Sigma Labs Announces Third Quarter Financial Results
Programs Launched to Accelerate Growth Heading Into 2016
SANTA FE, N.M., Nov. 10, 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 nine months ended September 30, 2015.
Recent Highlights
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Posted revenue of approximately $0.3 million for the quarter and $0.6 million for the first nine months of 2015, versus approximately $0.1 million and $0.3 million for the same periods, respectively, in 2014
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Launched new business development initiatives to drive higher customer adoption – Sigma Labs' OEM Partner Program and Early Adopter Program (EAP). Each makes it easier for potential clients to install and evaluate Sigma Labs' proprietary PrintRite3D® software applications. Spartacus3D of France signed as the first EAP participant
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Announced the commercial availability of PrintRite3D® CONTOUR™ (formerly known as PrintRite3D® DEFORM™) and provided to initial customer Honeywell Aerospace under contract
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Signed an agreement with Additive Industries of the Netherlands for further evaluation of Sigma Labs' PrintRite3D® products. The applications will be integrated into an Additive Industries' MetalFAB1 prototype machine; this contract builds on the previously-announced Technology Cooperation Agreement with Additive Industries signed in December, 2014
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Contract manufacturing and prototyping business continued to expand as AM machine capacity fills
- Hosted the Fall Meeting of Edison Welding Institute's (EWI) Additive Manufacturing Consortium October 28-29, 2015 to demonstrate the Company's technology and manufacturing capabilities
"Sigma Labs showed great progress this quarter both in terms of revenue growth and setting the stage for improved performance going forward," said Mark Cola, President and CEO of Sigma Labs. "We launched two new sales initiatives – the OEM Partner Program and Early Adopter Program – to make it easier and more attractive for potential customers to try our software applications and evaluate them in real-world environments. The programs have gotten off to a great start, and we are in discussion with a number of companies across the globe to embed our software packages into their machines or have them assessed in specific industrial processes. Overall we're very pleased with the market reaction and look forward to exhibiting our products at the formnext show in Frankfurt this month.
"We also recently hosted the Fall Meeting of EWI's Additive Manufacturing Consortium, which served to showcase our PrintRite3D® applications and contract manufacturing capabilities to a large number of industry participants. We truly believe we're seeing increased traction within the market and expect strong top line growth heading into 2016."
2015 Third Quarter and Year-to-Date Financial Results
Revenue for the three and nine months ended September 30, 2015 was approximately $0.3 million and $0.6 million, respectively, versus approximately $0.1 million and $0.3 million for the same periods in 2014. The Company reported a net loss for the three and nine months ended September 30, 2015 of approximately $0.6 million and $1.4 million, respectively, or $(0.00) per diluted share, versus a loss of approximately $0.5 million and $2.8 million, or $(0.00) per diluted share, for the same periods in 2014. The prior-year nine month 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 third quarter financial results today, November 10, 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 Subsidiaries | ||||
| Unaudited Condensed Consolidated Statements of Operations | ||||
| Three Months and Nine Months Ended September 30, 2015 and 2014 | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |
| INCOME | ||||
| Services | $ 266,566 | $ 92,449 | $ 648,515 | $ 322,091 |
| Total Revenue | 266,566 | 92,449 | 648,515 | 322,091 |
| COST OF SERVICE REVENUE | 25,250 | 36,326 | 138,379 | 176,954 |
| GROSS PROFIT | 241,316 | 56,123 | 510,136 | 145,137 |
| EXPENSES | ||||
| Other General and Administration | 293,187 | 243,375 | 886,965 | 564,581 |
| Payroll Expense | 191,399 | 84,865 | 338,533 | 387,564 |
| Non-cash Stock Compensation | 221,500 | 215,550 | 478,500 | 566,950 |
| Warrant Expense | -- | -- | -- | 1,283,333 |
| Research and Development | 122,517 | 52,710 | 206,545 | 147,683 |
| Total Expenses | 828,603 | 596,500 | 1,910,543 | 2,950,111 |
| OTHER INCOME (EXPENSE) | ||||
| Interest Income | 265 | 939 | 1,137 | 2,721 |
| Interest Expense | -- | -- | -- | -- |
| Loss on Investment in Joint Venture | (108) | -- | (108) | -- |
| Total Other Income (Expense) | 157 | 939 | 1,029 | 2,721 |
| INCOME (LOSS) BEFORE INCOME TAXES | (587,130) | (539,438) | (1,399,378) | (2,802,253) |
| Current Income Tax Expense | -- | -- | -- | -- |
| Deferred Income Tax Expense | -- | -- | -- | -- |
| Net Income (Loss) | $ (587,130) | $ (539,438) | $ (1,399,378) | $ (2,802,253) |
| Loss per Common Share - Basic and Diluted | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
| Weighted Average Number of Shares Outstanding - Basic and Diluted | 623,483,422 | 616,610,626 | 622,493,895 | 607,463,863 |
| Sigma Labs, Inc. and Subsidiaries | ||
| Unaudited Condensed Consolidated Balance Sheets | ||
| September 30, 2015 and December 31, 2014 | ||
| September 30, 2015 | December 31, 2014 | |
| ASSETS | ||
| Current Assets | ||
| Cash | $ 1,836,855 | $ 2,962,069 |
| Accounts Receivable, net | 177,717 | 117,726 |
| Inventory | 111,853 | 56,175 |
| Prepaid Assets | 58,477 | 29,986 |
| Total Current Assets | 2,184,902 | 3,165,956 |
| Other Assets | ||
| Property and Equipment, net | 744,156 | 803,027 |
| Deferred Stock Offering Costs | 95,511 | 95,511 |
| Intangible Assets, net | 106,111 | 95,847 |
| Investment in Joint Venture | 9,892 | -- |
| Total Other Assets | 955,670 | 994,385 |
| TOTAL ASSETS | $ 3,140,572 | $ 4,160,341 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities | ||
| Accounts Payable | $ 82,190 | $ 309,698 |
| Customer Deposits | 62,393 | -- |
| Accrued Expenses | 61,676 | 44,652 |
| Total Current Liabilities | 206,259 | 354,350 |
| TOTAL LIABILITIES | 206,259 | 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; | ||
| 623,594,835 issued and 620,219,835 outstanding at September 30, 2015 and 619,741,061 issued and 612,741,061 outstanding at December 31, 2014 | 623,595 | 619,741 |
| Additional Paid-In Capital | 10,000,184 | 9,798,288 |
| Less Deferred Compensation | ||
| 3,375,000 and 7,000,000 common shares, respectively | (422,250) | (744,200) |
| Retained Earnings (Deficit) | (7,267,216) | (5,867,838) |
| Total Stockholders' Equity | 2,934,313 | 3,805,991 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,140,572 | $ 4,160,341 |
CONTACT: Investor Relations Contact:
Chris Witty
cwitty@darrowir.com
646-438-9385
Source: Sigma Labs, Inc.
Released November 10, 2015