Applied Energetics Reports Fourth Quarter 2009 Financial Results
"In the second quarter of 2009 our decline in revenue for the year was apparent. Therefore, we made significant expense reductions in 2009 and will continue to manage our cost structure as we execute our strategic plan for growth and to ensure that our costs are commensurate with our business plan as we move forward."
Fourth Quarter 2009 Summary Financial Results
Revenue for the fourth quarter of 2009 was approximately $1.3 million, compared to approximately $5.0 million for the same period last year, a decrease of 74%. Revenues were derived from contracts received in prior periods. Counter-IED (CIED) program revenues decreased by $0.6 million to $0.4 million for the fourth quarter of 2009 as activities were focused on operational support. Laser Guided Energy™ (LGE) revenues decreased by $1.7 million to $0.5 million for the fourth quarter of 2009 as program activity for contracts received late in the third quarter were started. Laser program revenue was $0.4 million, an increase of $0.4 million for this new product line.
Net loss attributable to common stockholders for the fourth quarter of 2009 was $1.7 million, or $0.02 per basic and diluted share, compared to the prior-comparable period net loss attributable to common stockholders of $6.2 million or $0.08 per basic and diluted common share.At December 31, 2009, the Company had approximately $9.6 million in cash and cash equivalents and $0.2 million in a certificate of deposit as compared to $15.2 million in cash and cash equivalents and $0.2 million in a certificate of deposit at December 31, 2008. The Company anticipates that its short-term and long-term funding needs will be provided from available cash and expected cash flow from servicing Government contracts, and believes that it has sufficient working capital to fulfill existing contracts and expected contracts in 2010 and into 2011. At December 31, 2009, the Company had a backlog of approximately $3.4 million, which is expected to be completed within the next twelve months from that date. As of February 28, 2010, the Company's backlog was approximately $11.6 million. Conference Call Applied Energetics will host a conference call on March 16, 2010, at 11:30 a.m. ET. Shareholders and other interested parties may participate in the conference call by dialing +1 888 678 8035 (domestic) or +1 617 213 4848 (international) and entering access code 63140966, a few minutes before 11:30 a.m. ET on March 16, 2010. The call will also be broadcast live on the Internet at www.streetevents.com, www.fulldisclosure.com and www.appliedenergetics.com. A replay of the conference call will be accessible two hours after its completion through March 23, 2010 by dialing +1 888 286 8010 (domestic) or +1 617 801 6888 (international) and entering access code 20802385. The call will also be archived for 30 days at www.streetevents.com, www.fulldisclosure.com and www.appliedenergetics.com. About Applied Energetics, Inc. Applied Energetics, Inc., based in Tucson, Arizona, specializes in development and manufacture of advanced high performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics pioneered the development of Laser Guided Energy(TM) (LGE(TM)) technology, and related solutions for defense and security applications. For more information about Applied Energetics, please visit www.appliedenergetics.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
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