Liquidmetal Technologies Inc (OTCMKTS:LQMT) highlighted the significant measures taken by the company in 4Q2014. The company launched a Certified Liquidmetal alloy in FY2014. It commenced the Liquidmetal Manufacturing Centre in Rancho Santa Margarita, Ca. It successfully received its first production order from Miltner Adams. Also, the company established a $30 million equity line of credit in FY2014.
The strong performance
Liquidmetal Technologies appointed Paul Hauck as the VP of sales in FY2014. The company settled an arbitration case with Visser Precision Cast. It was done in the best possible interest of shareholders. Tom Steipp, the President, and CEO stated that FY2014 was a year of achievements. It was a year of evolution as the company shifted its focus from a pure technology firm to other segments including sales, engineering, marketing, manufacturing supplier and others. It successfully started operations at its Manufacturing Center of Excellence and bagged the first commercial production order from none other than the Miltner Adams. The order was to design a custom knife as required by the company.
The financial summary
Liquidmetal Technologies Inc (OTCMKTS:LQMT) posted revenue of $603,000 in FY2014 as it focused on the segment of prototype and commercial components for its clients. It partnered with other licensees to develop its technology and production processes. The marketing, selling and general and administrative expenses came higher at $7.5 million versus $5.2 million in FY2013. The surge in expenses was due to extra compensation costs related to new personnel that were chosen to strengthen sales and business development team. The company continues to focus on its strategic plans of expansion. The sales and marketing efforts play a great role in expanding market share in new markets.
The other details
Liquidmetal posted Research and Development costs of $1.6 million in FY2014, up from $1.2 million in FY2013. The surge in R&D expenses was due to extra headcount to assist the material and process development measures. The cash at the end of FY2014 stood at $10 million compared to $2.1 million in last year.