pawlowski
         Kei Advisors LLC
         (716) 843-3908

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