SANTA FE, N.M., Aug. 11, 2016 (GLOBE NEWSWIRE) — Sigma Labs, Inc. (OTCQB:SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced financial results for the three months ended June 30, 2016.
Recent Highlights
- Announced that aerospace and defense supplier Woodward, Inc. has joined the Company’s Early Adopter Program. Woodward obtained a non-exclusive license to use Sigma Labs’ PrintRite3D® software modules – INSPECT™, CONTOUR™ and ANALYTICS™ – for an EOS M290 machine being installed at its Aircraft Turbine Systems Division in Zeeland, Michigan
- Murray Williams was hired as the Company’s new CFO, bringing indepth financial and entrepreneurial expertise. Mr. Williams has served on the board of directors of fifteen public and private companies and was one of the founders of Buy.com
“The second quarter of 2016 was somewhat challenging due to delays in certain expected awards and the timing of revenue recognition for contracts already in hand,” said Mark Cola, President & CEO of Sigma Labs. “However, this did not diminish the fact that it’s been a very busy period in terms of both customer outreach and bid activity. In fact, as I mentioned at our Annual Meeting earlier this year, we’re seeing more interest than ever – including with a variety of large OEMs such as Woodward. This recent win illustrates the steps we’re taking to expand the Company’s client base and drive overall recognition of our technology and unique applications. We continue to participate in a number of industry events both in North America and abroad. With a new CFO on board and numerous opportunities in our line of sight, we believe the Company is evolving into an established player to meet the AM needs of today and tomorrow.”
2016 Second Quarter Financial Results
Revenue for the three months ended June 30, 2016 was approximately $0.1 million versus approximately $0.2 million for the same period in 2015. The Company reported a net loss for the second quarter of approximately $0.7 million, or $(0.12) per diluted share, versus a loss of approximately $0.4 million, or $(0.07) per diluted share, for the second quarter of 2015.
Investor Conference Call
The Company will host a conference call to discuss its 2016 second quarter financial results today, August 11, 2016, at 11:00 a.m. Eastern Time. To participate in the call, please dial toll free 1-844-802-2441, or 1-412-317-5134, approximately five minutes before the conference call time stated above. 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. a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing. 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 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. | ||||||||||||
| Unaudited Condensed Statements of Operations | ||||||||||||
| Three Months and Six Months Ended June 30, 2016 and 2015 | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | |||||||||
| INCOME | ||||||||||||
| Services | $ | 93,824 | $ | 196,263 | $ | 452,279 | $ | 381,949 | ||||
| Total Revenue | 93,824 | 196,263 | 452,279 | 381,949 | ||||||||
| COST OF SERVICE REVENUE | 30,904 | 88,262 | 138,485 | 113,129 | ||||||||
| GROSS PROFIT | 62,920 | 108,001 | 313,794 | 268,820 | ||||||||
| EXPENSES | ||||||||||||
| Other General and Administration | 480,697 | 326,075 | 876,185 | 593,778 | ||||||||
| Payroll Expense | 252,895 | 74,474 | 468,484 | 147,134 | ||||||||
| Stock-Based Compensation | 59,362 | 134,250 | 130,913 | 257,000 | ||||||||
| Research and Development | 11,907 | 13,881 | 50,978 | 84,028 | ||||||||
| Total Expenses | 804,861 | 548,680 | 1,526,560 | 1,081,940 | ||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||
| Interest Income | 95 | 312 | 253 | 872 | ||||||||
| Total Other Income (Expense) | 95 | 312 | 253 | 872 | ||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (741,846 | ) | (440,367 | ) | (1,212,513 | ) | (812,248 | ) | ||||
| Current Income Tax Expense | – | – | – | – | ||||||||
| Deferred Income Tax Expense | – | – | – | – | ||||||||
| Net Income (Loss) | $ | (741,846 | ) | $ | (440,367 | ) | $ | (1,212,513 | ) | $ | (812,248 | ) |
| Loss per Common Share – Basic and Diluted | $ | (0.12 | ) | $ | (0.07 | ) | $ | (0.19 | ) | $ | (0.13 | ) |
| Weighted Average Number of Shares | ||||||||||||
| Outstanding – Basic and Diluted | 6,235,704 | 6,233,448 | 6,235,702 | 6,219,909 | ||||||||
| Sigma Labs, Inc. | |||||||
| Unaudited Condensed Balance Sheets | |||||||
| June 30, 2016 and December 31, 2015 | |||||||
| June 30, 2016 | December 31, 2015 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash | $ | 552,988 | $ | 1,539,809 | |||
| Accounts Receivable, net | 252,658 | 280,222 | |||||
| Inventory | 90,894 | 20,129 | |||||
| Prepaid Assets | 34,510 | 38,687 | |||||
| Total Current Assets | 931,050 | 1,878,847 | |||||
| Other Assets | |||||||
| Property and Equipment, net | 653,130 | 714,754 | |||||
| Intangible Assets, net | 208,715 | 167,644 | |||||
| Investment in Joint Venture | 9,119 | 9,222 | |||||
| Prepaid Stock Compensation | 157,380 | 418,547 | |||||
| Total Other Assets | 1,028,344 | 1,310,167 | |||||
| TOTAL ASSETS | $ | 1,959,394 | $ | 3,189,014 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $ | 102,367 | $ | 38,393 | |||
| Accrued Expenses | 117,529 | 71,523 | |||||
| Total Current Liabilities | 219,896 | 109,916 | |||||
| TOTAL LIABILITIES | 219,896 | 109,916 | |||||
| Stockholders’ Equity | |||||||
| Preferred Stock, $0.001 par; 10,000,000 shares authorized; | |||||||
| None issued and outstanding | – | – | |||||
| Common Stock, $0.001 par; 15,000,000 shares authorized; | |||||||
| 6,232,410 issued and 6,219,910 | |||||||
| outstanding at June 30, 2016 and | |||||||
| 6,239,073 issued and 6,206,573 | |||||||
| outstanding at December 31, 2015 | 6,231 | 6,239 | |||||
| Additional Paid-In Capital | 10,509,900 | 10,636,979 | |||||
| Accumulated Deficit | (8,776,633 | ) | (7,564,120 | ) | |||
| Total Stockholders’ Equity | 1,739,498 | 3,079,098 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,959,394 | $ | 3,189,014 | |||
CONTACT: Investor Relations Contact: Chris Witty [email protected] 646-438-9385