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Sigma Labs Announces Full Year 2016 Financial Results
Mar. 30, 2017 8:00 AM
GlobeNewswire
SANTA FE, N.M., March 30, 2017 (GLOBE NEWSWIRE) -- Sigma Labs, Inc. (SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced financial results for the three and twelve months ended December 31, 2016.
Recent Highlights
Completed a public offering that raised gross proceeds of approximately $5.8 million concurrent with uplisting to the NASDAQ Capital Market following a reverse stock split. The offering provided funds for the Company’s 2017 growth plans, while moving to the NASDAQ allows for a broader base of potential institutional investors.
The Company also formed strategic alliances with Morf3D and Jaguar Precision Machine (“Jaguar”) to serve the additive manufacturing (“AM”) needs of the aerospace and defense (“A&D”) sector. As part of these agreements, the Company’s PrintRite3D® software will be licensed to Morf3D and Jaguar, and Sigma Labs will utilize its on-site EOS machine to form aerospace components under contract using additive manufacturing. The strategic alliances are expected to significantly enhance the Company’s 2017 top line growth profile.
Sigma Labs announced additional contract wins with Aerojet Rocketdyne, Pratt & Whitney, Honeywell, and Siemens during the fourth quarter and early part of 2017.
The Company also announced, subsequent to the end of 2016, that a leading European AM equipment provider had signed onto its OEM Partner Program as part of a long-term commercial agreement, expanding an existing relationship. Sigma Labs’ PrintRite3D® applications will be embedded in certain of the OEM’s AM machines prior to them being sold.
“We’re already well into 2017 and, with so much behind us, I feel the Company is in a position to see greatly improved performance going forward,” said Mark Cola, President & CEO of Sigma Labs. “In a relatively short period of time we’ve raised much-needed growth capital, uplisted to the NASDAQ, signed several important strategic relationships, and won contracts with marquee customers such as Pratt & Whitney and Siemens. We’ve also landed a significant OEM Partner and are actively working on other business development initiatives, setting the stage for stronger growth in the quarters to come. In effect, we’ve done what we said we would do – winning new customers, joining with other leading companies to move the industry forward, and improving our balance sheet to take advantage of the opportunities to come. This year we have the wind at our backs, with unlimited potential for taking additive manufacturing to a whole new level.”
2016 Full Year Financial Results
Revenue for the year ended December 31, 2016 was approximately $1.0 million versus approximately $1.2 million for 2015. The Company reported a net loss for the year of approximately $2.2 million, or $(0.35) per diluted share, versus a loss of approximately $1.7 million, or $(0.27) per diluted share, for 2015.
Investor Conference Call
The Company will host a conference call to discuss its 2016 full year financial results today, March 30, 2017, 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. is 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.
Condensed Statements of Operations
Three Months Ended Twelve Months Ended
Years Ended December 31 Years Ended December 31
2016 2015 2016 2015
REVENUE $ 324,192 $ 586,295 $ 966,422 $ 1,234,810
COST OF REVENUE 21,158 75,625 228,902 214,004
GROSS PROFIT 303,034 510,670 737,520 1,020,806
EXPENSES:
Other General and Administration 444,520 395,987 1,790,096 1,282,952
Payroll Expense 299,346 247,173 1,026,840 585,706
Stock-Based Compensation 105,004 39,938 341,558 518,438
Research and Development 4,488 124,009 92,992 330,554
Total Expenses 853,358 807,107 3,251,486 2,717,650
OTHER INCOME (EXPENSE)
Interest Income 67 203 355 1,340
Other Income 20,077 - 51,703 -
Other Income-Decrease in fair value of derivative liabilities 354,644 - 354,644 -
Other Expense - Debt discount amortization (89,570 ) - (89,570 )
Loss on Investment in Joint Venture 105 (670 ) - (778 )
Total Other Income 285,323 (467 ) 317,132 562
LOSS BEFORE PROVISION FOR INCOME TAXES (265,001 ) (296,904 ) (2,196,834 ) (1,696,282 )
Provision for income Taxes - - - -
Net Loss $ (265,001 ) $ (296,904 ) $ (2,196,834 ) $ (1,696,282 )
Net Loss per Common Share - Basic and Diluted $ (0.04 ) $ (0.05 ) $ (0.35 ) $ (0.27 )
Weighted Average Number of Shares
Outstanding - Basic and Diluted 6,267,577 6,237,511 6,249,609 6,228,108
Sigma Labs, Inc.
Condensed Balance Sheets
December 31, 2016 December 31, 2015
ASSETS
Current Assets:
Cash $ 398,391 $ 1,539,809
Accounts Receivable, net 288,236 280,222
Inventory 187,241 20,129
Prepaid Assets 36,056 38,687
Total Current Assets 909,924 1,878,847
Other Assets:
Property and Equipment, net 564,933 714,754
Intangible Assets, net 226,450 167,644
Investment in Joint Venture 500 9,222
Prepaid Stock Compensation 167,562 418,547
Total Other Assets 959,445 1,310,167
TOTAL ASSETS $ 1,869,369 $ 3,189,014
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable 112,175 38,393
Notes Payable, net of original issue discount $79,886 561,834 -
Accrued Expenses 125,116 71,523
Total Current Liabilities 799,125 109,916
Long-Term Liabilities
Derivative Liability 93,206 -
Total Long-Term Liablitiy 93,206 -
TOTAL LIABILITIES 892,331 109,916
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;
6,267,577 and 6,239,073 issued and outstanding at
December 31, 2016 and 2015, respectively 6,268 6,239
Additional Paid-In Capital 10,731,724 10,636,979
Accumulated Deficit (9,760,954 ) (7,564,120 )
Total Stockholders' Equity 977,038 3,079,098
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,869,369 $ 3,189,014
Investor Relations Contact:
Chris Witty
cwitty@darrowir.com; 646-438-9385
Source: Sigma Labs, Inc. 2017 GlobeNewswire, Inc.
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