Liquidmetal Technologies Reports First Quarter 2015 Results

May 5, 2015 | By Business Wire News

RANCHO SANTA MARGARITA, Calif.

Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloys, reported results for the quarter ended March 31, 2015.

Q1 2015 Operational Highlights

Conducted 50 customer visits in 1Q
Received 36 RFQs (Request for Quotations)
Received mold for Miltner-Adams production run
Acknowledged as “Best-of-the-Best” technology in a 10X10 booth at SAE show in Detroit

“In our first quarter of 2015, many of the seeds that were planted in the past several years began to emerge as operational highlights. With the technology stable, world-class partners in place, and our own Manufacturing Center of Excellence now operational, the sales and marketing team has begun to make significant progress on identifying customer applications and generating actionable interest in our new technology,” said Tom Steipp, President and CEO.

Q1 2015 Financial Summary

In Q1 2015, the Company generated revenues of $26 thousand as it continued to focus on the development of prototype and commercial parts for its customers and partnering with licensees on the development of the Company’s technology and production processes.

Selling, marketing, general and administrative expense was $1.9 million in both Q1 2015 and Q1 2014.

Research and development expense was $482 thousand in Q1 2015, compared to $334 thousand in Q1 2014.

Cash totaled $8.2 million, which includes $2.0 million of restricted cash, at March 31, 2015, as compared to $10 million at December 31, 2014.

Conference Call

Liquidmetal Technologies management will hold a conference call later today (May 5, 2015) to discuss these results. The Company’s President and CEO Tom Steipp, Paul Hauck, VP or Sales and Marketing, and CFO Tony Chung will host the call starting at 4:30 p.m. Eastern time. A question and answer session will follow management’s presentation.

Date: Tuesday, May 5, 2015
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 1-888-539-3612
International: 1-719-457-2661
Conference ID: 1622211

The conference call will be broadcast simultaneously and available for replay via the investor section of the Company’s website at www.liquidmetal.com.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 12, 2015.

Toll-Free Replay Number: 1-888-203-1112
International Replay Number: 1-719-457-0820
Replay PIN Number: 1622211

About Liquidmetal Technologies

Rancho Santa Margarita, California-based Liquidmetal Technologies, Inc. is the leading developer of bulk alloys that utilize the performance advantages offered by amorphous alloy technology. Amorphous alloys are unique materials that are distinguished by their ability to retain a random structure when they solidify, in contrast to the crystalline atomic structure that forms in ordinary metals and alloys. Liquidmetal Technologies is the first company to produce amorphous alloys in commercially viable bulk form, enabling significant improvements in products across a wide array of industries. For more information, go to www.liquidmetal.com.

Forward-Looking Statement

This press release contains “forward-looking statements,” including but not limited to statements regarding the advantages of Liquidmetal’s amorphous alloy technology, scheduled manufacturing of customer parts and other statements associated with Liquidmetal’s technology and operations. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Liquidmetal’s expectations and projections. Risks and uncertainties include, among other things; customer adoption of Liquidmetal’s technologies and successful integration of those technologies into customer products; potential difficulties or delays in manufacturing products incorporating Liquidmetal’s technologies; Liquidmetal’s ability to fund its current and anticipated operations; the ability of third party suppliers and manufacturers to meet customer product requirements; general industry conditions; general economic conditions; and governmental laws and regulations affecting Liquidmetal’s operations. Additional information concerning these and other risk factors can be found in Liquidmetal’s public periodic filings with the U.S. Securities and Exchange Commission, including the discussion under the heading “Risk Factors” in Liquidmetal’s 2014 Annual Report on Form 10-K.

LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share data)

	March 31,			December 31,
		2015			2014
	(Unaudited)			(Audited)
ASSETS

Current assets:
Cash	$	6,200		$	10,009
Restricted cash		2,005			–
Trade accounts receivable, net of allowance for doubtful accounts		21			83
Prepaid expenses and other current assets		381			374
Total current assets	$	8,607		$	10,466
Property and equipment, net		1,139			1,118
Patents and trademarks, net		644			669
Other assets		31			31
Total assets	$	10,421		$	12,284

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable		246			155
Accrued liabilities		655			705
Total current liabilities	$	901		$	860

Long-term liabilities:
Warrant liabilities		2,166			2,005
Other long-term liabilities		856			856
Total liabilities	$	3,923		$	3,721

Stockholders’ equity:
Convertible, redeemable Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2015 and December 31, 2014.		–			–
Common stock, $0.001 par value; 700,000,000 shares authorized; 464,482,819 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively.		464			464
Warrants		18,179			18,179
Additional paid-in capital		201,025			200,610
Accumulated deficit		(213,114	)		(210,636	)
Non-controlling interest in subsidiary		(56	)		(54	)

Total stockholders’ equity		6,498			8,563

Total liabilities and stockholders’ equity	$	10,421		$	12,284


LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(unaudited)

	For the Three Months
	Ended March 31,
		2015			2014

Revenue
Products	$	23		$	156
Licensing and royalties		3			4
Total revenue		26			160

Cost of sales		19			140
Gross profit		7			20

Operating expenses
Selling, marketing, general and administrative		1,852			1,851
Research and development		482			334
Total operating expenses		2,334			2,185
Operating loss		(2,327	)		(2,165	)

Change in value of warrants, loss		(161	)		(1,726	)
Debt discount amortization expense		–			(21	)
Interest income		8			–

Net loss		(2,480	)		(3,912	)

Net loss attributable to non-controlling interest		2			3
Net loss and comprehensive loss attributable to Liquidmetal Technologies stockholders	$	(2,478	)	$	(3,909	)

Net loss per common share attributable to Liquidmetal Technologies stockholders, basic and diluted	$	(0.01	)	$	(0.01	)

Number of weighted average shares – basic and diluted		464,482,819			387,601,876