Monday January 14, 9:00 am ETRANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Liquidmetal® Technologies, Inc. (OTCBB:LQMT - News) today announced that based upon preliminary review of its 2007 fourth quarter financial performance, the Company expects to report net revenue of approximately $8.6 million for the fourth quarter ending December 31, 2007, the highest level of quarterly revenue reported to date for the Company. Projected fourth quarter net revenue represents an increase from $7.1 million in the third quarter of 2007 and the $6.4 million in the fourth quarter of 2006. Projected net revenue does not include revenue of licensees from the manufacture and sale of Liquidmetal products although it includes royalty and material sales to our licensees.
Larry Buffington, Chief Executive Officer, commented, “The strong revenue growth in the fourth quarter was due in part to increased demand and adoption of our technology and continued momentum building in our strategy to segment our business into respective business categories, whether through our own subsidiary or a licensee, and allowing each business unit to focus and execute their respective strategies. We are pleased with the trend in the business.”
Liquidmetal Technologies will provide additional details of the fourth quarter financials during a regularly scheduled earnings call to be announced later next month. The Company does not intend to announce projected revenue every quarter prior to the filing of its periodic reports with the SEC.
This was expected, as this was announced at the shareholders meeting. (See post of shareholder's meeting summary).
While we certainly applaud the increases in revenue, they greatly fall short of the 60 million projected by Mr. Kang not to long ago; subsequent to that quantum leap of a forecast, he has whittled them down to 40 million and, finally, now a more realistic 30 or so million for FY 2007.
Conspicuously absent are any projections of bottom line and employment of the new machines, either in Liquidmetal Pyong-Taek or at any of the so-called "strategic partners" which Mr. Kang uses interchangeably with the term JOINT VENTURE.
Sage re-iterates that it takes 90 days to complete a purchase order for machines at Buhler and another 30 days to install, test and certify a machine cell for production on the plant floor.
This means, of course, that the earliest date for new machines (other than the one prototype) to be operational will be May 30th, which does not bode well for any expectations of bottom line being net earnings positive until the second half of FY 2008.
Mr. Kang: The Bottom line of this analysis is FOCUS on the BOTTOM LINE and EMPLOYMENT of the new machines!
MANIFEST A SENSE of URGENCY, PLEASE