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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.

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