Applied Energetics Reports Fourth Quarter 2009 Financial Results
TUCSON, Ariz., March 16 /PRNewswire-FirstCall/ -- Applied Energetics, Inc., (Nasdaq: AERG), today reported summary financial results for the fourth quarter ended December 31, 2009. The Company will host a live conference call today, March 16, 2010 at 11:30AM (Eastern Time).
Year-to-Date 2009 Summary Financial Results
Revenue for the twelve months ended December 31, 2009 was approximately $7.5 million, compared to approximately $16.6 million for the same period last year, a decrease of approximately 54.8%. CIED revenue decreased by $4.7 million to $2.4 million in 2009 due to revenues deriving mostly from operational support and testing of the Company's CIED systems compared to manufacturing of CIED systems and spares in 2008. LGE revenues decreased by $2.8 million to $4.4 million in 2009 mostly attributable to ending of certain LGE contracts in the first half of 2009 and then increasing in the second half of 2009 with the announcement of two new contracts.
Net loss attributable to common stockholders for the twelve months ended December 31, 2009 was $9.7 million, or $0.11 per basic and diluted common share, as compared to a net loss attributable to common stockholders of $12.9 million or $0.16 per basic and diluted common share for the same period last year. The decrease in net loss per share was partially due to the increased number of shares outstanding in 2009 and to a deemed dividend from induced conversion of Series A preferred stock for $3.3 million in 2008.Joe Hayden, COO, commented, "Our primary focus in 2009 was advancing our CIED program with the U.S. Marine Corps, and working with the U.S. Army and Navy on applications of our LGE and laser technologies, respectively. We have made important progress on all of these activities and believe 2010 will be a year of transition for Applied Energetics as we move our systems from development activities to field deployment. "In 2009, we integrated our CIED technology into military vehicles and delivered multiple systems to the Marine Corps for use in their Operational Assessment. Technical and field results of the CIED technologies are highly sensitive or classified, but we are satisfied that our technology has performed well in addressing the threat of IEDs, a critical issue for U.S. military operations. Confirmation of the customer's interest in our technology was received in January 2010 with a $10.4 million contract increase to continue further Operational Assessment of the technology. In addition to supplying more systems, training and field support, the customer also requested that we develop a smaller version of the technology for installation on other Marine Corps and Army vehicles and platforms, and to develop a comprehensive engineering package in preparation for Low Rate Initial Production of the system. "We recently were informed that Marine Corps Systems Command (MCSC) has made the decision to begin transitioning this program from the Marine Corps Warfighting Laboratory to MCSC to become part of an existing Program of Record for Ground Support Equipment for Combat Engineers within the Marine Corps. The decision by the customer is a significant milestone for the Company, and the first indication that one of our technologies is expected to be produced for regular military procurement. Additionally, the customer has requested that our systems remain in the field beyond the conclusion of the Operational Assessment, and we will continue to provide Field Support for these systems as they remain in operation.
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