UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 14, 2003
LIQUIDMETAL TECHNOLOGIES
(Exact name of Registrant as Specified in its Charter)
California 000-31332 33-0264467
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
100 North Tampa St., Suite 3150
Tampa, Florida 33602
(Address of Principal Executive Offices; Zip Code)
Registrant's telephone number, including area code: (813) 314-0280
1
LIQUIDMETAL TECHNOLOGIES
FORM 8-K
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Press Release, dated April 14, 2003.
Item 12. Results of Operations and Financial Condition
The following information is being furnished under Item 12 of Form 8-K: Press
release by Liquidmetal Technologies announcing anticipated revenues for the
quarter ended March 31, 2003. A copy of this press release is attached as
Exhibit 99.1 to this Form 8-K.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunder duly authorized.
LIQUIDMETAL TECHNOLOGIES
By: /s/ John Kang
----------------------------------------
John Kang
President and Chief Executive Officer
Date: April 15, 2003
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release, dated April 14, 2003.
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News Release
FOR IMMEDIATE RELEASE
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CONTACT:
David Townsend
813-314-0280 ext. 127
david.townsend@liquidmetal.com
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Liquidmetal Technologies Reports Anticipated First Quarter Revenues
--Conference Call/Webcast Detailing Results Scheduled for May 1--
TAMPA, Fla., April 14, 2003 --Liquidmetal Technologies (NASDAQ:LQMT) said
today that, based on preliminary estimates, revenues are expected to be
approximately $6.6 million for its first quarter ended March 31, 2003. This
would represent 12% sequential growth over revenues of $5.9 million in the
fourth quarter of 2002 and 340% over revenues of $1.5 million in the prior year
first quarter, but is below the $7 million minimum of the range of revenue
guidance previously provided by the company.
The company reported that the number of different bulk alloy parts in
production at its Pyongtaek, South Korea manufacturing plant rose during the
quarter to eight parts for five products versus two parts in the preceding
fourth quarter of 2002, the company's first full quarter of production; however,
total volumes of orders for parts in the first quarter were lower than
anticipated. The resulting shortfall in revenues from parts manufacturing was
partially offset by revenues from Liquidmetal(R) alloy coatings, ongoing
research and development programs, and a significant level of manufacturing
equipment sales.
--more--
(2)
"Our customers and strategic partners are continuing to embrace Liquidmetal
alloys across a diverse range of markets, as evidenced by parts currently in
prototyping or being readied for production," said Liquidmetal Technologies
President and CEO John Kang. "However, the time from product development to
production, and the size of production order volumes, have unfortunately been
less predictable than expected. This has been due, in part, to shifting designs
and market demand for our customer's products. It also reflects the fact that
our material technology is unprecedented and has required additional design and
validation steps by our initial customers, who typically are replacing
long-standing, incumbent materials with our alloys."
"We have a solid base of exceptional companies that are excited about
Liquidmetal alloy and its application in their products. Our focus is on
bringing their products to market as quickly as possible while building
strategic, long-term relationships with our customers and sustainable value for
our shareholders," Kang said.
Full details of the first quarter results will be provided in conjunction
with the company's 2003 first quarter earnings release and corresponding
conference call/webcast scheduled for Thursday, May 1, 2003. Earnings will be
released early that morning, and the conference call will begin promptly at 8:30
a.m. EDT.
Interested parties are invited to access the conference call live via the
Internet from Liquidmetal Technologies' web site at http://ir.liquidmetal.com or
at www.companyboardroom.com. The dial-in number for investors participating in
the operator-assisted call is toll-free 1-800-915-4836 or toll 1-973-317-5319
for international callers. Institutional investors may also access the call via
CCBN's password-protected event management site, www.streetevents.com. A
rebroadcast will be available after 11 a.m. the day of the call on the company's
website or at toll-free 1-800-428-6051 or 1-973-709-2089 for international
callers, access code 288513.
--more--
(3)
About Liquidmetal Technologies
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Liquidmetal Technologies (www.liquidmetal.com) is the leading developer,
manufacturer, and marketer of products made from amorphous alloys. Amorphous
alloys are unique materials that are characterized by a random atomic structure,
in contrast to the crystalline atomic structure possessed by ordinary metals and
alloys. Bulk Liquidmetal(R) alloys are two to three times stronger than commonly
used titanium alloys, harder than tool steel, and relatively non-corrosive and
wear resistant. Bulk Liquidmetal alloys can also be molded into precision
net-shaped parts similar to plastics, resulting in intricate and sophisticated
engineered designs. 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. The combination of a
super alloy's performance coupled with unique processing advantages positions
Liquidmetal alloys for what the company believes will be The Third RevolutionTM
in material science.
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.
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