Press Release
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Prototype Shipments Increased 233% in 2012, Reflecting Growing Interest in the Unique Applications and Capabilities of Liquidmetal Alloy
Q4 2012 Operational Highlights
- In 2012, 10 prototype shipments were delivered to customers in the aerospace/defense, medical and other industries, which was up 233% from 2011.
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At the end of Q4 2012, there were 10
Liquidmetal prototype parts actively being evaluated by customers. This is up from seven in the prior quarter and three in the prior year comparative quarter. -
LTI partnered with a leading original design manufacturer to introduce
the next generation of golf club design. The clubs will feature the
“pure energy transfer” of
Liquidmetal amorphous alloy, which allows for long, forgiving shots off the tee, with increased overall performance. - LTI completed the first successful transition of a prototype part into commercial production with the shipment of a large order of specialized parts from its certified manufacturing partner.
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At quarter-end, the company’s IP portfolio included 56 owned or
licensed U.S. patents, with an additional 50 patent applications
pending. Its patent applications relate to the composition,
processing, and application of
Liquidmetal alloys.
Management Commentary
“During 2012, we made strong continued progress in our transition from a
development stage to a commercial products company,” said
“The increasing demand for prototype parts has been well-timed to the
certification of our first commercial production capabilities. With our
third-generation
“As we continue to work closely with our customers to perfect their
Fiscal Year 2012 Financial Summary
In 2012, the company generated nominal revenues as it focused on penetrating target applications and customers to sell prototype parts.
Selling, marketing, general and administrative expense was
Research and development expense was
Total operating expenses were
Cash totaled
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About
Forward-Looking Statement
This press release contains "forward-looking statements," including but
not limited to statements regarding the advantages of
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LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data) |
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| December 31, | December 31, | ||||||||||||
| 2012 | 2011 | ||||||||||||
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ASSETS |
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| Current assets: | |||||||||||||
| Cash | $ | 7,162 | $ | 122 | |||||||||
| Trade accounts receivable, net of allowance for doubtful accounts of $11 and $0 | 64 | 241 | |||||||||||
| Related party notes receivable | - | 200 | |||||||||||
| Prepaid expenses and other current assets | 689 | 248 | |||||||||||
| Total current assets | $ | 7,915 | $ | 811 | |||||||||
| Property and equipment, net | 161 | 162 | |||||||||||
| Patents and trademarks, net | 869 | 968 | |||||||||||
| Other assets | 28 | 52 | |||||||||||
| Total assets | $ | 8,973 | $ | 1,993 | |||||||||
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LIABILITIES AND SHAREHOLDERS' DEFICIT |
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| Current liabilities: | |||||||||||||
| Accounts payable | 154 | 803 | |||||||||||
| Accrued liabilities | 248 | 457 | |||||||||||
| Accrued dividends | 222 | 571 | |||||||||||
| Deferred revenue | - | 67 | |||||||||||
| Short-term debt | - | 1,712 | |||||||||||
| Convertible note, net of debt discount of $4,635 | 2,365 | - | |||||||||||
| Embedded conversion feature liability | 3,934 | - | |||||||||||
| Total current liabilities | $ | 6,923 | $ | 3,610 | |||||||||
| Long-term liabilities | |||||||||||||
| Warrant liabilities | 2,766 | - | |||||||||||
| Other long-term liabilities | 856 | 609 | |||||||||||
