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Liquidmetal Technologies Reports Second Quarter 2015 Results

RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Aug. 6, 2015-- Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloys, reported results for the quarter ended June 30, 2015.

Q2 2015 Operational Highlights

  • Shipped first articles of a Custom Liquidmetal Hybrid Knife
  • Received order for first prototype part for a European customer
  • Participated in the Engel Symposium for global customers
  • Factory Acceptance Test completed for second Engel Injection Molding machine
  • Significant increase in Requests For Quotation (RFQ’s)
  • Continued progress toward ISO 9001 Certification – still expected in 4Q15

“Our second quarter showed excellent progress as we continued to see success in our sales and marketing efforts. The team and processes that we have in place resulted in over a 280% increase in quarter-over-quarter Requests for Quotation," said Tom Steipp, President and CEO. “We also continued to enjoy the benefits of global partnerships by participating in the Engel Symposium attended by over 3000 customers from many of our target markets.”

Q2 2015 Financial Summary

In Q2 2015, the Company generated revenues of $39 thousand as it continued to focus on the development of prototype and commercial parts for its customers and partnering with licensees on the development of the Company’s technology and production processes.

Selling, marketing, general and administrative expense was $1.9 million in Q2 2015, as compared to $2.0 million in Q2 2014.

Research and development expense was $455 thousand in Q2 2015, compared to $392 thousand in Q2 2014.

Cash totaled $7.3 million, which includes $2.0 million of restricted cash, at June 30, 2015, as compared to $10 million at December 31, 2014.

Conference Call

Liquidmetal Technologies management will hold a conference call later today (August 6, 2015) 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: Thursday, August 6, 2015
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 1-888-539-3612
International: 1-719-457-2661
Conference ID: 1622211

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 August 13, 2015.

Toll-Free Replay Number: 1-888-203-1112
International Replay Number: 1-719-457-0820
Replay PIN Number: 1622211

About Liquidmetal Technologies

Rancho Santa Margarita, California-based Liquidmetal Technologies, Inc. is the leading developer of bulk alloys 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 2014 Annual Report on Form 10-K.

 
LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share data)

 
June 30, December 31,
2015 2014
(Unaudited) (Audited)

ASSETS

 
Current assets:
Cash $ 5,284 $ 10,009
Restricted cash 2,005 -
Trade accounts receivable, net of allowance for doubtful accounts 13 83
Inventory 65 -
Prepaid expenses and other current assets   203     374  
Total current assets $ 7,570 $ 10,466
Property and equipment, net 1,147 1,118
Patents and trademarks, net 619 669
Other assets   137     31  
Total assets $ 9,473   $ 12,284  
 

LIABILITIES AND STOCKHOLDERS' EQUITY

 
Current liabilities:
Accounts payable $ 114 $ 155
Accrued liabilities 912 705
Deferred revenue 4 -
Short-term debt   200     -  
Total current liabilities $ 1,230 $ 860
 
Long-term liabilities:
Warrant liabilities 1,817 2,005
Other long-term liabilities   856     856  
Total liabilities $ 3,903 $ 3,721
 

Stockholders' equity:

Convertible, redeemable Preferred Stock, $0.001 par value;
10,000,000 shares authorized; 0 shares issued and
outstanding at June 30, 2015 and December 31, 2014. - -
Common stock, $0.001 par value; 700,000,000 shares
authorized; 470,149,485 and 464,482,819 shares issued and outstanding
at June 30, 2015 and December 31, 2014, respectively. 470 464
Warrants 18,179 18,179
Additional paid-in capital 202,176 200,610
Accumulated deficit (215,197 ) (210,636 )
Non-controlling interest in subsidiary (58 ) (54 )
   
Total stockholders' equity 5,570 8,563
   
Total liabilities and stockholders' equity $ 9,473   $ 12,284  
 
 
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 June 30,

For the Six Months

Ended June 30,

  2015     2014     2015     2014  
 
Revenue
Products $ 15 $ 121 $ 38 $ 277
Licensing and royalties   24     32     27     36  
Total revenue 39 153 65 313
 
Cost of sales   133     75     152     215  
Gross margin (94 ) 78 (87 ) 98
 
Operating expenses
Selling, marketing, general and administrative 1,891 2,021 3,743 3,872
Research and development   455     392     937     726  
Total operating expenses   2,346     2,413     4,680     4,598  
Operating loss (2,440 ) (2,335 ) (4,767 ) (4,500 )
 
Change in value of warrants, gain (loss) 349 (145 ) 188 (1,871 )
Debt discount amortization expense - (31 ) - (52 )
Interest income   6     2     14     2  
 
Net loss (2,085 ) (2,509 ) (4,565 ) (6,421 )
 
Net loss attributable to non-controlling interest   2     5     4     8  
Net loss and comprehensive loss attributable to
Liquidmetal Technologies' stockholders $ (2,083 ) $ (2,504 ) $ (4,561 ) $ (6,413 )
 
 
 
Net loss per common share attributable to Liquidmetal
Technologies' stockholders, basic and diluted $ (0.00 ) $ (0.01 ) $ (0.01 ) $ (0.02 )
 
Number of weighted average shares- basic and diluted   466,371,708     449,401,890     465,427,263     418,501,883  
 

Source: Liquidmetal Technologies, Inc.

Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
949-635-2120
otis.buchanan@liquidmetal.com