CIMdata PLM Industry Summary Online Archive
14 February 2005
Financial News
think3 Financial Results Fueled by Industrial Design and Consulting Services Offerings
think3, Inc. announced 33 percent revenue growth for its fiscal year 2004, ended December 31, 2004, when compared with fiscal 2003, reporting $40 million in total revenue. During FY04, think3 attracted new customers, expanded its current customer base and enhanced its service and product offerings, producing a solid foundation for its record results.
think3's fourth quarter 2004 concluded with 68 percent growth in revenues from consulting services compared to the same period last year. Its Q4 2004 billings in the United States also increased at roughly 12 percent compared to the year-ago quarter.
"We've made a dramatic increase in our services business over the past year. This further solidifies our position as an innovation leader in industrial design and product lifecycle management," said Joe Costello, chairman and CEO for think3. "We also won a substantial number of new customers and generated considerable market momentum in industrial design with a new release of our flagship 2D and 3D industrial design automation offering, thinkID, and a vendor-neutral upgrade to thinkteam. Our customers are taking advantage of the ease-of-use and power of our products to tackle their toughest design and product development challenges."
The company's Q4 growth was in part propelled by new or extended customer contracts with global leaders, including BMW Aerodynamics, Wilisch & Sohn, Armes, Komatsu, Trek, Antonio Merloni, AGP and Mazda.
Earlier in FY04, think3 expanded services and signed a number of other new contracts worldwide:
• North America: US-based Rock Hard Designs, a manufacturer of gemstones and metalsmithing; GE Healthcare; Brayton International, a division of Steelcase Inc. and manufacturer of lounge, collaborative and healthcare seating; Foraxis Design, an industrial design firm that specializes in contemporary furniture, consumer products and motorcycles; and Michael Graves Design Group.
• United Kingdom: UK based Frazer Nash
• Japan: Honda R&D Corporation, automotive manufacturer
• Italy: Rodriquez Cantieri Navali, a worldwide ship manufacturer; Costec, manufacturer of filling, rinsing, closing and bottling machinery; Valli & Valli, a manufacturer of handles, knobs, furniture fittings, and other furnishings and accessories; Gruppo Parpas, Italian designers and producers of milling machines and grinding machines; and Phoenix International, one of the leading manufacturers of aluminum dies based in Italy.
• France: Shark, a designer of motorbike helmets; Pernoud, French manufacturers of injection molds for the production of technical parts in thermoplastics and thermosettings; C.Stem, a prototyping firm supporting the automotive industry; 4m, a mold making company also in the automotive segment; Absolut Reality, Transport and Consumer Products Design house.
• Germany: automotive manufacturers BMW and Audi.
In addition, think3 forged several key partnerships in 2004 adding new depth of expertise and capabilities to its product suite. New partners include Design Intent Engineering, Inc. (DIE), a technological leader in transportation design and engineering services; expansion of its longtime partnership with OPEN MIND Technologies AG (Unterfoehring, Germany), a provider of computer aided manufacturing (CAM) software; and Optiva Systems Inc., a provider of hardware, software and service solutions to the automotive and consumer product related industries.
During Q4, think3 launched the North American expansion of its thinkstart initiative, a worldwide education program for design schools and universities. The program is gaining momentum and has seen significant interest from faculty and students. Along with this program, think3 launched its new, redesigned and re-formatted Web site in the quarter.
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