Applied Energetics Reports First Quarter 2012 Financial Results
TUCSON, Arizona. - May 11, 2012 - Applied Energetics, Inc., (AERG.OB) reported summary financial results for the three months ended March 31, 2012. .
First Quarter 2012 Summary Financial Results
Revenue was $399,000 for the three months ended March 31, 2012 compared to $2.8 million for the three months ended March 31, 2011. Revenues from the C-IED product line decreased by $1.7 million to $0 as the Company completed all deliverables and testing required in the second quarter of 2011, LGE revenues decreased by $495,000 to $212,000, Laser revenues decreased by $146,000 to $0 and High Voltage revenues decreased by $45,000 to $187,000 for the three months ended March 31, 2012 compared to the three months ended March 31, 2011.
Net loss attributable to common shareholders for the three months ended March 31, 2011 was $1.2 million, or $0.01 per basic and diluted common share, a decrease of approximately $171,000, as compared to a net loss of $1.4 million or $0.02 per basic and diluted common share for the same period last year.
At March 31, 2012, the Company had approximately $2.6 million of cash and cash equivalents, a decrease of approximately $1.3 million. The Company’s continuance in business beyond 2012 is dependent on successful development of new commercial customers and sales of its USP laser systems and High Voltage Electron Beam systems, obtaining profitable operations and additional financing necessary to fund its operations.
At March 31, 2012, the Company had a backlog (workload remaining on signed contracts) of approximately $0.4 million, to be completed within the next twelve months.
As a result of the decrease in U.S. Government funding, the Company has significantly reduced its workforce to a level consistent with its expected operations. The Company is also considering strategic alternatives, including mergers, the acquisition of one or more businesses or technologies, and/or the disposition of one or more of its existing businesses.
Joe Hayden, President, commented, “Our focus this quarter has been primarily on advancing our solid state USP lasers for commercial applications. Our USP laser application center and our Electron Beam application center have enabled potential customers and strategic partners to use, test and validate the capabilities of our USP laser systems and Electron Beam systems for their individual needs. Our cooperative work agreement with Laser Light Technologies to jointly develop USP lasers and processes for the laser micromachining market has been moving ahead. This quarter we delivered Laser Light Technologies a USP system for use in their manufacturing facility for micromachining applications. We continue to pursue U.S. Government contracts and submit proposals, but are not investing company resources in this area.”
About Applied Energetics, Inc.
Through the establishment of our core technologies for defense applications, Applied Energetics has gained expertise and proprietary knowledge in high performance lasers, high-voltage electronics, advanced dynamic optics and atmospheric and plasma interactions. Potential industrial applications include micromachining for the medical, aerospace, electronic, and automotive industries, materials processing applications such as cross-linking of polymers, sterilization of medical equipment and other uses requiring compact, high energy systems.
Applied Energetics operates an Application Center for customers to verify process and see the Company’s high pulse energy ultra short pulse laser system and compact electron beam accelerator.
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: our ability to develop and commercialize technologies and applications that address the needs of our markets, 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," “may,” “plan,” “seek,” “strategy,” "demonstrate," "intend," "expect," “continue,” "contemplate," "estimate," "anticipate," “will,” "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.
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