Liquidmetal® Technologies Reports Annual Revenue of $1 Million for the Year Ended 2011

RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Liquidmetal^® Technologies Inc. (OTCBB: LQMT) today announced its financial results for the three months ended and year ended December 31, 2011. The Company reported revenues of $0.25 million and $1 million for the fourth quarter ended and year ended December 31, 2011, respectively. Furthermore, the Company closed out the fourth quarter with an operating loss of $1.7 million and $6.5 million for the year end.

Mr. Tom Steipp, President and CEO, commented, “Liquidmetal Technologies has reached an important milestone enabling it to realize the benefits of its partner relationships. By the end of 2011, we are now able to source alloy feedstock from Materion, process our alloys using next generation molding machines from Engel and manufacture commercial parts at our contract manufacturer, Visser Precision Cast. Looking forward, we will be working with our partners to scale up these production capabilities while engaging with customers in aerospace, medical, sporting goods and other industries.”

This press release may contain “forward-looking statements” that involve risks and uncertainties, including statements regarding our plans, future events, objectives, expectations, forecasts, or assumptions. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and in some cases, words such as "believe," "estimate," "project," "expect," “intend,” “may," "anticipate," "plans," "seeks," and similar expressions identify forward-looking statements. These statements involve risks and uncertainties that could cause actual outcomes and results to differ materially from the anticipated outcomes or result, and undue reliance should not be placed on these statements. These risks and uncertainties may include: our limited operating history in developing and manufacturing products from bulk amorphous alloys; the adoption of our alloys by customers; the commercial success of our customer’s products; our ability to identify, develop, and commercialize new applications for our alloys; competition with suppliers of incumbent materials; the development of new materials that render our alloys obsolete; the ability to manage our anticipated growth; our limited direct experience in manufacturing bulk alloy products; scaling-up our manufacturing facilities; protecting our intellectual property; problems associated with manufacturing and selling our alloys outside of the United States; and other risks and uncertainties discussed in filings made with the Securities and Exchange Commission (including risks described in subsequent reports on Form 10-Q, Form 10-K, Form 8-K, and other filings). Liquidmetal Technologies disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Liquidmetal Technologies, Inc.
Consolidated Statements of Operations Data
(In thousands, except per share data)
	For the three months ended						For the twelve months ended
	12/31/2011			12/31/2010			12/31/2011			12/31/2010
				(Restated)						(Restated)
Revenue
Products	$	227		$	40		$	572		$	567
Licensing and royalties		19			4,700			400			20,000
Total revenue		246			4,740			972			20,567
Cost of sales		159			52			373			262
Gross profit		87			4,688			599			20,305
Operating expenses
Selling, marketing, general and administrative expenses		1,512			1,151			4,243			4,498
Research and development expenses		230			436			1,120			1,132
Settlement expense		-			2,800			1,713			2,800
Total operating expenses		1,742			4,387			7,076			8,430
Operating income (loss) from continuing operations		(1,655	)		301			(6,477	)		11,875
Change in value of warrants, gain (loss)		-			1,020			1,328			(23,341	)
Change in value of conversion feature, gain		-			-			-			444
Other income (expense)		1			(6	)		26			70
Interest expense		(41	)		-			(90	)		(4,018	)
Interest income		4			3			22			6
Income (loss) from continuing operations before income tax		(1,691	)		1,318			(5,191	)		(14,964	)
Income taxes		-			-			-			-
Income (loss) from continuing operations		(1,691	)		1,318			(5,191	)		(14,964	)
Discontinued Operations
Gain on disposal of subsidiaries, net		12,574			-			12,109			-
Loss from operations of discontinued operations, net		(264	)		(1,266	)		(763	)		(2,679	)
Net income (loss)		10,619			52			6,155			(17,643	)
Other comprehensive income
Foreign exchange translation gain during the period		-			52			-			53
Comprehensive income (loss)	$	10,619		$	104		$	6,155		$	(17,590	)
Per common share basic and diluted:
Net income (loss) attributable to Liquidmetal per share -basic
Loss from continuing operations		(0.01	)		0.02			(0.04	)		(0.23	)
Income (loss) from discontinued operations		0.10			(0.02	)		0.09			(0.04	)
Basic income (loss) per share	$	0.09		$	0.00		$	0.05		$	(0.27	)
Net income (loss) attributable to Liquidmetal per share -diluted
Loss from continuing operations		(0.01	)		0.02			(0.03	)		(0.23	)
Income (loss) from discontinued operations		0.08			(0.02	)		0.07			(0.04	)
Diluted income (loss) per share	$	0.07		$	0.00		$	0.04		$	(0.27	)
Number of weighted average shares - basic		118,523			64,965			118,523			64,965
Number of weighted average shares - diluted		163,292			64,965			163,292			64,965