Sigma Labs Announces First Quarter Financial Results
SANTA FE, N.M., May 14, 2015 (GLOBE NEWSWIRE) -- Sigma Labs, Inc. (OTCQB:SGLB) ("Sigma Labs" or the "Company"), a developer of advanced, in process, non-destructive quality inspection systems for metal-based additive manufacturing ("AM") and other advanced manufacturing technologies, today announced financial results for the three months ended March 31, 2015.
Recent Highlights
- Booked revenue of approximately $0.2 million for the quarter, versus approximately $0.1 million in the first quarter of 2014
- Announced that Honeywell placed a commercial order for Sigma Labs' PrintRite3D® system. The Company will deliver and install its PrintRite3D® SENSORPAK™ hardware and INSPECT™ software at Honeywell's development facility in Phoenix; in addition, the purchase contract includes Sigma Labs' groundbreaking DEFORM™ software, which will be provided when ready for release in the near future
- The Company hosted an open house event on April 14, 2015 for its EOS M290 additive manufacturing metal printer enhanced with Sigma Labs' PrintRite3D® software. Approximately 60 individuals attended the event, which included a live demonstration of 3D printing. Sigma Labs is in discussions with potential clients from North America and Europe, as well as China
- Sigma Labs also announced that it has become a Silver member of America Makes, the National Additive Manufacturing Innovation Institute
- The Company remains on track for significant growth in 2015
"Sigma Labs made further progress this quarter introducing its products and services to potential customers, showcasing its technology, and positioning the Company for future success," said Mark Cola, President and CEO of Sigma Labs. "We continued to actively demonstrate our proprietary PrintRite3D® software to numerous organizations and have a large pipeline of opportunities which should lead to additional awards in the weeks and months to come. It is a very busy time for the Company, and we are focused on top line growth and to solidify our unique position in the industry as it rapidly evolves. At the same time, we are very encouraged by initial interest in our contract manufacturing business, which has already received some small awards and generated inquiries both here and abroad. Overall, we remain committed to expanding the Company's base of business and improving bottom line results, and we are optimistic that Sigma Labs will benefit from accelerating demand in the quarters to come."
2015 First Quarter Financial Results
Service revenue for the three months ended March 31, 2015 was approximately $0.2 million, versus approximately $0.1 million for the same period in 2014. The Company reported a net loss for the three months ended March 31, 2015 of approximately $0.4 million, or $(0.00) per diluted share, versus a loss of approximately $0.5 million, or $(0.00) per diluted share, for the first quarter of 2014.
Investor Conference Call
The Company will host a conference call to discuss its 2015 first quarter financial results today, May 14, 2015, at 11:00 a.m. Eastern Time. To participate in the call, please dial toll free 1-888-243-4451, or 1-412-542-4135, approximately five minutes before the conference call time stated. A live webcast of the call can also be accessed on the Sigma Labs website at www.sigmalabsinc.com. A recording will be available on the Company's website upon completion of the call.
About Sigma Labs, Inc.
Sigma Labs, Inc., through its wholly-owned subsidiary B6 Sigma, Inc., develops and engineers advanced, in-process, non-destructive quality inspection systems for commercial firms worldwide seeking productive solutions for metal-based additive manufacturing or 3D printing, and other advanced manufacturing technologies. For more information please visit us at www.sigmalabsinc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks, uncertainties and assumptions that could adversely affect us, including the risks set forth in our most recent annual report on Form 10-K. The forward-looking statements in this press release are made only as of the date of this press release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.
| Sigma Labs, Inc. and Subsidiary | ||
| Unaudited Condensed Consolidated Statements of Operations | ||
| Three Months Ended March 31, 2015 and 2014 | ||
| Three Months Ended | Three Months Ended | |
| March 31, 2015 | March 31, 2014 | |
| INCOME | ||
| Services | $ 185,686 | $ 114,829 |
| Total Revenue | 185,686 | 114,829 |
| COST OF SERVICE REVENUE | 24,867 | 55,889 |
| GROSS PROFIT | 160,819 | 58,940 |
| EXPENSES | ||
| Other General and Administration | 267,703 | 249,543 |
| Payroll Expense | 72,660 | 251,945 |
| Non-cash Stock Compensation | 122,750 | 25,200 |
| Research and Development | 70,147 | -- |
| Total Expenses | 533,260 | 526,688 |
| OTHER INCOME (EXPENSE) | ||
| Interest Income | 560 | 842 |
| Interest Expense | -- | -- |
| Total Other Income (Expense) | 560 | 842 |
| INCOME (LOSS) BEFORE INCOME TAXES | (371,881) | (466,906) |
| Current Income Tax Expense | -- | -- |
| Deferred Income Tax Expense | -- | -- |
| Net Income (Loss) | $ (371,881) | $ (466,906) |
| Loss per Common Share - Basic and Diluted | $ (0.00) | $ (0.00) |
| Weighted Average Number of Shares Outstanding - Basic and Diluted | 620,621,984 | 598,842,450 |
| Sigma Labs, Inc. and Subsidiary | ||
| Condensed Consolidated Balance Sheets | ||
| March 31, 2015 and December 31, 2014 | ||
| March 31, 2015 | December 31, 2014 | |
| (Unaudited) | (Audited) | |
| ASSETS | ||
| Current Assets | ||
| Cash | $ 2,489,660 | $ 2,962,069 |
| Accounts Receivable, net | 164,571 | 117,726 |
| Inventory | 62,444 | 56,175 |
| Prepaid Assets | 21,529 | 29,986 |
| Total Current Assets | 2,738,204 | 3,165,956 |
| Other Assets | ||
| Property and Equipment, net | 769,979 | 803,027 |
| Deferred Stock Offering Costs | 95,511 | 95,511 |
| Intangible Assets, net | 96,617 | 95,847 |
| Total Other Assets | 962,107 | 994,385 |
| TOTAL ASSETS | $ 3,700,311 | $ 4,160,341 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities | ||
| Accounts Payable | $ 97,289 | $ 309,698 |
| Accrued Expenses | 46,162 | 44,652 |
| Total Current Liabilities | 143,451 | 354,350 |
| TOTAL LIABILITIES | 143,451 | 354,350 |
| Stockholders' Equity | ||
| Preferred Stock, $0.001 par; 10,000,000 shares authorized; | ||
| None issued and outstanding | -- | -- |
| Common Stock, $0.001 par; 750,000,000 shares authorized; | ||
| 623,344,835 issued and 614,767,005 | ||
| outstanding at March 31, 2015 and | ||
| 619,741,061 issued and 612,741,061 | ||
| outstanding at December 31, 2014 | 623,345 | 619,741 |
| Additional Paid-In Capital | 9,985,684 | 9,798,288 |
| Less Deferred Compensation | ||
| 8,577,830 and 7,000,000 common shares, respectively | (812,450) | (744,200) |
| Retained Earnings (Deficit) | (6,239,719) | (5,867,838) |
| Total Stockholders' Equity | 3,556,860 | 3,805,991 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,700,311 | $ 4,160,341 |
CONTACT: Investor Relations Contact:
Chris Witty
cwitty@darrowir.com
646-438-9385
Source: Sigma Labs, Inc.
Released May 14, 2015