LQMT Liquidmetal Technologies Inc (QB)

Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloys and composites, reported results for the quarter ended March 31, 2014.

Q1 2014 Operational Highlights

During the first quarter, the Company completed another milestone on the path toward commercialization of its technology with the announcement of its first commercially available non-beryllium alloy and the hiring of a World-Wide VP of Sales and Support.

• We announced the availability of beryllium-free LM105 from our alloy partner, Materion Brush Inc.
• We hired Paul Hauck, as our World-Wide VP of Sales and Support. Mr. Hauck is a 30-year veteran of the Metal Injection Molding (MIM) industry, which we view as a complementary technology to Liquidmetal.

Management Commentary

“Our activities during the first quarter are not only important milestones, but set the stage for a much more aggressive sales and marketing campaign, which we see as an important next step,” said Tom Steipp, President and CEO. “We have ordered a newly produced Engel metal molding machine for delivery in the second quarter of 2014, which will be showcased in our new Technology Development Center in Rancho Santa Margarita, California. Further, we are excited about the addition of Paul Hauck to the team, where he will be instrumental in leading our sales and marketing efforts.”

Q1 2014 Financial Summary

In Q1 2014, the company generated revenues of $160 thousand as it continued to focus on the development of prototype parts for its customers and partnering with licensees on the development of the Company’s technology and production processes.

Selling, marketing, general and administrative expense was $1.9 million compared to $1.3 million in Q1 2013. The increase was primarily due to additional legal cost incurred during Q1 2014 related to our on-going arbitration with our contract manufacturer, Visser Precision Cast.

Research and development expense was $334,000 compared to $236,000 in Q1 2013.

Cash totaled $7.0 million at March 31, 2014, as compared to $2.1 million at December 31, 2013.

Conference Call

The Company’s management will hold a conference call later today (May 8, 2014) to discuss these results. The Company’s President and CEO Tom Steipp, CFO Tony Chung, and VP of Sales Paul Hauck will host the call starting at 4:30 p.m. Eastern time. A question and answer session will follow management’s presentation.

Date: Thursday, May 8, 2014Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)Dial-In Number: 1-800-455-2263International: 1-719-325-2484Conference ID: 2887500

The conference call will be broadcast simultaneously and available for replay via the investor section of the Company's website at www.liquidmetal.com.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 15th, 2014.

Toll-Free Replay Number: 1-888-203-1112International Replay Number: 1-719-457-0820Replay PIN Number: 2887500

About Liquidmetal Technologies

Rancho Santa Margarita, California-based Liquidmetal Technologies, Inc. is the leading developer of bulk alloys and composites that utilize the performance advantages offered by amorphous alloy technology. Amorphous alloys are unique materials that are distinguished by their ability to retain a random structure when they solidify, in contrast to the crystalline atomic structure that forms in ordinary metals and alloys. Liquidmetal Technologies is the first company to produce amorphous alloys in commercially viable bulk form, enabling significant improvements in products across a wide array of industries. For more information, go to www.liquidmetal.com.

Forward-Looking Statement

This press release contains "forward-looking statements," including but not limited to statements regarding the advantages of Liquidmetal's amorphous alloy technology, scheduled manufacturing of customer parts and other statements associated with Liquidmetal's technology and operations. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Liquidmetal's expectations and projections. Risks and uncertainties include, among other things; customer adoption of Liquidmetal's technologies and successful integration of those technologies into customer products; potential difficulties or delays in manufacturing products incorporating Liquidmetal's technologies; Liquidmetal's ability to fund its current and anticipated operations; the ability of third party suppliers and manufacturers to meet customer product requirements; general industry conditions; general economic conditions; and governmental laws and regulations affecting Liquidmetal's operations. Additional information concerning these and other risk factors can be found in Liquidmetal's public periodic filings with the U.S. Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in Liquidmetal's 2013 Annual Report on Form 10-K.

    Liquidmetal Technologies Balance Sheet   March 31, December 31,   2014     2013   (Unaudited) (Audited)

ASSETS

  Current assets: Cash $ 6,954 $ 2,062 Trade accounts receivable, net of allowance for doubtful accounts 106 215 Prepaid expenses and other current assets   260     412   Total current assets $ 7,320 $ 2,689 Property and equipment, net 224 249 Patents and trademarks, net 738 764 Other assets   380     401   Total assets $ 8,662   $ 4,103    

LIABILITIES AND STOCKHOLDERS' DEFICIT

  Current liabilities: Accounts payable 472 361 Accrued liabilities 449 710 Convertible notes, net of debt discount - - Embedded conversion feature liabilities on convertible notes   -     -   Total current liabilities $ 921 $ 1,071   Long-term liabilities: Warrant liabilities 6,647 4,921 Other long-term liabilities   856     856   Total liabilities $ 8,424 $ 6,848   Stockholders' equity (deficit): Convertible, redeemable Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2014 and December 31, 2013. - - Common stock, $0.001 par value; 700,000,000 shares authorized at March 31, 2014 and December 31, 2013; 406,005,498 and 375,707,190 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively 406 376 Warrants 18,179 18,179 Additional paid-in capital 189,697 182,832 Accumulated deficit (207,999 ) (204,090 ) Non-controlling interest in subsidiary (45 ) (42 )     Total stockholders' equity (deficit) 238 (2,745 )     Total liabilities and stockholders' equity (deficit) $ 8,662   $ 4,103     Working Capital (Deficit): 6,399 1,618   - -       Liquidmetal Technologies Statement of Income  

For the Three Months Ended March 31,

  2014     2013     Revenue Products $ 156 $ 117 Licensing and royalties   4     5   Total revenue 160 122   Cost of sales   140     82   Gross profit 20 40   Operating expenses Selling, marketing, general and administrative 1,851 1,314 Research and development   334     236   Total operating expenses   2,185     1,550   Operating loss (2,165 ) (1,510 )   Change in value of warrants, gain (loss) (1,726 ) 510 Change in value of embedded conversion feature liabilities, gain - 1,678 Debt discount amortization expense (21 ) (4,034 ) Interest expense - (141 ) Interest income   -     3     Net loss (3,912 ) (3,494 )   Net loss attributable to non-controlling interest   3     -   Net loss and comprehensive loss attributable to Liquidmetal Technologies shareholders $ (3,909 ) $ (3,494 )       Net loss per common share attributable to Liquidmetal Technologies shareholders, basic and diluted $ (0.01 ) $ (0.01 )   Number of weighted average shares - basic and diluted   387,601,876     282,675,201  

Liquidmetal Technologies, Inc.Otis BuchananMedia Relations949-635-2120otis.buchanan@liquidmetal.com