Sigma Labs Announces Third Quarter Financial Results

SANTA FE, N.M., Nov. 14, 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 September 30, 2016.

Recent Highlights
  • Completed a private placement of convertible notes and warrants that netted gross proceeds, before expenses, of $900,000 to Sigma Labs. Such funds will be used to support the Company's working capital requirements and growth initiatives going forward
  • Entered into an agreement with Siemens Industrial Turbomachinery of Finspång, Sweden, for Sigma Labs' PrintRite3D® INSPECT® to be installed on a metal printer for evaluation and testing purposes, which could lead to further orders in the future
  • Launched PrintRite3D® INSPECT™ v1.3.2, the next-generation of Sigma Labs' In-Process Quality Assurance™ (IPQA®) software, which includes the addition of alloy-specific temperature correction algorithms, improved reporting, and enhanced graphics both layer-by-layer and part-by-part
  • Announced the receipt of a contract from Honeywell Aerospace under the "America Makes" project with GE Aviation, funded by the National Additive Manufacturing Innovation Institute. Sigma Labs and Honeywell will further demonstrate the benefits of IPQA® using Sigma Labs' PrintRite3D® software
  • Presented at the American Welding Society's Lasers Conference, August 29-30, and the Smartindustry 2016 Exhibition, September 26-28, both showcasing the Company's PrintRite3D® software solutions

"Sigma Labs continued to focus on long term growth this quarter - winning new contracts and positioning the Company for faster expansion going forward," said Mark Cola, President & CEO of Sigma Labs. "We are aggressively pursuing new business development opportunities and are encouraged by the high level of interest our software solutions receive in the industry - resulting in the potential for many new customer relationships, such as with Siemens. At the same time, we launched INSPECT™ 1.3.2 this quarter and are about to launch version 2.0 at the Formnext show in Frankfurt later this week. We also recently completed a private placement that brought in funds to fuel future R&D and sales. All in all, we believe the Company is in good shape to achieve higher top line growth as we turn the corner on fiscal 2017."

2016 Third Quarter Financial ResultsRevenue for the three months ended September 30, 2016 was approximately $0.2 million versus approximately $0.3 million for the same period in 2015. The Company reported a net loss for the third quarter of approximately $0.7 million, or $(0.11) per diluted share, versus a loss of approximately $0.6 million, or $(0.09) per diluted share, for the third quarter of 2015.

Investor Conference CallThe Company will host a conference call to discuss its 2016 third quarter financial results today, November 14, 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. 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.  
Condensed Statements of Operations  
(Unaudited)  
           
  Three Months Ended Nine Months Ended  
  September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015  
           
INCOME          
  Services $   189,951   $   266,566   $   642,230   $   648,515    
  Total Revenue     189,951       266,566       642,230       648,515    
           
COST OF SERVICE REVENUE     69,259       25,250       207,744       138,379    
           
  GROSS PROFIT     120,693       241,316       434,486       510,136    
           
EXPENSES          
  Other General and Administration     437,873       293,187       1,345,576       886,965    
  Payroll Expense     259,011       191,399       727,494       338,533    
  Stock-Based Compensation     105,630       221,500       236,554       478,500    
  Research and Development     37,532       122,517       88,504       206,545    
  Total Expenses     840,046       828,603       2,398,128       1,910,543    
           
OTHER INCOME (EXPENSE)          
  Interest Income     35       265       288       1,137    
  Other Income     -        -        31,626       -     
Venture     (3 )     (108 )     (105 )     (108 )  
  Total Other Income (Expense)     32       157       31,809       1,029    
           
LOSS BEFORE INCOME TAXES     (719,320 )     (587,130 )     (1,931,833 )     (1,399,378 )  
           
Provision for income Taxes     -         -         -         -      
           
Net Loss $     (719,320 ) $     (587,130 ) $     (1,931,833 ) $     (1,399,378 )  
           
Loss per Common Share - Basic and Diluted $     (0.11 ) $     (0.09 ) $     (0.31 ) $     (0.22 )  
           
Weighted Average Number of Shares          
  Outstanding - Basic and Diluted   6,267,577     6,259,349     6,267,577     6,243,642    
           

 
Sigma Labs, Inc.  
Unaudited Condensed Balance Sheets  
       
       
  September 30, 2016 December 31, 2015  
       
ASSETS      
  Current Assets      
  Cash $   137,702   $   1,539,809    
  Accounts Receivable, net     119,599       280,222    
  Inventory     84,659       20,129    
  Prepaid Assets     34,097       38,687    
  Total Current Assets     376,057       1,878,847    
       
       
  Other Assets      
  Property and Equipment, net     609,782       714,754    
  Intangible Assets, net     222,674       167,644    
  Investment in Joint Venture     500       9,222    
  Prepaid Stock Compensation       208,848       418,547    
  Total Other Assets     1,041,804       1,310,167    
       
TOTAL ASSETS $     1,417,861   $     3,189,014    
       
LIABILITIES AND STOCKHOLDERS' EQUITY        
  Current Liabilities      
  Accounts Payable $   143,217   $   38,393    
  Accrued Expenses     96,322       71,523    
  Total Current Liabilities     239,539       109,916    
       
TOTAL LIABILITIES     239,539       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;    
  6,267,577 and 6,239,073 issued and outstanding at      
  September 30, 2016 and 2015, respectively     6,268       6,239    
  Additional Paid-In Capital     10,668,007       10,636,979    
  Accumulated Deficit     (9,495,953 )     (7,564,120 )  
  Total Stockholders' Equity       1,178,322       3,079,098    
       
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $     1,417,861   $     3,189,014    
       

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