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Applied Energetics Reports Fourth Quarter 2009 Financial Results

Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, but are not limited to: the dependence on sales of a limited number of products and the uncertainty of the timing and magnitude of government funding and orders, dependence on sales to government customers; the uncertainty of patent protection; the uncertainty of strategic alliances; the uncertainty of management tenure; the impact of third-party suppliers' manufacturing constraints or difficulties; management's ability to achieve business performance objectives, market acceptance of, and demand for, the Company's products, and resulting revenues; development and testing of technology and products; manufacturing capabilities; impact of competitive products and pricing; litigation and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "looking forward," "believe," "demonstrate," "intend," "expect," "contemplate," "estimate," "anticipate," "likely" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Applied Energetics undertakes no obligation to update any forward-looking statements contained in this news release.

    
    
    
    
                             APPLIED ENERGETICS, INC.                         
                            CONSOLIDATED BALANCE SHEETS                       
                                                                              
                                                             DECEMBER 31,       
                                                          -----------------   
                                                          2009         2008   
                                                          ----         ----   
      ASSETS                                                                  
        Current assets                                                        
          Cash and cash equivalents                 $9,604,643  $15,242,386   
          Certificate of Deposit                       225,000      225,000   
          Accounts receivable - net                  1,074,944    2,727,853   
          Inventory                                    785,479      157,189   
          Prepaid expenses                             447,295      495,718   
          Other receivables                             52,295       17,183   
                                                        ------       ------   
        Total current assets                        12,189,656   18,865,329   
        Long term receivable                           205,313      253,130   
        Property and equipment - net                 2,845,607    3,523,641   
        Intangible assets - net                              -       36,900   
        Other assets                                    20,800       29,089   
                                                        ------       ------   
        TOTAL ASSETS                               $15,261,376  $22,708,089   
                                                   ===========  ===========   
                                                                              
      LIABILITIES AND STOCKHOLDERS’ EQUITY                                    
        Current liabilities                                                   
          Accounts payable                            $428,413     $883,228   
          Estimated loss on uncompleted contract             -       98,239   
          Accrued expenses                             313,448      290,591   
          Insurance premium financing (4.49%                                  
           interest)                                   214,834            -   
          Accrued compensation                         505,188    1,084,880   
          Customer deposits                            104,160       11,565   
          Billings in excess of costs                   42,716            -   
          Current portion of capital lease                                    
           obligations                                       -        2,028   
                                                         -----        -----   
        Total current liabilities                    1,608,759    2,370,531   
        Deferred rent                                        -        4,049   
                                                         -----        -----   
        Total liabilities                            1,608,759    2,374,580   
                                                     ---------    ---------   
                                                                              
        Stockholders’ equity                                                  
          Series A convertible preferred stock,                               
           $.001 par value, 2,000,000 shares                                  
           authorized and 135,572 shares issued                               
           and outstanding at December 31, 2009                               
           and 2008 (Liquidation preference                                   
           $3,389,300)                                     136          136   
          Common stock, $.001 par value,                                      
           125,000,000 shares                                                 
           authorized; 88,968,812 shares issued                               
           and outstanding at December 31, 2009;                              
           86,370,026     shares issued and                                   
           outstanding at December 31, 2008             88,969       86,370   
              Additional paid-in capital            76,931,065   73,936,085   
              Accumulated deficit                  (63,367,553) (53,689,082)  
                                                   -----------  -----------   
        Total stockholders’ equity                  13,652,617   20,333,509   
                                                    ----------   ----------   
      TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $15,261,376  $22,708,089   
                                                   ===========  ===========   
                                                                              
    
    
    
                             APPLIED ENERGETICS, INC.                       
                       CONSOLIDATED STATEMENTS OF OPERATIONS                
                                                                            
                                                       FOR THE THREE MONTHS 
                                                        ENDED DECEMBER 31,  
                                                       -------------------- 
                                                       2009            2008 
                                                       ----            ---- 
                                                                            
