Welcome!

Recurring Revenue Authors: Liz McMillan, Yeshim Deniz, Carmen Gonzalez, Elizabeth White, Pat Romanski

News Feed Item

Sigma Labs Announces Second Quarter Financial Results

Progress Continues Toward Technology Commercialization

SANTA FE, N.M., Aug. 14, 2014 /PRNewswire/ -- 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 and other advanced manufacturing technologies, today announced financial results for the three and six months ended June 30, 2014.

Second Quarter Highlights

  • Entered into a Technology Cooperation Agreement with Materialise NV of Belgium, a leader in software solutions for the 3D printing industry, to collaborate on the integration, production, and marketing of Sigma Labs' PrintRite3D® products for metal-based additive manufacturing.
  • The Company also signed a Trial Evaluation Agreement with Honeywell International, a U.S.-based conglomerate serving a multitude of industrial, aerospace, and defense end markets, to utilize Honeywell's Advanced Manufacturing Engineering Center as a beta test site for Sigma Labs' PrintRite3D® DEFORM™ software module.
  • Sigma Labs entered into a contract with Adurant Technologies, a Cloudera® and Oracle® Gold Partner, to assist the Company in formulating, designing and deploying a unified 'Big Data' methodology to support the integration of PrintRite3D® systems into manufacturing and production infrastructure systems.

"Sigma Labs continues its focus on several business development initiatives that will serve as growth catalysts for our technology going forward," said Mark Cola, President and CEO. "By entering into several important agreements this quarter, we have effectively positioned the Company for expansion within the aerospace, defense, and industrial markets. Working with Materialise to enhance their world-class manufacturing software, we can more rapidly address the needs of corporations looking to increase 3D printing-based production by ensuring accurate, high-tolerance specifications. Likewise, our beta-testing alliance with Honeywell should expedite the launch of our PrintRite3D® DEFORM™ software, while our contract with Adurant will support the integration of our technology into advanced production systems.

"In addition, we recently announced that we have ordered our first state-of-the-art 3D metal printer which, coupled with our PrintRite3D® technology, will allow us to provide high-end, precision metal parts for contract manufacturing purposes. Overall, we are on track to take Sigma Labs to the next level in its development – moving from a consulting enterprise to a trusted manufacturing partner, product designer, and software engineering firm – and we see an acceleration of top line growth in the quarters to come."

Second Quarter Results

Service revenue for the three and six months ended June 30, 2014 was approximately $0.1 million and $0.2 million, respectively, versus approximately $0.3 million and $0.5 million for the same periods in 2013. The revenue decline year-over-year primarily reflects lower consulting revenue as the Company invests in product sales and transitions from services to products.

The Company reported a net loss for three and six months ended June 30, 2014 of approximately $1.8 million and $2.3 million, respectively, or $(0.00) per diluted share, versus a loss of approximately $0.1 million and $0.3 million for the same period in 2013, or $(0.00) per diluted share. The higher loss reflects decreases in revenues and increased general and administrative expenses, payroll expenses, non-cash compensation expenses and warrant expenses.

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.

Tables to Follow



Sigma Labs, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statement of Operations

Three Months and Six Months Ended June 30, 2014 and 2013



Three Months Ended


Six Months Ended


June 30, 2014


June 30, 2013


June 30, 2014


June 30, 2013









INCOME












   Services

$

114,813


$

307,985


$

229,642


$

472,249

          Total Revenue


114,813



307,985



229,642



472,249













COST OF SERVICE REVENUE


84,739



149,549



140,628



236,479













          GROSS PROFIT


30,074



158,436



89,014



235,770













EXPENSES












   General & Administration


166,636



146,798



416,179



282,349

   Payroll Expense


50,754



67,417



302,699



155,826

   Non-cash Stock Compensation


326,200



66,700



351,400



116,700

   Warrant Expense


1,283,333



-



1,283,333



-

          Total Expenses


1,826,923



280,915



2,353,611



554,875













OTHER INCOME (EXPENSE)












   Interest Income


940



1



1,782



11

         Total Other Income (Expense)


940



1



1,782



11













INCOME (LOSS) BEFORE INCOME TAXES


(1,795,909)



(122,478)



(2,262,815)



(319,094)













Current Income Tax Expense


-



-



-



-













Deferred Income Tax Expense


-



-



-



-













Net Income (Loss)

$

(1,795,909)


$

(122,478)


$

(2,262,815)


$

(319,094)













Loss per Common Share - Basic and Diluted

$

(0.00)


$

(0.00)


$

(0.00)


$

(0.00)













Weighted Average Number of Shares












   Outstanding - Basic and Diluted


606,743,259



433,488,829



602,814,680



432,330,383



Sigma Labs, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet

June 30, 2014 and December 31, 2013



June 30, 2014


December 31, 2013


(Unaudited)


(Audited)







ASSETS






   Current Assets






          Cash

$

4,321,415


$

992,448

          Accounts Receivable, net


67,632



303,445

          Inventory


18,463



1,167

          Prepaid Assets


28,644



25,074

   Total Current Assets


4,436,154



1,322,134













   Other Assets






          Furniture and Equipment, net


8,346



11,419

          Deferred Stock Offering Costs


-



17,426

          Intangible Assets, net


70,212



70,494

   Total Other Assets


78,558



99,339







TOTAL ASSETS

$

4,514,712


$

1,421,473







LIABILITIES AND STOCKHOLDERS' EQUITY






   Current Liabilities






          Accounts Payable

$

37,571


$

102,625

          Accrued Expenses


49,035



38,536

   Total Current Liabilities


86,606



141,161







TOTAL LIABILITIES


86,606



141,161







   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;






                612,241,061 issued and 610,966,061






               outstanding at June 30, 2014 and






                559,766,061 issued and 556,816,061






               outstanding at December 31, 2013


612,241



559,766

          Additional Paid-In Capital


8,890,788



3,561,204

          Less Deferred Compensation






                1,275,000 and 2,950,000 common shares, respectively


(60,350)



(88,900)

          Retained Earnings (Deficit)


(5,014,573)



(2,751,758)

   Total Stockholders' Equity


4,428,106



1,280,312







TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

4,514,712


$

1,421,473

 

SOURCE Sigma Labs, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.