Applied Energetics Reports First Quarter 2009 Financial Results
TUCSON, Ariz., May 11, 2009 (BUSINESS WIRE) -- Applied Energetics, Inc., (Nasdaq: AERG), today reported summary financial results for the first quarter ended March 31, 2009. The Company will host a live conference call today, May 11, 2009 at 11:30 AM (Eastern Time).
First Quarter 2009 Summary Financial Results
Revenue for the first quarter of 2009 was approximately $2.6 million, compared to approximately $2.0 million for the same period last year. The increase in revenue for the first quarter was primarily attributable to Counter-IED projects for the USMC related to a contract received in June 2008, and from LGE(TM) projects from a funded modification to a current contract.
Net loss attributable to common stockholders for the first quarter of 2009 was ($3.0) million, or ($0.04) per basic and diluted share compared to the prior-comparable period net loss of ($3.6) million or ($0.04) per basic and diluted common share.
At March 31, 2009, the Company had approximately $15.3 million in cash and cash equivalents as compared to $15.5 million in cash and cash equivalents at December 31, 2008.
As of March 31, 2009 the Company had a backlog of $2.7 million, which is expected to be completed within the next twelve-months. This backlog does not include proposals and contracts under negotiation at March 31, 2009.
Joe Hayden, COO, commented, "We are continuing to execute on our contracts for our Counter-IED technology with the U.S. Marine Corps and our Laser Guided Energy development contracts with the U.S. Army. Both customers continue to be pleased with our progress and performance on these important efforts. The opportunity we have had to work with the Marine Corps has provided us valuable insight into what is required to transition cutting-edge technology from the laboratory to the field. We believe this experience will benefit us across all of our programs and technologies as we work to deliver new capabilities to our military customers."
Conference Call
Applied Energetics will host a conference call on May 11, 2009, at 11:30 AM (EDT). Shareholders and other interested parties may participate in the conference call by dialing +1 888 713 4205 (domestic) or + 1 617 213 4862 (international) and entering access code 35565813, a few minutes before 11:30 AM (EDT) on May 11, 2009. The call will also be broadcast live on the Internet at www.streetevents.com, www.fulldisclosure.com and www.appliedenergetics.com.
A replay of the conference call will be accessible two hours after its completion through May 18, 2009 by dialing +1 888 286 8010 (domestic) or +1 617 801 6888 (international) and entering access code 49029842. The call will also be archived for 30 days at www.streetevents.com, www.fulldisclosure.com and www.appliedenergetics.com.
About Applied Energetics, Inc.
Applied Energetics, Inc., based in Tucson, Ariz., specializes in development and manufacture of high performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics pioneered the development of Laser Guided Energy (LGE(R)) technology, and related solutions for defense and security applications. For more information about Applied Energetics, please visit www.appliedenergetics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
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.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2009 December 31, 2008
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 15,282,987 $ 15,467,386
Accounts receivable 1,327,686 2,727,853
Inventory 251,794 157,189
Prepaid expenses and deposits 337,392 495,718
Other receivables 193,649 17,183
Total current assets 17,393,508 18,865,329
Long term receivables - net 253,130 253,130
Property and equipment - net 3,337,005 3,523,641
Intangible assets - net 24,600 36,900
Other assets 15,972 29,089
TOTAL ASSETS $ 21,024,215 $ 22,708,089
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 558,133 $ 883,228
Estimated loss on uncompleted contract 98,239 98,239
Accrued expenses 555,500 326,697
Accrued compensation 1,548,116 1,048,774
Customer deposits 81,381 11,565
Billings in excess of costs 1,774 -
Current portion of capital lease obligations - 2,028
Total current liabilities 2,843,143 2,370,531
Deferred rent - 4,049
Total liabilities 2,843,143 2,374,580
Commitments and contingencies
Stockholders' equity
Series A Convertible Preferred Stock, $.001 par value, 2,000,000 136 136
shares
authorized;135,572 shares issued and outstanding at March 31, 2009
and at December 31, 2008
Common stock, $.001 par value, 125,000,000 shares authorized; 86,520 86,370
86,527,672 shares issued and outstanding at March 31, 2009 and
86,370,026 shares issued and outstanding at December 31, 2008
Additional paid-in capital 74,813,023 73,936,085
Accumulated deficit (56,718,607 ) (53,689,082 )
Total stockholders' equity 18,181,072 20,333,509
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 21,024,215 $ 22,708,089
APPLIED ENERGETICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months ended
March 31,
2009 2008
Revenue $ 2,587,398 $ 1,961,090
Cost of revenue 2,401,446 1,740,108
Gross profit 185,952 220,982
Operating expenses:
General and administrative 2,435,723 3,365,464
Selling and marketing 238,023 38,584
Research and development 517,661 361,938
Total operating expenses 3,191,407 3,765,986
Operating loss (3,005,455 ) (3,545,004 )
Other (expense) income
Interest expense (19 ) (1,313 )
Interest income 31,027 249,828
Other - 10
Total other 31,008 248,525
Net loss (2,974,447 ) (3,296,479 )
Preferred stock dividends (55,076 ) (295,091 )
Net loss attributable to common stockholders $ (3,029,523 ) $ (3,591,570 )
Net loss per common share - basic and diluted $ (0.04 ) $ (0.04 )
Weighted average number of shares outstanding, basic and diluted 86,444,383 80,404,613
SOURCE: Applied Energetics, Inc.
CONTACT:
Cameron Associates Kevin McGrath, 212-245-4577 Kevin@cameronassoc.com
Copyright Business Wire 2009
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