Press Release
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RANCHO SANTA MARGARITA, Calif., Aug 10, 2011 (BUSINESS WIRE) -- Liquidmetal® Technologies Inc. (OTCBB: LQMT) today reported its financial results for the three months ended June 30, 2011. The Company reported revenues of $3.6 million for the second quarter ended June 30, 2011. Furthermore, the Company closed out the quarter with an operating loss of $0.8 million.
Mr. Tom Steipp, President and CEO, commented, "The second quarter of 2011 financial results were in line, year to date, with the Board approved budget for fiscal 2011. We continue to qualify partners and processes in anticipation of producing commercial parts from our customers in the aerospace, medical, and industrial markets during the second half of the year."
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 customers' 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 Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue | $ | 3,639 | $ | 2,199 | $ | 6,499 | $ | 4,902 | ||||||||
| Cost of sales | 2,576 | 1,320 | 4,281 | 3,092 | ||||||||||||
| Gross profit | 1,063 | 879 | 2,218 | 1,810 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Selling, general, and administrative | 1,494 | 1,416 | 3,226 | 2,706 | ||||||||||||
| Research and development | 367 | 226 | 735 | 473 | ||||||||||||
| Total operating expenses | 1,861 | 1,642 | 3,961 | 3,179 | ||||||||||||
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Loss from operations before non-controlling interest and discontinued operations |
(798 | ) | (763 | ) | (1,743 | ) | (1,369 | ) | ||||||||
| Change in value of warrants, gain (loss) | 4,733 | 1,053 | (3,083 | ) | 2,838 | |||||||||||
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Change in value of conversion feature, gain |
- | 111 | - | 429 | ||||||||||||
| Other income | 1 | 62 | 6 | 63 | ||||||||||||
| Other expense | (585 | ) | - | (585 | ) | - | ||||||||||
| Interest expense | (375 | ) | (1,386 | ) | (736 | ) | (2,550 | ) | ||||||||
| Interest income | 6 | - | 14 | - | ||||||||||||
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Income (loss) before non-controlling interest and discontinued operations |
2,982 | (923 | ) | (6,127 | ) | (589 | ) | |||||||||
| Loss from discontinued operations, net | (30 | ) | (209 | ) | (165 | ) | (615 | ) | ||||||||
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Income (loss) from operations before non-controlling interest |
2,952 | (1,132 | ) | (6,292 | ) | (1,204 | ) | |||||||||
| Net (income) loss attributable to noncontrolling interest | (19 | ) | 94 | 36 | 136 | |||||||||||
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Net income (loss) attributable to Liquidmetal Technologies |
2,933 | (1,038 | ) | (6,256 | ) | (1,068 | ) | |||||||||
| Other comprehensive (loss) income: | ||||||||||||||||
| Foreign exchange translation (loss) gain | (4 | ) | (182 | ) | 41 | (107 | ) | |||||||||
| Comprehensive income (loss) | $ | 2,929 | $ | (1,220 | ) | $ | (6,215 | ) | $ | (1,175 | ) | |||||
| Per common share basic and diluted: | ||||||||||||||||
| Net loss attributable to Liquidmetal Technologies, Inc. - basic | ||||||||||||||||
| Income (loss) from continuing operations | $ | 0.03 | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.01 | ) | |||||
| Loss from discontinued operations | - | - | - | (0.01 | ) | |||||||||||
| Basic loss per share | $ | 0.03 | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.02 | ) | |||||
| Net loss attributable to Liquidmetal Technologies, Inc. - diluted | ||||||||||||||||
| Income (loss) from continuing operations | $ | 0.02 | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.01 | ) | |||||
| Loss from discontinued operations | - | - | - | (0.01 | ) | |||||||||||
| Diluted loss per share | $ | 0.02 | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.02 | ) | |||||
| Number of weighted average shares - basic and diluted | 116,353 | 48,477 | 105,024 | 48,030 | ||||||||||||
| Number of weighted average shares - diluted | 181,002 | 48,477 | 105,024 | 48,030 | ||||||||||||
SOURCE: Liquidmetal® Technologies Inc.
Liquidmetal Technologies
Otis Buchanan, 949-635-2120
otis.buchanan@liquidmetal.com