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Investor Information >
Liquidmetal Technologies (ticker: LQMT, exchange: OTC Bulletin Board (.OB)) News Release -
Aug. 20, 2009
Liquidmetal(R) Technologies Reports Revenue of $3.5 Million for Second Quarter 2009
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Aug. 20, 2009--
Liquidmetal® Technologies Inc. (OTCBB: LQMT)
today reported financial results for the three months ended June 30th
2009. Revenue for the Second Quarter was $3.5 million. This
represents a modest 3% decrease from the $3.6 million in the First
Quarter of 2009 reflecting stabilization in the Company's business
activity realized in the Second Quarter.
Overall Gross Margins was 46% in the Second Quarter versus 40% in the
First Quarter of 2009. Selling, General & Administrative Expenses came
in at $1.4 million for the quarter, down from $1.6 million in the First
Quarter of 2009. Research & Development Expense was at $0.3 million in
the Second Quarter, up from $0.2 million in the First Quarter of 2009.
Commenting on the operations, Mr. Larry Buffington, President and CEO,
pointed out, “Despite the fact our business is a reflection of the
overall economy we managed to incur a relatively small decline in our
second quarter revenue as opposed to Q1 as previously outlined. A
nationwide decrease in oil and gas drilling activity had a direct effect
on our coatings business where revenues declined from $2.5 million in
the first quarter to $1.7 million in Q2. Nonetheless, we are seeing
improvement in market conditions.
“Second quarter growth in our bulk alloy business was impressively
driven by consumer electronics customers' demand for mobile smartphones.
This was attributable mainly to our licensee and subsequent royalties
and material sales for the company. Meanwhile, consistent profitability
in our coatings business and growing profits in our bulk alloy business
contributed to the increase in our gross margins to 46% compared to 40%
in the first quarter.”
Conference Call
As previously announced, Liquidmetal Technologies will host a conference
call at 4:30 pm (EDT) on August 20th, 2009 to discuss the results. The
dial-in-number to access this operator assisted call is toll free
1-888-417-2254 -- or Toll 1-719-457-2654 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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For the six months ended
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6/30/2009
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6/30/2008
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6/30/2009
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6/30/2008
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(Unaudited)
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(Unaudited)
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Revenue
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$
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3,519
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$
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5,669
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$
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7,111
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$
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12,437
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Cost of sales
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1,895
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4,633
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4,036
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9,534
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Gross profit
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1,624
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1,036
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3,075
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2,903
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Operating expenses
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Selling, general and administrative expenses
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1,357
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1,326
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2,945
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3,200
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Research and development expenses
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301
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278
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548
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536
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Total operating expenses
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1,658
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1,604
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3,493
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3,736
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Loss before interest and other income
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(34
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)
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(568
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)
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(418
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(833
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Loss from extinguishment of debt
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(1,471
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-
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(1,471
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)
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-
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Change in value of warrants, gain
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6,249
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1,290
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6,123
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1,396
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Change in value of conversion feature, gain
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930
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1,240
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960
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1,462
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Other expense
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-
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-
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-
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(17
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Other income
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-
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247
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-
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247
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Interest expense
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(1,415
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(1,717
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(3,705
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(3,420
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Interest income
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-
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1
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-
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3
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Net income (loss) before income taxes
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4,259
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493
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1,489
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(1,162
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Income taxes
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(45
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-
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(45
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-
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Net loss
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4,214
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493
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1,444
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(1,162
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Net loss (income) attributable to noncontrolling interest
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51
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(65
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20
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(226
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)
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Net income (loss) attributable to Liquidmetal Technologies, Inc.
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$
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4,265
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$
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428
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$
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1,464
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$
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(1,388
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Net income (loss) per share - basic and diluted:
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Net income (loss) attributable to Liquidmetal Technologies, Inc.
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$
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0.09
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$
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0.01
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$
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0.03
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$
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(0.03
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Weighted average common shares - basic and diluted
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45,408
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44,726
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45,117
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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
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