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| 8-K - FORM 8-K CURRENT REPORT - SIGMA LABS, INC. | f8k111416_8k.htm |
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Sigma Labs Announces Third Quarter Financial Results
Completes Financing for Future Growth; Wins New Orders
SANTA FE, N.M. – November 14, 2016 – 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 September 30, 2016.
Recent Highlights
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Completed a private placement of convertible notes and warrants that netted gross proceeds, before expenses, of $900,000 to Sigma Labs. Such funds will be used to support the Company’s working capital requirements and growth initiatives going forward
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Entered into an agreement with Siemens Industrial Turbomachinery of Finspång, Sweden, for Sigma Labs’ PrintRite3D® INSPECT® to be installed on a metal printer for evaluation and testing purposes, which could lead to further orders in the future
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Launched PrintRite3D® INSPECT™ v1.3.2, the next-generation of Sigma Labs’ In-Process Quality Assurance™ (IPQA®) software, which includes the addition of alloy-specific temperature correction algorithms, improved reporting, and enhanced graphics both layer-by-layer and part-by-part
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Announced the receipt of a contract from Honeywell Aerospace under the “America Makes” project with GE Aviation, funded by the National Additive Manufacturing Innovation Institute. Sigma Labs and Honeywell will further demonstrate the benefits of IPQA® using Sigma Labs’ PrintRite3D® software
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Presented at the American Welding Society’s Lasers Conference, August 29-30, and the Smartindustry 2016 Exhibition, September 26-28, both showcasing the Company’s PrintRite3D® software solutions
“Sigma Labs continued to focus on long term growth this quarter – winning new contracts and positioning the Company for faster expansion going forward,” said Mark Cola, President & CEO of Sigma Labs. “We are aggressively pursuing new business development opportunities and are encouraged by the high level of interest our software solutions receive in the industry – resulting in the potential for many new customer relationships, such as with Siemens. At the same time, we launched INSPECT™ 1.3.2 this quarter and are about to launch version 2.0 at the Formnext show in Frankfurt later this week. We also recently completed a private placement that brought in funds to fuel future R&D and sales. All in all, we believe the Company is in good shape to achieve higher top line growth as we turn the corner on fiscal 2017.”
2016 Third Quarter Financial Results
Revenue for the three months ended September 30, 2016 was approximately $0.2 million versus approximately $0.3 million for the same period in 2015. The Company reported a net loss for the third quarter of approximately $0.7 million, or $(0.11) per diluted share, versus a loss of approximately $0.6 million, or $(0.09) per diluted share, for the third quarter of 2015.
Investor Conference Call
The Company will host a conference call to discuss its 2016 third quarter financial results today, November 14, 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. 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 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.
Investor Relations Contact:
Chris Witty
cwitty@darrowir.com; 646-438-9385
Sigma Labs, Inc. | ||||||||
Condensed Statements of Operations | ||||||||
(Unaudited) | ||||||||
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| Three Months Ended |
| Nine Months Ended | ||||
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| September 30, 2016 |
| September 30, 2015 |
| September 30, 2016 |
| September 30, 2015 |
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INCOME |
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Services | $ | 189,951 | $ | 266,566 | $ | 642,230 | $ | 648,515 |
Total Revenue |
| 189,951 |
| 266,566 |
| 642,230 |
| 648,515 |
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COST OF SERVICE REVENUE |
| 69,259 |
| 25,250 |
| 207,744 |
| 138,379 |
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GROSS PROFIT |
| 120,693 |
| 241,316 |
| 434,486 |
| 510,136 |
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EXPENSES |
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Other General and Administration |
| 437,873 |
| 293,187 |
| 1,345,576 |
| 886,965 |
Payroll Expense |
| 259,011 |
| 191,399 |
| 727,494 |
| 338,533 |
Stock-Based Compensation |
| 105,630 |
| 221,500 |
| 236,554 |
| 478,500 |
Research and Development |
| 37,532 |
| 122,517 |
| 88,504 |
| 206,545 |
Total Expenses |
| 840,046 |
| 828,603 |
| 2,398,128 |
| 1,910,543 |
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OTHER INCOME (EXPENSE) |
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Interest Income |
| 35 |
| 265 |
| 288 |
| 1,137 |
Other Income |
| - |
| - |
| 31,626 |
| - |
Loss on Investment in Joint Venture |
| (3) |
| (108) |
| (105) |
| (108) |
Total Other Income (Expense) |
| 32 |
| 157 |
| 31,809 |
| 1,029 |
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LOSS BEFORE INCOME TAXES |
| (719,320) |
| (587,130) |
| (1,931,833) |
| (1,399,378) |
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Provision for income Taxes |
| - |
| - |
| - |
| - |
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Net Loss | $ | (719,320) | $ | (587,130) | $ | (1,931,833) | $ | (1,399,378) |
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Loss per Common Share - Basic and Diluted | $ | (0.11) | $ | (0.09) | $ | (0.31) | $ | (0.22) |
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Weighted Average Number of Shares |
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Outstanding - Basic and Diluted |
| 6,259,349 |
| 6,234,834 |
| 6,243,642 |
| 6,224,939 |
Sigma Labs, Inc. | ||||
Condensed Balance Sheets | ||||
(Unaudited) | ||||
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| September 30, 2016 |
| December 31, 2015 |
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ASSETS |
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Current Assets |
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Cash | $ | 137,702 | $ | 1,539,809 |
Accounts Receivable, net |
| 119,599 |
| 280,222 |
Inventory |
| 84,659 |
| 20,129 |
Prepaid Assets |
| 34,097 |
| 38,687 |
Total Current Assets |
| 376,057 |
| 1,878,847 |
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Other Assets |
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Property and Equipment, net |
| 609,782 |
| 714,754 |
Intangible Assets, net |
| 222,674 |
| 167,644 |
Investment in Joint Venture |
| 500 |
| 9,222 |
Prepaid Stock Compensation |
| 208,848 |
| 418,547 |
Total Other Assets |
| 1,041,804 |
| 1,310,167 |
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TOTAL ASSETS | $ | 1,417,861 | $ | 3,189,014 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities |
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Accounts Payable | $ | 143,217 | $ | 38,393 |
Accrued Expenses |
| 96,322 |
| 71,523 |
Total Current Liabilities |
| 239,539 |
| 109,916 |
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TOTAL LIABILITIES |
| 239,539 |
| 109,916 |
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Stockholders' Equity |
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Preferred Stock, $0.001 par; 10,000,000 shares authorized; None issued and outstanding |
| - |
| - |
Common Stock, $0.001 par; 15,000,000 shares authorized; 6,267,577 and 6,239,073 issued and outstanding at September 30, 2016 and December 31, 2015, respectively |
| 6,268 |
| 6,239 |
Additional Paid-In Capital |
| 10,668,007 |
| 10,636,979 |
Accumulated Deficit |
| (9,495,953) |
| (7,564,120) |
Total Stockholders' Equity |
| 1,178,322 |
| 3,079,098 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,417,861 | $ | 3,189,014 |