RANCHO SANTA MARGARITA,
Calif.--(BUSINESS WIRE)--March 11, 2008--Liquidmetal(R) Technologies
Inc. (OTCBB: LQMT) today re****ted financial results for the three months
ended December 31, 2007. Revenue for the Fourth Quarter was $8.5
million. This represents a 42% increase from $6.0 million in the Fourth
Quarter, 2006.
In addition, financial numbers for the quarter include royalties on
sales by licensees as opposed to gross revenue for direct customer sales
by the Company as re****ted in the past.
As indicated last quarter, pursuing licensing op****tunities,
Liquidmetal Technologies is inherently trading off higher, but less
profitable top-line revenues in favor of higher profit margin, but lower
absolute revenues from royalties and material sales. For comparison
purposes, revenues for the quarter would have exceeded $10 million if
the gross revenues would have been captured by LQMT for the quarter.
Overall Gross Margins was 16% in the Fourth Quarter versus 15% in
the Fourth Quarter of 2006. Selling, General & Administrative Expenses
came in at $2.0 million for the quarter, down from $2.6 million in the
Fourth Quarter of 2006, and Research & Development Expense was at $0.2
million in the Fourth Quarter, a level consistent with the prior year.
The increase in the revenues and the reduction in the overall
expenses allowed us to achieve a positive EBITDA. Earnings before
interest, taxes, and depreciation for the Fourth Quarter were $0.8
million. This continues the improving trend seen in recent quarters.
Under GAAP, the Company had a net loss of $1.7 million in the Fourth
Quarter compared to a net loss of $0.7 million in the Fourth Quarter of
2006. The variation of net income results primarily reflects the
accounting treatment for the outstanding warrants and conversion
features of the convertible notes which are non-cash expenses.
Commenting on the operations, Mr. Larry Buffington, President and
CEO, noted, "Increasing customer demand and accelerating adoption of our
Liquidmetal technology continued our momentum of revenue growth in the
fourth quarter. Our overall strategy to segment our business around
defined market op****tunities, whether through our own subsidiary, joint
venture or licensee, allows each business unit to focus its resources
and execute its strategy. We believe that this strategy is essential to
enable Liquidmetal Technologies to capitalize upon many op****tunities in
the shortest possible time."
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