Press Release
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RANCHO SANTA MARGARITA, Calif., Mar 15, 2011 (BUSINESS WIRE) --
Liquidmetal(R) Technologies Inc. (OTCBB: LQMT) today reported its financial results for the three months and year ended December 31, 2010. The Company reported revenues of $11.1 million and $33.0 million for the fourth quarter and fiscal year ending December 31, 2010, respectively. Furthermore, the Company closed out the quarter and year end with operating income of $4.8 million and $15.7 million, respectively.
Mr. Tom Steipp, President and CEO, commented, "We are pleased with the results of the year and progress made to date in leveraging a growing number of marquee partnerships into a sustainable business model. The most recent announcement on March 10, 2011 with Swatch is just another indicator of the significant interest that we are seeing in the market for Liquidmetal technology."
This press release may contain "forward-looking statements" that involve risks and uncertainties, including statements regarding our plans, future events, objectives, expectations, forecasts, or assumptions.Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and in some cases, words such as "believe," "estimate," "project," "expect," "intend," "may," "anticipate," "plans," "seeks," and similar expressions identify forward-looking statements.These statements involve risks and uncertainties that could cause actual outcomes and results to differ materially from the anticipated outcomes or result, and undue reliance should not be placed on these statements.These risks and uncertainties may include:our limited operating history in developing and manufacturing products from bulk amorphous alloys; the adoption of our alloys by customers; the commercial success of our customer's products; our ability to identify, develop, and commercialize new applications for our alloys; competition with suppliers of incumbent materials; the development of new materials that render our alloys obsolete; the ability to manage our anticipated growth; our limited direct experience in manufacturing bulk alloy products; scaling-up our manufacturing facilities; protecting our intellectual property; problems associated with manufacturing and selling our alloys outside of the United States; and other risks and uncertainties discussed in filings made with the Securities and Exchange Commission (including risks described in subsequent reports on Form 10-Q, Form 10-K, Form 8-K, and other filings).Liquidmetal Technologies disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
| Liquidmetal Technologies, Inc. | ||||||||||||||||||||
| Consolidated Statements of Operations Data | ||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||
| For the three months ended | For the twelve months ended | |||||||||||||||||||
| 12/31/2010 | 12/31/2009 | 12/31/2010 | 12/31/2009 | |||||||||||||||||
| Revenue | $ | 11,079 | $ | 6,328 | $ | 33,292 | $ | 16,945 | ||||||||||||
| Cost of sales | 2,831 | 2,152 | 8,207 | 9,097 | ||||||||||||||||
| Gross profit | 8,248 | 4,176 | 25,085 | 7,848 | ||||||||||||||||
| Operating expenses | ||||||||||||||||||||
| Selling, general and administrative expenses | 2,049 | 2,454 | 7,137 | 6,740 | ||||||||||||||||
| Research and development expenses | 468 | 276 | 1,272 | 1,173 | ||||||||||||||||
| Impairment of long-lived assets | 966 | 1,381 | 966 | 1,381 | ||||||||||||||||
| Total operating expenses | 3,483 | 4,111 | 9,375 | 9,294 | ||||||||||||||||
| Income (loss) from operations | 4,765 | 65 | 15,710 | (1,446 | ) | |||||||||||||||
| Loss from extinguishment of debt | - | - | - | (1,471 | ) | |||||||||||||||
| Change in value of warrants, (loss) gain | 13,967 | 1,697 | (10,394 | ) | 9,835 | |||||||||||||||
| Change in value of conversion feature, gain | - | 393 | 444 | 1,827 | ||||||||||||||||
| Other income | - | - | 70 | - | ||||||||||||||||
| Other expense | (11 | ) | (308 | ) | - | (308 | ) | |||||||||||||
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Interest income |
6 | - | 6 | |||||||||||||||||
| Interest expense | (327 | ) | (1,102 | ) | (5,380 | ) | (5,862 | ) | ||||||||||||
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Net (loss) income before income taxes, noncontrolling interest and
discontinued operations |
18,400 | 745 | 456 | 2,575 | ||||||||||||||||
| Income taxes | - | (48 | ) | - | (168 | ) | ||||||||||||||
| Net (loss) income before noncontrolling interest and discontinued operations | 18,400 | 697 | 456 | 2,407 | ||||||||||||||||
| Net loss attributable to noncontrolling interest | 326 | 10 | 576 | 69 | ||||||||||||||||
| Net (loss) income before discontinued operations | 18,726 | 707 | 1,032 | 2,476 | ||||||||||||||||
| Net loss attributable to discontinued operations | (2,928 | ) | (2,928 | ) | (2,928 | ) | (2,225 | ) | ||||||||||||
| Net (loss) income attributable to Liquidmetal Technologies, Inc. | $ | 15,798 | $ | (2,221 | ) | $ | (1,896 | ) | $ | 251 | ||||||||||
| Net (loss) income per share - basic and diluted: | ||||||||||||||||||||
| Net (loss) income attributable to Liquidmetal Technologies, Inc. - basic | $ | 0.17 | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.01 | ||||||||||
| Net (loss) income attributable to Liquidmetal Technologies, Inc. - diluted | $ | 0.08 | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.00 | ||||||||||
| Weighted average common shares - basic | 90,781 | 47,507 | 64,965 | 46,084 | ||||||||||||||||
| Weighted average common shares - diluted | 196,752 | 47,507 | 64,965 | 214,429 | ||||||||||||||||
SOURCE: Liquidmetal Technologies Inc.
Liquidmetal Technologies
Otis Buchanan
949-635-2120
otis.buchanan@liquidmetal.com