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Sigma Labs Announces Second Quarter Financial Results

SANTA FE, N.M., Aug. 11, 2016 (GLOBE NEWSWIRE) -- Sigma Labs, Inc. (OTCQB:SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced financial results for the three months ended June 30, 2016.

Recent Highlights

  • Announced that aerospace and defense supplier Woodward, Inc. has joined the Company’s Early Adopter Program. Woodward obtained a non-exclusive license to use Sigma Labs’ PrintRite3D® software modules – INSPECT™, CONTOUR™ and ANALYTICS™ – for an EOS M290 machine being installed at its Aircraft Turbine Systems Division in Zeeland, Michigan
  • Murray Williams was hired as the Company’s new CFO, bringing indepth financial and entrepreneurial expertise. Mr. Williams has served on the board of directors of fifteen public and private companies and was one of the founders of Buy.com

“The second quarter of 2016 was somewhat challenging due to delays in certain expected awards and the timing of revenue recognition for contracts already in hand,” said Mark Cola, President & CEO of Sigma Labs. “However, this did not diminish the fact that it’s been a very busy period in terms of both customer outreach and bid activity. In fact, as I mentioned at our Annual Meeting earlier this year, we’re seeing more interest than ever – including with a variety of large OEMs such as Woodward. This recent win illustrates the steps we’re taking to expand the Company’s client base and drive overall recognition of our technology and unique applications. We continue to participate in a number of industry events both in North America and abroad. With a new CFO on board and numerous opportunities in our line of sight, we believe the Company is evolving into an established player to meet the AM needs of today and tomorrow.”

2016 Second Quarter Financial Results
Revenue for the three months ended June 30, 2016 was approximately $0.1 million versus approximately $0.2 million for the same period in 2015. The Company reported a net loss for the second quarter of approximately $0.7 million, or $(0.12) per diluted share, versus a loss of approximately $0.4 million, or $(0.07) per diluted share, for the second quarter of 2015.

Investor Conference Call
The Company will host a conference call to discuss its 2016 second quarter financial results today, August 11, 2016, 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. 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.
Unaudited Condensed Statements of Operations
Three Months and Six Months Ended June 30, 2016 and 2015
Three Months EndedSix Months Ended
June 30, 2016June 30, 2015June 30, 2016June 30, 2015
INCOME
Services$93,824 $196,263 $452,279 $381,949
Total Revenue 93,824 196,263 452,279 381,949
COST OF SERVICE REVENUE 30,904 88,262 138,485 113,129
GROSS PROFIT 62,920 108,001 313,794 268,820
EXPENSES
Other General and Administration 480,697 326,075 876,185 593,778
Payroll Expense 252,895 74,474 468,484 147,134
Stock-Based Compensation 59,362 134,250 130,913 257,000
Research and Development 11,907 13,881 50,978 84,028
Total Expenses 804,861 548,680 1,526,560 1,081,940
OTHER INCOME (EXPENSE)
Interest Income 95 312 253 872
Total Other Income (Expense) 95 312 253 872
INCOME (LOSS) BEFORE INCOME TAXES (741,846) (440,367) (1,212,513) (812,248)
Current Income Tax Expense - - - -
Deferred Income Tax Expense - - - -
Net Income (Loss)$ (741,846)$ (440,367)$ (1,212,513)$ (812,248)
Loss per Common Share - Basic and Diluted$ (0.12)$ (0.07)$ (0.19)$ (0.13)
Weighted Average Number of Shares
Outstanding - Basic and Diluted 6,235,704 6,233,448 6,235,702 6,219,909

Sigma Labs, Inc.
Unaudited Condensed Balance Sheets
June 30, 2016 and December 31, 2015
June 30, 2016December 31, 2015
ASSETS
Current Assets
Cash$552,988 $1,539,809
Accounts Receivable, net 252,658 280,222
Inventory 90,894 20,129
Prepaid Assets 34,510 38,687
Total Current Assets 931,050 1,878,847
Other Assets
Property and Equipment, net 653,130 714,754
Intangible Assets, net 208,715 167,644
Investment in Joint Venture 9,119 9,222
Prepaid Stock Compensation 157,380 418,547
Total Other Assets 1,028,344 1,310,167
TOTAL ASSETS$ 1,959,394 $ 3,189,014
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable$102,367 $38,393
Accrued Expenses 117,529 71,523
Total Current Liabilities 219,896 109,916
TOTAL LIABILITIES 219,896 109,916
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;
6,232,410 issued and 6,219,910
outstanding at June 30, 2016 and
6,239,073 issued and 6,206,573
outstanding at December 31, 2015 6,231 6,239
Additional Paid-In Capital 10,509,900 10,636,979
Accumulated Deficit (8,776,633) (7,564,120)
Total Stockholders' Equity 1,739,498 3,079,098
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,959,394 $ 3,189,014

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

Source:Sigma Labs, Inc.