        Revenue                                    $1,264,404    $4,960,821 
        Cost of revenue                             1,197,321     5,155,294 
                                                    ---------     --------- 
                                                                            
        Gross profit                                   67,083      (194,473)
                                                                            
        Operating expenses:                                                 
          General and administrative                1,524,149     2,300,549 
          Selling and marketing                        70,168        78,346 
          Research and development                    131,081       407,379 
                                                      -------       ------- 
        Total operating expenses                    1,725,398     2,786,274 
                                                    ---------     --------- 
                                                                            
        Operating loss                             (1,658,315)   (2,980,747)
                                                                            
        Other income (expense)                                              
          Interest expense                             (1,111)         (160)
          Interest income                               4,340        98,309 
          Other income                                      -             - 
                                                        -----        ------
        Total other income                              3,229        98,149 
                                                        -----        ------ 
                                                                            
        Loss before provision for income taxes     (1,655,086)   (2,882,598)
                                                                            
        Provision (benefit) for income taxes                -             - 
                                                        -----        ------
                                                                            
        Net Loss                                   (1,655,086)   (2,882,598)
                                                                            
          Preferred stock dividends                   (55,082)      (25,514)
          Deemed dividend from induced                                      
           conversion of Series A Preferred                                 
           Stock                                            -    (3,336,734)
                                                   ----------    ---------- 
                                                                            
          Net loss attributable to common                                   
           stockholders                           $(1,710,168)  $(6,244,846)
                                                  ===========   =========== 
                                                                            
          Net loss attributable to common                                   
           stockholders per common share 
           – basic and diluted                         $(0.02)       $(0.08)
                                                       ------        ------ 
                                                                            
          Weighted average number of common                                 
           shares outstanding, basic and diluted   88,968,812    81,528,544 
                                                   ==========    ========== 
    
    
    
                              APPLIED ENERGETICS, INC.                       
                       CONSOLIDATED STATEMENTS OF OPERATIONS                 
                                                                             
                                                         FOR THE YEAR ENDED   
                                                            DECEMBER 31,      
                                                         ------------------    
                                                         2009          2008 
                                                         ----          ---- 
                                                                             
        Revenue                                    $7,459,808    $16,614,211 
        Cost of revenue                             7,007,923     15,874,818 
                                                    ---------     ---------- 
                                                                             
        Gross profit                                  451,885        739,393 
                                                                             
        Operating expenses:                                                  
          General and administrative                6,795,972      8,470,656 
          Settlement expenses                       1,337,409              - 
          Selling and marketing                       631,578        251,349 
          Research and development                  1,182,652      1,372,396 
                                                    ---------      --------- 
        Total operating expenses                    9,947,611     10,094,401 
                                                    ---------     ---------- 
                                                                             
        Operating loss                             (9,495,726)    (9,355,008)
                                                                             
        Other income (expense)                                               
          Interest expense                             (1,131)        (2,099)
          Interest income                              60,562        637,475 
          Other income                                      -             10 
                                                       ------        -------
        Total other income                             59,431        635,386 
                                                       ------        ------- 
                                                                             
        Loss before provision for income taxes     (9,436,295)    (8,719,622)
                                                                             
        Provision (benefit) for income taxes                -              - 
                                                       ------        -------
                                                                             
        Net Loss                                   (9,436,295)    (8,719,622)
                                                                             
          Preferred stock dividends                  (242,174)      (870,985)
          Deemed dividend from induced                                       
           conversion of Series A Preferred                                  
           Stock                                            -     (3,336,734)
                                                   ----------     ---------- 
                                                                             
          Net loss attributable to common                                    
           stockholders                           $(9,678,469)  $(12,927,341)
                                                  ===========   ============ 
                                                                             
          Net loss attributable to common                                    
           stockholders per common share 
           – basic and diluted                         $(0.11)        $(0.16)
                                                       ------         ------ 
                                                                             
          Weighted average number of common                                  
           shares outstanding, basic and diluted   86,794,287     81,528,544 
                                                   ==========     ========== 

SOURCE Applied Energetics, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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