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Sigma Labs Announces Full Year 2016 Financial Results

SANTA FE, N.M., March 30, 2017 (GLOBE NEWSWIRE) -- Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced financial results for the three and twelve months ended December 31, 2016.

Recent Highlights

“We’re already well into 2017 and, with so much behind us, I feel the Company is in a position to see greatly improved performance going forward,” said Mark Cola, President & CEO of Sigma Labs. “In a relatively short period of time we’ve raised much-needed growth capital, uplisted to the NASDAQ, signed several important strategic relationships, and won contracts with marquee customers such as Pratt & Whitney and Siemens. We’ve also landed a significant OEM Partner and are actively working on other business development initiatives, setting the stage for stronger growth in the quarters to come. In effect, we’ve done what we said we would do – winning new customers, joining with other leading companies to move the industry forward, and improving our balance sheet to take advantage of the opportunities to come. This year we have the wind at our backs, with unlimited potential for taking additive manufacturing to a whole new level.”

2016 Full Year Financial Results
Revenue for the year ended December 31, 2016 was approximately $1.0 million versus approximately $1.2 million for 2015. The Company reported a net loss for the year of approximately $2.2 million, or $(0.35) per diluted share, versus a loss of approximately $1.7 million, or $(0.27) per diluted share, for 2015.

Investor Conference Call
The Company will host a conference call to discuss its 2016 full year financial results today, March 30, 2017, 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. is a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing. 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     
      
 Three Months Ended  Twelve Months Ended      
 Years Ended December 31 Years Ended December 31     
  2016   2015   2016   2015      
             
             
REVENUE$324,192  $586,295  $966,422  $1,234,810      
             
COST OF REVENUE 21,158   75,625   228,902   214,004      
             
GROSS PROFIT   303,034      510,670      737,520      1,020,806       
             
EXPENSES:            
Other General and Administration 444,520   395,987   1,790,096   1,282,952      
Payroll Expense 299,346   247,173   1,026,840   585,706      
Stock-Based Compensation 105,004   39,938   341,558   518,438      
Research and Development 4,488   124,009   92,992   330,554      
Total Expenses   853,358      807,107      3,251,486      2,717,650       
             
OTHER INCOME (EXPENSE)            
Interest Income 67   203   355   1,340      
Other Income 20,077   -   51,703   -      
Other Income-Decrease in fair value of derivative liabilities 354,644   -   354,644   -      
Other Expense - Debt discount amortization (89,570)  -   (89,570)       
Loss on Investment in Joint Venture 105   (670)  -   (778)     
Total Other Income   285,323      (467)    317,132      562       
             
LOSS BEFORE PROVISION FOR INCOME TAXES   (265,001)    (296,904)    (2,196,834)    (1,696,282)     
             
Provision for income Taxes   -       -       -       -        
             
Net Loss$   (265,001) $   (296,904) $   (2,196,834) $   (1,696,282)     
             
Net Loss per Common Share - Basic and Diluted$   (0.04) $   (0.05) $   (0.35) $   (0.27)     
             
Weighted Average Number of Shares             
Outstanding - Basic and Diluted 6,267,577   6,237,511   6,249,609   6,228,108      
             

 

Sigma Labs, Inc. 
Condensed Balance Sheets 
     
 December 31, 2016 December 31, 2015 
     
ASSETS    
Current Assets:    
Cash$398,391  $1,539,809  
Accounts Receivable, net 288,236   280,222  
Inventory 187,241   20,129  
Prepaid Assets 36,056   38,687  
Total Current Assets   909,924      1,878,847   
     
Other Assets:    
Property and Equipment, net 564,933   714,754  
Intangible Assets, net 226,450   167,644  
Investment in Joint Venture 500   9,222  
Prepaid Stock Compensation  167,562   418,547  
Total Other Assets   959,445      1,310,167   
     
TOTAL ASSETS$   1,869,369   $   3,189,014   
     
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current Liabilities:    
Accounts Payable 112,175   38,393  
Notes Payable, net of original issue discount $79,886 561,834   -  
Accrued Expenses 125,116   71,523  
Total Current Liabilities   799,125      109,916   
Long-Term Liabilities     
Derivative Liability  93,206   -  
Total Long-Term Liablitiy    93,206      -    
     
TOTAL LIABILITIES   892,331      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    
December 31, 2016 and 2015, respectively 6,268   6,239  
Additional Paid-In Capital 10,731,724   10,636,979  
Accumulated Deficit (9,760,954)  (7,564,120) 
Total Stockholders' Equity    977,038      3,079,098   
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $   1,869,369   $   3,189,014   
     

 

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