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Sigma Labs Announces Second Quarter Financial Results

20:00 EDT 6 Aug 2015 | Globe Newswire

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
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