Press Release
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RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Aug. 18, 2008--Liquidmetal(R) Technologies Inc. (OTCBB: LQMT) today reported financial results for the three months ended June 30th, 2008. Revenue for the Second Quarter was $5.7 million. This represents a 32% decrease from the $8.3 million in the Second Quarter, 2007, a period in which the Company was selling directly to Samsung Electronics instead serving the customer through a licensee.
Overall Gross Margins was 18% in the Second Quarter versus 8% in the Second Quarter of 2007. The growth in the Company's Gross Margin is a direct result of the its licensing strategy and reduction in manufacturing costs. Selling, General & Administrative Expenses came in at $1.3 million for the quarter, down from 2.5 million in the Second Quarter of 2007, reflecting the management team's continuing attention to cost reduction. Research & Development Expense was at $0.3 million in the Second Quarter, a level consistent with prior year.
Commenting on the operations, Mr. Larry Buffington, President and CEO, noted, "The improvements in operations and cost controls implemented over that past year have allowed us to achieve growth in our profitability. Our foundation to build upon the Company's revolutionary technology is stronger and more sound now than at any time in the past."
Conference Call
As previously announced, Liquidmetal Technologies will host a conference call at 4:30 p.m. (EDT) on Monday, August 18th, 2008, to discuss the results.
Listeners may access the conference call live over the Internet from Liquidmetal Technologies' website http://ir.liquidmetal.com or at http://www.companyboardroom.com.
Liquidmetal Technologies, Inc.
Consolidated Statements of Operations Data
(In thousands, except per share data)
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
----------------- -----------------
2008 2007 2008 2007
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Revenue $ 5,669 $ 8,331 $12,437 $13,398
Cost of sales 4,633 7,686 9,534 14,127
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Gross profit (loss) 1,036 645 2,903 (729)
Operating expenses
Selling, general, and
administrative 1,326 2,495 3,200 5,027
Research and development 278 293 536 556
-------- -------- -------- --------
Total operating expenses 1,604 2,788 3,736 5,583
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Loss from operations (568) (2,143) (833) (6,312)
Loss from extinguishments of debt - - - (648)
Change in value of warrants, gain 1,290 564 1,396 4,256
Change in value of conversion
feature, gain 1,240 1,168 1,462 5,512
Other expense - - (17) -
Other Income 247 49 247 49
Interest expense (1,717) (2,700) (3,420) (5,463)
Interest income 1 46 3 107
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Income (loss) before minority
interest 493 (3,016) (1,162) (2,499)
Minority interests (65) - (226) -
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Income (loss) from continuing
operations 428 (3,016) (1,388) (2,499)
Net income (loss) 428 (3,016) (1,388) (2,499)
Other comprehensive income (loss):
Foreign exchange translation
(loss) gain (353) 499 (813) 277
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Comprehensive income (loss) $ 75 $(2,517) $(2,201) $(2,222)
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Net income (loss) per share basic
and diluted:
Income (loss) per share basic
and diluted $ 0.01 $ (0.07) $ (0.03) $ (0.06)
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Number of weighted average shares
- basic and diluted 44,726 44,632 44,726 44,778
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CONTACT: Liquidmetal Technologies
Otis Buchanan, 949-635-2120
otis.buchanan@liquidmetal.com
SOURCE: Liquidmetal Technologies Inc.