RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--May. 20, 2009--
Liquidmetal® Technologies Inc. (OTCBB: LQMT)
today reported financial results for the three months ended March 31st,
2009. Revenue for the First Quarter was $3.6 million. This represents a
22% decrease from the $4.6 million in the Fourth Quarter of 2008.
Overall Gross Margins was 40% in the First Quarter versus 17% in the
Fourth Quarter of 2008. Selling, General & Administrative Expenses came
in at $1.6 million for the quarter, down from $1.9 million in the Fourth
Quarter of 2008. Research & Development Expense was at $0.2 million in
the First Quarter, consistent with $0.2 million in the Fourth Quarter of
2008.
Commenting on the operations, Mr. Larry Buffington, President and CEO,
pointed out, “Despite the challenges impacting our Company due to the
economic environment, our business was able to adjust well in the first
quarter. We were able to reduce and variablize our cost structure
dramatically in alignment with the market. As a result, our gross margin
increased to 40% or $1.4 million vs. 17% and $0.8 million respectively
in the Fourth Quarter of 2008.
“In addition, the Company was finally able to complete the restructuring
of the January 2007 convertible notes. While this has been a major
undertaking, completion of the financial restructuring has put the
Company in a solid position. By converting $13.0 million of debt into
equity, leaving $7.5 million remaining in long term notes and bringing
capital infusion into the Company of $2.5 million, we are well
positioned to move forward.
“We were able to accomplish a great deal in the first quarter and are
optimistic that our business is poised well given the current economic
environment and the prospects for recovery late this year.”
Conference Call
As previously announced, Liquidmetal Technologies will host a conference
call at 4:30 pm (EDT) on May 20th, 2009 to discuss the results. The
dial-in-number to access this operator assisted call is toll free
1-877-502-9276 or Toll 1-913-905-1086 for International callers.
Institutional Investors can access the call via CCBN’s password
protected event management site, StreetEvents. (http://www.streetevents.com)
Listeners may access the conference call live over the Internet from
Liquidmetal Technologies' website http://ir.liquidmetal.com
or at http://www.companyboardroom.com.
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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Liquidmetal Technologies, Inc.
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Consolidated Statements of Operations Data
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(In thousands, except per share data)
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For the three months ended
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3/31/2009
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3/31/2008
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(Unaudited)
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Revenue
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$
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3,592
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$
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6,768
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Cost of sales
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2,141
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4,901
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Gross profit
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1,451
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1,867
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Operating expenses
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Selling, general and administrative expenses
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1,588
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1,875
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Research and development expenses
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247
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258
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Total operating expenses
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1,835
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2,133
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Loss before interest and other income
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(384
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)
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(266
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)
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Change in value of warrants, (loss) gain
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(126
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)
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106
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Change in value of conversion feature, gain
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30
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222
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Other expense
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-
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(17
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)
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Interest expense
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(2,290
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)
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(1,703
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)
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Interest income
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-
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2
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Net loss
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(2,770
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)
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(1,656
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Net income attributable to noncontrolling interest
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(31
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(160
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Net loss attributable to Liquidmetal Technologies, Inc.
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$
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(2,801
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)
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$
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(1,816
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)
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Net loss per share - basic and diluted:
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Net loss attributable to Liquidmetal Technologies, Inc.
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$
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(0.06
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$
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(0.04
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)
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Weighted average common shares - basic and diluted
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44,825
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44,726
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Source: Liquidmetal Technologies Inc.
Liquidmetal Technologies
Otis Buchanan, 949-635-2120
otis.buchanan@liquidmetal.com
