Press Release
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RANCHO SANTA MARGARITA, Calif., Nov 10, 2011 (BUSINESS WIRE) -- Liquidmetal® Technologies Inc. (OTCBB: LQMT) today reported its financial results for the three months ended September 30, 2011. The Company reported revenues of $2.9 million for the third quarter ended September 30, 2011. Furthermore, the Company closed out the quarter with an operating loss of $0.6 million excluding a one-time settlement charge of $1.1 million.
Mr. Tom Steipp, President and CEO, commented, "We continue to see progress against the goals that were established for this year with regard to commercializing the technology and implementing a partnership model that will allow us to scale the business model with minimum capital investment. As part of our milestone tracking, the shipment of commercial parts prior to year end is our primary focus."
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 Nine Months Ended | |||||||||||||||||
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September 30, |
September 30, | |||||||||||||||||
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2011 |
2010 |
2011 |
2010 | |||||||||||||||
| Revenue | ||||||||||||||||||
| Products and services | $ | 2,913 | $ | 2,009 | $ | 8,897 | $ | 6,911 | ||||||||||
| Licensing | - | 15,300 | 381 | 15,300 | ||||||||||||||
| Total Revenue | 2,913 | 17,309 | 9,278 | 22,211 | ||||||||||||||
| Cost of sales | 1,704 | 1,288 | 5,678 | 4,380 | ||||||||||||||
| Gross profit | 1,209 | 16,021 | 3,600 | 17,831 | ||||||||||||||
| Operating expenses | ||||||||||||||||||
| Selling, general, and administrative | 1,519 | 2,426 | 4,635 | 5,132 | ||||||||||||||
| Research and development | 310 | 331 | 1,045 | 804 | ||||||||||||||
| Settlement expense (Note 15) | 1,127 | - | 1,712 | - | ||||||||||||||
| Total operating expenses | 2,956 | 2,757 | 7,392 | 5,936 | ||||||||||||||
| (Loss) gain from operations before non-controlling interest and
discontinued operations |
(1,747 | ) | 13,264 | (3,792 | ) | 11,895 | ||||||||||||
| Change in value of warrants, gain (loss) | 9,970 | (27,199 | ) | 6,887 | (24,361 | ) | ||||||||||||
| Change in value of conversion feature, gain | - | 15 | - | 444 | ||||||||||||||
| Other income | 20 | 18 | 26 | 81 | ||||||||||||||
| Interest expense | (385 | ) | (2,504 | ) | (1,121 | ) | (5,054 | ) | ||||||||||
| Interest income | 4 | - | 18 | - | ||||||||||||||
| Net income (loss) before income taxes | 7,862 | (16,406 | ) | 2,018 | (16,995 | ) | ||||||||||||
| Income taxes | - | - | - | - | ||||||||||||||
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Income (loss) before non-controlling interest and discontinued operations |
7,862 | (16,406 | ) | 2,018 | (16,995 | ) | ||||||||||||
| Gain on disposal of subsidiary, net (Note 12) | 370 | - | 370 | - | ||||||||||||||
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Loss from discontinued operations, net (Note 12) |
(806 | ) | (334 | ) | (1,254 | ) | (949 | ) | ||||||||||
| Income (loss) from operations before non-controlling
interest |
7,426 | (16,740 | ) | 1,134 | (17,944 | ) | ||||||||||||
| Net (income) loss attributable to noncontrolling interest | (25 | ) | 114 | 11 | 250 | |||||||||||||
| Net income (loss) attributable to Liquidmetal Technologies, Inc. | 7,401 | (16,626 | ) | 1,145 | (17,694 | ) | ||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||||
| Foreign exchange translation (loss) gain | (84 | ) | 108 | (43 | ) | 1 | ||||||||||||
| Comprehensive income (loss) | $ | 7,317 | $ | (16,518 | ) | $ | 1,102 | $ | (17,693 | ) | ||||||||
| Per common share basic and diluted: | ||||||||||||||||||
| Net income (loss) attributable to Liquidmetal Technologies, Inc. - basic | ||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.06 | $ | (0.22 | ) | $ | 0.02 | $ | (0.31 | ) | ||||||||
| Loss from discontinued operations | - | - | - | (0.02 | ) | |||||||||||||
| Basic income (loss) per share | $ | 0.06 | $ | (0.22 | ) | $ | 0.02 | $ | (0.33 | ) | ||||||||
| Net income (loss) attributable to Liquidmetal Technologies, Inc. - diluted | ||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.04 | $ | (0.22 | ) | $ | 0.01 | $ | (0.31 | ) | ||||||||
| Loss from discontinued operations | - | - | - | (0.02 | ) | |||||||||||||
| Diluted income (loss) per share | $ | 0.04 | $ | (0.22 | ) | $ | 0.01 | $ | (0.33 | ) | ||||||||
| Number of weighted average shares - basic | 129,766 | 72,928 | 113,272 | 53,329 | ||||||||||||||
| Number of weighted average shares - diluted | 175,142 | 72,928 | 159,499 | 53,329 | ||||||||||||||
SOURCE: Liquidmetal Technologies Inc.
Liquidmetal Technologies
Otis Buchanan
949-635-2120
otis.buchanan@liquidmetal.com