| Total liabilities | $ | 10,545 | $ | 4,219 | |||||||||
| Shareholders' deficit: | |||||||||||||
| Convertible, redeemable Series A Preferred Stock, $0.001 par value; 10,000,000 | |||||||||||||
| shares authorized; 506,936 and 1,299,151 shares issued and outstanding at | |||||||||||||
| December 31, 2012 and December 31, 2011, respectively | - | 1 | |||||||||||
| Common stock, $0.001 par value; 400,000,000 shares authorized; 242,074,324 | |||||||||||||
| and 134,467,554 shares issued and outstanding at December 31, 2012 | |||||||||||||
| and December 31, 2011, respectively | 242 | 130 | |||||||||||
| Warrants | 18,179 | 24,438 | |||||||||||
| Additional paid-in capital | 169,891 | 149,064 | |||||||||||
| Accumulated deficit | (189,884 | ) | (175,859 | ) | |||||||||
| Total shareholders' deficit | $ | (1,572 | ) | $ | (2,226 | ) | |||||||
| Total liabilities and shareholders' deficit | $ | 8,973 | $ | 1,993 | |||||||||
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LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except share and per share data) |
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| Years Ended December 31, | |||||||||||||
| 2012 | 2011 | ||||||||||||
| Revenue | |||||||||||||
| Products | $ | 591 | $ | 572 | |||||||||
| Licensing and royalties | 59 | 400 | |||||||||||
| Total revenue | 650 | 972 | |||||||||||
| Cost of revenue, products | 354 | 373 | |||||||||||
| Gross margin | 296 | 599 | |||||||||||
| Operating expenses | |||||||||||||
| Selling, marketing, general and administrative | 4,850 | 4,243 | |||||||||||
| Research and development | 943 | 1,120 | |||||||||||
| Manufacturing contract costs | 6,300 | - | |||||||||||
| Settlement expense | - | 1,713 | |||||||||||
| Total operating expenses | 12,093 | 7,076 | |||||||||||
| Operating loss from continuing operations | (11,797 | ) | (6,477 | ) | |||||||||
| Change in value of warrants, gain | 6,547 | 1,328 | |||||||||||
| Change in value of embedded conversion feature liability, gain | 4,931 | - | |||||||||||
| Debt discount amortization expense | (11,949 | ) | - | ||||||||||
| Financing costs | (1,355 | ) | - | ||||||||||
| Other income | 34 | 26 | |||||||||||
| Interest expense | (459 | ) | (90 | ) | |||||||||
| Interest income | 23 | 22 | |||||||||||
| Loss from continuing operations before income taxes | (14,025 | ) | (5,191 | ) | |||||||||
| Income taxes | - | - | |||||||||||
| Loss from continuing operations | (14,025 | ) | (5,191 | ) | |||||||||
| Discontinued operations: | |||||||||||||
| Gain on disposal of subsidiary, net of tax | - | 12,109 | |||||||||||
| Loss from operations of discontinued operations, net of tax | - | (763 | ) | ||||||||||
| Net income (loss) | (14,025 | ) | 6,155 | ||||||||||
| Other comprehensive income | |||||||||||||
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Foreign exchange translation gain during the period |
- | - | |||||||||||
| Comprehensive income (loss) | $ | (14,025 | ) | $ | 6,155 | ||||||||
| Per common share basic and diluted: | |||||||||||||
| Net income (loss) per share - basic | |||||||||||||
| Loss from continuing operations | $ | (0.07 | ) | $ | (0.04 | ) | |||||||
| Income from discontinued operations | - | 0.09 | |||||||||||
| Basic income (loss) per share | $ | (0.07 | ) | $ | 0.05 | ||||||||
| Net income (loss) per share - diluted | |||||||||||||
| Loss from continuing operations | $ | (0.07 | ) | $ | (0.04 | ) | |||||||
| Income from discontinued operations | - | 0.07 | |||||||||||
| Diluted income (loss) per share | $ | (0.07 | ) | $ | 0.03 | ||||||||
| Number of weighted average shares - basic | 188,298,113 | 118,523,228 | |||||||||||
| Number of weighted average shares - diluted | 188,298,113 | 163,292,496 | |||||||||||
Source:
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
949-635-2120
otis.buchanan@liquidmetal.com
or
Liolios
Group, Inc.
Matt Glover or Michael Koehler
Investor Relations
949-574-3860
LQMT@liolios.com