Sigma Labs Announces Second Quarter Financial Results
SANTA FE, N.M., Aug. 7, 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 and six months ended June 30, 2015.
Recent Highlights
- Posted revenue of approximately $0.2 million for the quarter, versus approximately $0.1 million in the second quarter of 2014; revenue in the second quarter of 2015 was negatively impacted by certain delayed orders, but growth is expected to accelerate in the second half of 2015
- Formed a joint venture, Arete-Sigma LLC, that now serves as a comprehensive metal solutions provider for the burgeoning AM market. The entity is led by Bill Herman, President of Arete Innovative Solutions, who was previously Vice President of Operations of Morris Technologies
- Co-Presented with Honeywell at the RAPID 2015 Conference in Long Beach, California. Attended by approximately 200 industry and government participants, the presentation highlighted aerospace applications using Sigma Labs' PrintRite3D® DEFORM™ software for 3D printing
- Secured first order for Sigma Labs' upcoming DEFORM™ software as part of an order from Honeywell for the Company's PrintRite3D® applications; the contract, including a year of software support, service and maintenance, is for Honeywell's AM development facility in Phoenix
- Today announced the hiring of Ronald K. Fisher, who will become Sigma Labs' Vice President of Business Development effective August 10, 2015. Mr. Fisher will focus on managing and expanding the Company's PrintRite3D® business, increasing top line growth
- As previously announced, Sigma Labs will host the Fall Meeting of Edison Welding Institute's Additive Manufacturing Consortium October 28-29, 2015 to showcase its technologies and manufacturing capability
"Sigma Labs noted some significant achievements this quarter, although revenue was less than anticipated due to delays with respect to our contract with GE Aviation as part of the America Makes program," said Mark Cola, President and CEO of Sigma Labs. "This $500,000 award is now moving forward, and we are optimistic about seeing a portion of this revenue bolster our growth in the second half of 2015. At the same time, I'm very pleased to announce the hiring of Ron Fisher as Sigma Labs' Vice President of Business Development. Ron brings over 20 years' experience and leadership in program management, engineering, sales and marketing from a variety of manufacturing institutions including Swagelok and Micro-Poise Measurement Systems. At Sigma Labs, Ron will be responsible for the sales and administration of everything related to PrintRite3D®.
"With Ron's addition, and with Bill Herman heading up our contract manufacturing operations under our new joint venture, the Company is in a better position to demonstrate its full capabilities and accelerate top line growth. We've also contracted some additional staff to finalize our ground-breaking DEFORM™ application, which we now expect to be commercially available by October 2015. So while we've faced some unfortunate delays recently, Sigma Labs is actually on better footing than ever to execute its expansion plans and drive towards profitability. I'm excited about what the future holds for the Company."
2015 Second Quarter Financial Results
Service revenue for the three and six months ended June 30, 2015 was approximately $0.2 million and $0.4 million, respectively, versus approximately $0.1 million and $0.2 million for the same periods in 2014. The Company reported a net loss for the three and six months ended June 30, 2015 of approximately $0.4 million and $0.8 million, respectively, or $(0.00) per diluted share, versus a loss of approximately $1.8 million and $2.3 million, or $(0.00) per diluted share, for the same periods in 2014. The prior-year period included a nonrecurring warrant expense of approximately $1.3 million.
Investor Conference Call
The Company will host a conference call to discuss its 2015 second quarter financial results today, August 7, 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 and Six Months Ended June 30, 2015 and 2014 | ||||
| Three Months Ended | Six Months Ended | |||
| June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | |
| INCOME | ||||
| Services | $ 196,263 | $ 114,813 | $ 381,949 | $ 229,642 |
| Total Revenue | 196,263 | 114,813 | 381,949 | 229,642 |
| COST OF SERVICE REVENUE | 88,262 | 84,739 | 113,129 | 140,628 |
| GROSS PROFIT | 108,001 | 30,074 | 268,820 | 89,014 |
| EXPENSES | ||||
| Other General and Administration | 326,075 | 135,651 | 593,778 | 315,047 |
| Payroll Expense | 74,474 | 50,754 | 147,134 | 302,699 |
| Non-cash Stock Compensation | 134,250 | 326,200 | 257,000 | 351,400 |
| Warrant Expense | -- | 1,283,333 | -- | 1,283,333 |
| Research and Development | 13,881 | 30,985 | 84,028 | 101,132 |
| Total Expenses | 548,680 | 1,826,923 | 1,081,940 | 2,353,611 |
| OTHER INCOME (EXPENSE) | ||||
| Interest Income | 312 | 940 | 872 | 1,782 |
| Interest Expense | -- | -- | -- | -- |
| Total Other Income (Expense) | 312 | 940 | 872 | 1,782 |
| INCOME (LOSS) BEFORE INCOME TAXES | (440,367) | (1,795,909) | (812,248) | (2,262,815) |
| Current Income Tax Expense | -- | -- | -- | -- |
| Deferred Income Tax Expense | -- | -- | -- | -- |
| Net Income (Loss) | $ (440,367) | $ (1,795,909) | $ (812,248) | $ (2,262,815) |
| Loss per Common Share - Basic and Diluted | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
| Weighted Average Number of Shares | ||||
| Outstanding - Basic and Diluted | 623,344,835 | 606,743,259 | 621,990,931 | 602,814,680 |
| Sigma Labs, Inc. and Subsidiary | ||
| Condensed Consolidated Balance Sheets | ||
| June 30, 2015 and December 31, 2014 | ||
| June 30, 2015 | December 31, 2014 | |
| (Unaudited) | (Audited) | |
| ASSETS | ||
| Current Assets | ||
| Cash | $ 2,224,318 | $ 2,962,069 |
| Accounts Receivable, net | 127,961 | 117,726 |
| Inventory | 76,103 | 56,175 |
| Prepaid Assets | 58,610 | 29,986 |
| Total Current Assets | 2,486,992 | 3,165,956 |
| Other Assets | ||
| Property and Equipment, net | 739,802 | 803,027 |
| Deferred Stock Offering Costs | 95,511 | 95,511 |
| Intangible Assets, net | 96,040 | 95,847 |
| Total Other Assets | 931,353 | 994,385 |
| TOTAL ASSETS | $ 3,418,345 | $ 4,160,341 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities | ||
| Accounts Payable | $ 95,675 | $ 309,698 |
| Accrued Expenses | 49,227 | 44,652 |
| Total Current Liabilities | 144,902 | 354,350 |
| TOTAL LIABILITIES | 144,902 | 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 617,292,949 | ||
| outstanding at June 30, 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 | ||
| 6,051,886 and 7,000,000 common shares, respectively | (655,500) | (744,200) |
| Retained Earnings (Deficit) | (6,680,086) | (5,867,838) |
| Total Stockholders' Equity | 3,273,443 | 3,805,991 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,418,345 | $ 4,160,341 |
CONTACT: Investor Relations Contact:
Chris Witty
cwitty@darrowir.com
646-438-9385
Source: Sigma Labs, Inc.
Released August 7, 2015