Applied Energetics Reports First Quarter 2010 Financial Results
TUCSON, Ariz., May 17, 2010 /PRNewswire via COMTEX/ -- Applied Energetics, Inc., (Nasdaq: AERG), today reported summary financial results for the first quarter ended March 31, 2010. The Company will host a live conference call today, May 17, 2010 at 11:30 a.m. (Eastern Time).
First Quarter 2010 Summary Financial Results
Revenue for the first quarter of 2010 increased about 39% to approximately $3.6 million, compared to approximately $2.6 million for the same period last year. Counter-IED (CIED) program revenues increased by $1.5 million to $2.2 million for the first quarter of 2010 as activities were focused on fulfilling our customers requirements under the $10.4 million contract modification received in January of 2010. Laser Guided Energy(TM) (LGE) revenue decreased by $1.0 million to $838,000 for the first quarter of 2010. The company generated revenue of $565,000 from its new Ultrashort Pulse Laser product line.
Net loss attributable to common stockholders for the first quarter of 2010 was $1.0 million, or $0.01 per basic and diluted share, compared to the prior-comparable period net loss attributable to common stockholders of $3.0 million or $0.04 per basic and diluted common share.
At March 31, 2010, the Company had approximately $9.1 million in cash, cash equivalents, and a certificate of deposit as compared to $9.8 million at December 31, 2009.
At March 31, 2010, we had a backlog (workload remaining on signed contracts) of approximately $10.4 million, to be completed within the next twelve months. As of May 14, 2010, our backlog is $11.3 million.
Joe Hayden, COO, commented, "We are pleased to report an increase in revenue, growth in our backlog and a significant reduction in our total operating expenses. We have begun the transition of our counter-IED technology to the Marine Corps Systems Command, have completed the Operational Assessment of the technology, and are providing extended operational support to the Marines in the field. As part of our Strategic Plan, we are actively evaluating opportunities to commercialize both ultrashort pulse laser and high voltage technologies to diversify our customer base and to grow."
Conference Call
Applied Energetics will host a conference call on May 17, 2010, at 11:30 a.m. ET. Shareholders and other interested parties may participate in the conference call by dialing +1 888 680 0890 (domestic) or +1 617 213 4857 (international) and entering access code 44996645, a few minutes before 11:30 a.m. ET on March 17, 2010. 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 24, 2010 by dialing +1 888 286 8010 (domestic) or +1 617 801 6888 (international) and entering access code 78623699. 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, Arizona, specializes in development and manufacture of advanced 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(TM) (LGE(TM)) 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," "continue," "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, December 31,
--------- ------------
2010 2009
---- ----
(Unaudited)
-----------
ASSETS
Current assets
Cash and cash equivalents $8,882,149 $9,604,643
Short term investments 225,000 225,000
Accounts receivable 2,473,721 1,074,944
Inventory 765,697 785,479
Prepaid expenses and deposits 243,993 447,295
Other receivables 116,996 52,295
------- ------
Total current assets 12,707,556 12,189,656
Long term receivables - net 205,313 205,313
Property and equipment - net 2,736,899 2,845,607
Other assets 20,800 20,800
------ ------
TOTAL ASSETS $15,670,568 $15,261,376
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $891,074 $428,413
Accrued expenses 576,117 313,448
Short term financing 134,272 214,834
Accrued compensation 624,595 505,188
Customer deposits 129,160 104,160
Billings in excess of costs 42,844 42,716
------ ------
Total current liabilities 2,398,062 1,608,759
Total liabilities 2,398,062 1,608,759
--------- ---------
Commitments and contingencies
Stockholders' equity
Series A Convertible Preferred Stock,
$.001 par value, 2,000,000 shares
authorized; 135,572 shares issued and
outstanding at March 31, 2010 and at
December 31, 2009 136 136
Common stock, $.001 par value,
125,000,000 shares authorized;
89,608,197 shares issued and
outstanding at March 31, 2010 and
88,968,812 shares issued and
outstanding at December 31, 2009 89,608 88,969
Additional paid-in capital 77,563,151 76,931,065
Accumulated deficit (64,380,389) (63,367,553)
----------- -----------
Total stockholders' equity 13,272,506 13,652,617
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $15,670,568 $15,261,376
=========== ===========
APPLIED ENERGETICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months
ended
--------------------
March 31,
---------
2010 2009
---- ----
Revenue $3,594,778 $2,587,398
Cost of revenue 3,368,676 2,401,446
--------- ---------
Gross profit 226,102 185,952
Operating expenses
General and administrative 1,077,232 2,435,723
Selling and marketing 71,654 238,023
Research and development 32,862 517,661
------ -------
Total operating expenses 1,181,748 3,191,407
--------- ---------
Operating loss (955,646) (3,005,455)
Other (expense) income
Interest expense (1,667) (19)
Interest income 2,462 31,027
----- ------
Total other 795 31,008
--- ------
Net loss (954,851) (2,974,447)
Preferred stock dividends (57,984) (55,076)
------- -------
Net loss attributable to common
stockholders $(1,012,835) $(3,029,523)
=========== ===========
Net loss per common share - basic and
diluted $(0.01) $(0.04)
====== ======
Weighted average number of shares
outstanding, basic and diluted 89,000,884 86,444,383
========== ==========
SOURCE Applied Energetics, Inc.
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