Soligen Reports 33% Increase in First-Quarter Revenues
28 July 1998
Soligen Reports 33% Increase in First-Quarter Revenues; DSPC Center Moved Into a New Production Facility With Increased Capacity
NORTHRIDGE, Calif.--July 28, 1998--Soligen Technologies Inc. (AMEX:SGT.EC) Tuesday announced record first-quarter revenues for the three months ended June 30, 1998.
Soligen's total revenues rose 33% to $1.64 million from $1.23 million for the same period last year. Revenues from Soligen's core business, its Parts Now and DSPC centers rose 43% to $1.32 million from $0.92 million a year ago.
The loss in the first quarter inclusive of non-cash expenses narrowed to $203,000 or $0.01 per basic and diluted share from $299,000 or $0.01 per basic and diluted share in the same period last year. The net loss before non-cash adjustments narrowed to $130,000 from $260,000 in the same period last year.
During the first quarter of fiscal 1998 Soligen added a seventh DSPC machine and moved the entire DSPC center into a new 7,000 sq. ft. facility. "The move has been completed without interrupting production," said Yehoram Uziel, chairman and CEO of Soligen Technologies. "This new production line enables us to expand our DSPC capacity to accommodate future output needs."
Soligen's DSPC technology is a proprietary fabrication process for metal parts that produces ceramic molds for metal casting directly from a CAD file. By using the DSPC technology Soligen is able to produce a first article metal part bypassing the traditional need for tooling.
Consequently, it enables the postponement of the design and the fabrication of expensive and time-consuming casting tooling until after the parts are functionally tested, thus increasing the probability of making such production tooling once and correctly with the first attempt.
Additionally, Soligen produces production tooling for larger runs of metal castings from the same CAD file as the approved part. By combining three key production elements -- DSPC technology, conventional casting methods and Computerized Numerical Control (CNC) machining practices -- Soligen has created the first "one-stop-shop" for functional metal parts that are made directly from a CAD file and that are ready for assembly. This complete service, trademarked as Parts Now, has become a single source for the out-sourcing of metal parts.
Soligen Technologies has established repeat business with a diverse customer base in the automotive, aerospace, turbine, valve and pump markets including such well known manufacturing leaders as Boeing, Caterpillar, Chrysler, Deere, Ford, General Motors, Nissan and some of their Tier 1 suppliers.
Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Future results may vary significantly based on a number of factors, including, but not limited to, risks in market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad and other risk factors detailed in the company's most recent annual report and other filings with the Securities and Exchange Commission.
SOLIGEN TECHNOLOGIES INC.
SUMMARY OF OPERATIONS
Three Months Ended
June 30,
1998 1997
Revenues $ 1,640,000 $ 1,233,000
Net loss before non-cash
adjustments $ (130,000) $ (260,000)
Non-cash adjustments for
compensation and interest $ (73,000) $ (39,000)
Net loss $ (203,000) $ (299,000)
Net loss per basic and
diluted share $ (0.01) $ (0.01)
Weighted average number of
shares outstanding 32,682,000 31,441,000