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Sigma Labs Announces First Quarter Financial Results

SANTA FE, N.M., May 12, 2016 (GLOBE NEWSWIRE) -- 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 (“AM”) and other advanced manufacturing technologies, today announced financial results for the three months ended March 31, 2016.

Recent Highlights

  • Posted revenue of approximately $0.4 million for the quarter, principally driven by sales of PrintRite3D® systems and associated software licenses, versus approximately $0.2 million for the same period in 2015
  • Announced agreements to expand Sigma Labs’ presence in Europe and Asia through relationships with Spartacus3D and Creatz3D, respectively, paving the way for international growth
  • Participated in many industry events including the Additive Manufacturing Users Group (AMUG) Conference in St. Louis and will be at the upcoming Rapid 2016 Conference in Orlando
  • Completed a reverse stock split of all issued and outstanding common shares, on a 1-for-100 basis, in order to, among other things, pursue an uplisting onto a national stock exchange
  • Met with shareholders at Annual Meeting and received approval on all ballot measures presented

“The year got off to a great start with many accomplishments under our belt,” said Mark Cola, President & CEO of Sigma Labs. “First quarter revenue nearly doubled year-over-year due to continued momentum across our core PrintRite3D® software applications, and we completed a reverse stock split that should help attract new investors to the Company going forward. At the same time, we participated in leading industry events and formed long-term partnerships with Spartacus3D and Creatz3D to accelerate our growth overseas – initiatives that we believe will lead to new contract awards in the quarters to come. Overall, we are energized by the initial underpinnings of demand we see forming in the marketplace and are dedicated to rapidly increasing software trials, driving customer adoption, and providing a path to profitability.”

2016 First Quarter Financial Results
Revenue for the three months ended March 31, 2016 was approximately $0.4 million versus approximately $0.2 million for the same period in 2015. The Company reported a net loss for the first quarter of approximately $0.5 million, or $(0.08) per diluted share, versus a similar loss of approximately $0.4 million, or $(0.06) per diluted share, for the first quarter of 2015.

Investor Conference Call
The Company will host a conference call to discuss its 2016 first quarter financial results today, May 12, 2016, at 11:00 a.m. Eastern Time. To participate in the call, please dial toll free 1-866-652-5200, or 1-412-317-6060, approximately five minutes before the conference call time stated. 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.

Sigma Labs, Inc.
Unaudited Condensed Statements of Operations
Three Months Ended March 31, 2016 and 2015
Three Months EndedThree Months Ended
March 31, 2016March 31, 2015
INCOME
Services$ 358,455 $ 185,686
Total Revenue 358,455 185,686
COST OF SERVICE REVENUE 107,581 24,867
GROSS PROFIT 250,874 160,819
EXPENSES
Other General and Administration 395,488
267,703
Payroll Expense 215,589 72,660
Stock-Based Compensation 71,511 122,750
Research and Development 39,071 70,147
Total Expenses 721,699 533,260
OTHER INCOME (EXPENSE)
Interest Income 158 560
Total Other Income (Expense) 158 560
INCOME (LOSS) BEFORE INCOME TAXES (470,667) (371,881)
Current Income Tax Expense - -
Deferred Income Tax Expense - -
Net Income (Loss)$ (470,667)$ (371,881)
Loss per Common Share - Basic and Diluted$ (0.08)$ (0.06)
Weighted Average Number of Shares
Outstanding - Basic and Diluted 6,233,729 6,206,220

Sigma Labs, Inc.
Unaudited Condensed Balance Sheets
March 31, 2016 and December 31, 2015
March 31,
2016
December 31,
2015
ASSETS
Current Assets
Cash$ 1,086,363 $ 1,539,809
Accounts Receivable, net 381,309 280,222
Inventory 94,186 20,129
Prepaid Assets 38,862 55,484
Total Current Assets 1,600,720 1,895,644
Other Assets
Property and Equipment, net 697,316 714,754
Intangible Assets, net 197,630 167,644
Investment in Joint Venture 9,222 9,222
Total Other Assets 904,168 891,620
TOTAL ASSETS$ 2,504,888 $ 2,787,264
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable$ 144,026 $ 38,393
Accrued Expenses 82,630 71,523
Total Current Liabilities 226,656 109,916
TOTAL LIABILITIES 226,656 109,916
Stockholders' Equity
Preferred Stock, $0.001 par; 10,000,000 shares authorized;
None issued and outstanding - -
Common Stock, $0.001 par; 7,500,000 shares authorized;
6,232,778 issued and 6,210,278
outstanding at March 31, 2016 and
6,239,073 issued and 6,206,573
outstanding at December 31, 2015 and 6,233 6,239
Additional Paid-In Capital 10,579,536 10,636,979
Less Deferred Compensation
22,500 and 32,500 common shares, respectively (272,750) (401,750)
Retained Earnings (Deficit) (8,034,787) (7,564,120)
Total Stockholders' Equity 2,278,232 2,677,348
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,504,888 $ 2,787,264

Investor Relations Contact: Chris Witty cwitty@darrowir.com; 646-438-9385

Source:Sigma Labs, Inc.