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Liquidmetal® Technologies Reports 2007 First Quarter Results
LAKE FOREST, Calif.--(BUSINESS WIRE)--May 08th, 2007 ----- Liquidmetal® Technologies, Inc. (OTCBB: LQMT) today reported financial results for the first quarter of 2007.
Revenue for the first quarter of 2007 was $5.1 million, compared to revenue of $6.6 million in the first quarter of 2006, a 23% decrease. The Company’s gross margin was a negative 27%, due to high fixed costs and unexpected under utilization of plant operations tied to customer products under performance. As a result, the gross margin was down from the positive 19% in the first quarter of 2006. The selling, general and administrative costs were $2.5 million compared to $2.7 million in the first quarter of 2006. Research and development costs came in at $0.3 million compared to $0.2 million in the first quarter of 2006. The adjusted EBITDA for the first quarter of 2007 was a negative $3.1 million compared to a negative $0.2 million for the same period in 2006. Under GAAP, the Company had a net income of $0.5 million for the first quarter of 2007 compared to a net loss of $6.0 million for the same period in 2006.
Larry Buffington, President and CEO, commented, “As we stated in our previous quarter’s conference call, the revenues and the profitability of the business was down in Q1 as the direct result of several of our customers’ products which did not perform as expected in the marketplace. As a result, we were directly hurt as we had planned a great deal of our production around their forecasts. While that has been the case, we did make great strides in continuing to build our business with four new customers committing to programs utilizing Liquidmetal during the quarter as well as new projects from existing world-class customers. We hope to continue to grow our new customer base in the coming quarters. With these developments, we are hopeful of returning to the growth path we have experienced during the past year within the next two quarters. These activities bode well for the company as we prepare to execute on the next phase of the adoption of our technology.”
Conference Call
As previously announced, Liquidmetal Technologies will host a conference call at 4:30 pm (EDT) on Tuesday, May 8th, 2007 to discuss the results.
Listeners may access the conference call live over the Internet from Liquidmetal Technologies' website http://ir.liquidmetal.com or at http://www.companyboardroom.com.
Use of Non-GAAP Numbers
The financial results disclosed in this release include certain measures calculated and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"). In addition to the GAAP financial measures, Liquidmetal Technologies provides supplemental, non-GAAP financial measures to facilitate evaluation of Liquidmetal Technologies' operating performance. Management believes that Adjusted EBITDA is a useful financial measure that facilitates evaluating the past and future performance of Liquidmetal Technologies' operations on a comparable basis. Liquidmetal Technologies reports Adjusted EBITDA as an alternative method for assessing total company performance. Included in this press release is a reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measure as provided with the financial statements attached to this press release.
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About Liquidmetal® Technologies, Inc
Liquidmetal® Technologies, Inc. (www.liquidmetal.com)
is the leading developer, manufacturer, and marketer of products made from amorphous alloys. Amorphous alloys are unique materials that are characterized by a random atomic structure, in contrast to the crystalline atomic structure possessed by ordinary metals and alloys. Bulk Liquidmetal® alloys are two to three times stronger than commonly used titanium alloys, harder than tool steel, and relatively non-corrosive and wear resistant. Bulk Liquidmetal alloys can also be molded into precision net-shaped parts similar to plastics, resulting in intricate and sophisticated engineered designs. 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. The combination of a super alloy’s performance coupled with unique processing advantages positions Liquidmetal alloys for what the company believes will be
The Third RevolutionTM in material science.
This press release may contain “forward-looking statements” that involve risks and uncertainties, including statements regarding our plans, future events, objectives, expectations, forecasts, or assumptions. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and in some cases, words such as "believe," "estimate," "project," "expect," “intend,” “may," "anticipate," "plans," "seeks," and similar expressions identify forward-looking statements. These statements involve risks and uncertainties that could cause actual outcomes and results to differ materially from the anticipated outcomes or result, and undue reliance should not be placed on these statements. These risks and uncertainties may include: our limited operating history in developing and manufacturing products from bulk amorphous alloys; the adoption of our alloys by customers; the commercial success of our customer’s products; our ability to identify, develop, and commercialize new applications for our alloys; competition with suppliers of incumbent materials; the development of new materials that render our alloys obsolete; the ability to manage our anticipated growth; our limited direct experience in manufacturing bulk alloy products; scaling-up our manufacturing facilities; protecting our intellectual property; problems associated with manufacturing and selling our alloys outside of the United States; and other risks and uncertainties discussed in filings made with the Securities and Exchange Commission (including risks described in subsequent reports on Form 10-Q, Form 10-K, Form 8-K, and other filings). Liquidmetal Technologies disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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