Liquidmetal Technologies Reports Third Quarter 2013 Results Prototype Shipments Continue to Reach Customers in Targeted Industries Business Wire RANCHO SANTA MARGARITA, Calif. -- November 8, 2013 Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloys and composites, reported results for the quarter ended September 30, 2013. Q3 2013 Operational Highlights During the third quarter, Liquidmetal continued to deliver prototype shipments to new customers and made further advancements on commercialized production processes. *Prototype shipments in the aerospace and defense industry represented a positive step in the future commercialization of our product. The success story in this case was the canard for Lockheed Martin’s EAPS missile. The canard is scheduled to be part of a live flight test early next year. *The announcement of the availability of a standard Liquidmetal injection molding system from ENGEL, one of the world’s leading suppliers of injection molding equipment. These machines have already been quoted, have a standard availability, and can be installed and supported anywhere in the world. Management Commentary “During the third quarter, we shipped 3 prototypes into very exciting markets. We are also pleased with the subsequent closing of our Common Stock Purchase Agreement that will allow us flexibility in the funding of our on-going operations through discretionary issuances of our common stock” said Tom Steipp, President and CEO of Liquidmetal Technologies. Q3 2013 Financial Summary In Q3 2013, the company generated revenues of $456 thousand as it focused on the development of prototype parts for its customers. Selling, marketing, general and administrative expense was $1.2 million compared to $1.4 million in Q3 2012. The decrease was primarily due to reductions in external consultant and legal expenses off-set by additional headcount to support the Company’s sales and business development efforts. Research and development expense was $368,000 compared to $217,000 in Q3 2012. Cash totaled $3.0 million at September 30, 2013, as compared to $7.2 million at December 31, 2012. Conference Call Liquidmetal Technologies management will hold a conference call later today (November 8, 2013) to discuss these results. The Company’s President and CEO Tom Steipp and CFO Tony Chung will host the call starting at 4:30 p.m. Eastern time. A question and answer session will follow management’s presentation. Date: Friday November 8, 2013 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) Dial-In Number: 1-888-438-5491 International: 1-719-325-2472 Conference ID: 1752720 The conference call will be broadcast simultaneously and available for replay via the investor section of the Company's website at www.liquidmetal.com. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 15th, 2013. Toll-Free Replay Number: 1-888-203-1112 International Replay Number: 1-719-457-0820 Replay PIN Number: 1752720 About Liquidmetal Technologies Rancho Santa Margarita, California-based Liquidmetal Technologies, Inc. is the leading developer of bulk alloys and composites that utilize the performance advantages offered by amorphous alloy technology. Amorphous alloys are unique materials that are distinguished by their ability to retain a random structure when they solidify, in contrast to the crystalline atomic structure that forms in ordinary metals and alloys. Liquidmetal Technologies is the first company to produce amorphous alloys in commercially viable bulk form, enabling significant improvements in products across a wide array of industries. For more information, go to www.liquidmetal.com. Forward-Looking Statement This press release contains "forward-looking statements," including but not limited to statements regarding the advantages of Liquidmetal's amorphous alloy technology, scheduled manufacturing of customer parts and other statements associated with Liquidmetal's technology and operations. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Liquidmetal's expectations and projections. Risks and uncertainties include, among other things; customer adoption of Liquidmetal's technologies and successful integration of those technologies into customer products; potential difficulties or delays in manufacturing products incorporating Liquidmetal's technologies; Liquidmetal's ability to fund its current and anticipated operations; the ability of third party suppliers and manufacturers to meet customer product requirements; general industry conditions; general economic conditions; and governmental laws and regulations affecting Liquidmetal's operations. Additional information concerning these and other risk factors can be found in Liquidmetal's public periodic filings with the U.S. Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in Liquidmetal's 2012 Annual Report on Form 10-K. LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data) September 30, December 31, 2013 2012 (Unaudited) (Audited) ASSETS Current assets: Cash $ 3,023 $ 7,162 Trade accounts receivable, net of allowance for doubtful accounts of 431 64 $3 and $11, respectively Prepaid expenses and other current 548 689 assets Total current assets $ 4,002 $ 7,915 Property and equipment, net 265 161 Patents and trademarks, net 792 869 Other assets 28 28 Total assets $ 5,087 $ 8,973 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable 243 154 Accrued liabilities 704 248 Accrued dividends - 222 Convertible notes, net of debt discount of $0 and $4,635, - 2,365 respectively Embedded conversion feature - 3,934 liabilities on convertible notes Total current liabilities $ 947 $ 6,923 Long-term liabilities: Warrant liabilities 4,481 2,766 Other long-term liabilities 856 856 Total liabilities $ 6,284 $ 10,545 Shareholders' deficit: Convertible, redeemable Series A Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 and 506,936 shares issued and outstanding at September 30, 2013 and December 31, - - 2012, respectively Common stock, $0.001 par value; 500,000,000 shares and 400,000,000 authorized at September 30, 2013 and December 31, 2012, respectively; 373,040,523 and 242,074,324 shares issued and outstanding at September 30, 2013 and December 31, 373 242 2012, respectively Warrants 18,179 18,179 Additional paid-in capital 182,304 169,891 Accumulated deficit (202,013 ) (189,884 ) Non-controlling interest in (40 ) - subsidiary Total shareholders' (1,197 ) (1,572 ) deficit Total liabilities and $ 5,087 $ 8,973 shareholders' deficit Working Capital 3,055 992 (Deficit): - - LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE LOSS (in thousands, except share and per share data) (unaudited) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2013 2012 2013 2012 Revenue Products $ 456 $ 80 $ 721 $ 471 Licensing and - 27 7 46 royalties Total 456 107 728 517 revenue Cost of sales 396 73 589 256 Gross profit 60 34 139 261 Operating expenses Selling, marketing, general 1,213 1,372 3,735 3,338 and administrative Research and 368 217 829 616 development Manufacturing - - - 6,300 contract costs Total operating 1,581 1,589 4,564 10,254 expenses Operating loss (1,521 ) (1,555 ) (4,425 ) (9,993 ) Change in value of warrants, gain (2,511 ) 4,184 (1,715 ) 4,010 (loss) Change in value of embedded conversion feature liabilities, (2,435 ) 2,785 621 2,785 gain (loss) Debt discount amortization (361 ) (6,247 ) (6,504 ) (6,247 ) expense Financing costs - - - (1,355 ) Interest expense (21 ) (240 ) (242 ) (258 ) Interest income 1 10 5 18 Gain on extinguishment of 91 - 91 - debt (Note 7) Net loss (6,757 ) (1,063 ) (12,169 ) (11,040 ) Net loss attributable to non-controlling 32 - 40 - interest Net loss and comprehensive loss attributable to Liquidmetal Technologies $ (6,725 ) $ (1,063 ) $ (12,129 ) $ (11,040 ) shareholders Net loss per common share attributable to Liquidmetal Technologies shareholders, $ (0.02 ) $ (0.01 ) $ (0.04 ) $ (0.06 ) basic and diluted Number of weighted average shares - basic 372,840,523 195,275,681 330,329,312 173,544,833 and diluted Contact: Liquidmetal Technologies, Inc. Otis Buchanan, Media Relations 949-635-2120 email@example.com
Liquidmetal Technologies Reports Third Quarter 2013 Results
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