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News Release
SOLIGEN REPORTS SECOND QUARTER RESULTS
-- Growth Continues in the Company's Parts Now and DSPC Center Businesses --
(All figures are in U.S. dollars unless otherwise noted)
Northridge, CA, October 24, 1996 -- Soligen Technologies, Inc. (AMEX:SGT.EC), today reported operating results for the second quarter and six months of fiscal 1997. Revenues for the three months ended September 30, 1996, reached $750,000, up from revenues of $671,000 in the same period last year. Soligen's Direct Shell Production Casting (DSPC®) technology is a proprietary fabrication process for metal parts that produces ceramic molds for metal casting directly from a Computer Aided Design (CAD) file.
"Significantly, second quarter revenues also increased by 38% compared to the first quarter ended June 30, of this year," said Yehoram Uziel, President and CEO. "The increase in revenues is a result of further implementation of the second stage of Soligen's Parts Now strategy." The combined revenues from the Parts Now service and the DSPC center increased by 71% to $441,000 from $258,000 in the three months ended September 30, 1996 over the same period last year, and by 104% from $216,000 in the first three months of the current fiscal year.
For the first six months of fiscal 1997 revenues amounted to $1,293,000 compared to $1,309,000 in the first six months of fiscal 1996. Of the revenues of the first half of fiscal 1997 only $36,000 came from DSPC technology development contracts, as compared to $275,000 in the first half of fiscal 1996. The development contracts are from government sponsored research grants for pre-commercialized technologies from the Technology Reinvestment Program (TRP) and Advanced Research Program Authority (ARPA). In this period revenues from Parts Now and the DSPC center increased by 72% to $657,000 from $382,000 in the same period of fiscal 1996.
"September was Soligen's best month in the DSPC center," continued Uziel. "As we enter the third quarter our backlog is the highest it has ever been, and it continues to grow. Our goal of producing functional parts faster and less expensively than traditional methods seems to be gaining momentum."
Through its DSPC technology, Soligen is able to produce a first article metal part bypassing the traditional need for tooling. Additionally, Parts Now" 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) machine practices, the Company 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. As a result, Parts Now has become a single source for out-sourcing of metal parts.
| Three Months Ended | Six Months Ended | |||
| September 30, 1996 | September 30, 1995 | September 30, 1996 | September 30, 1995 | |
| Revenues | $750,000 | $671,000 | $1,293,000 | $1,309,000 |
| Net Profit (loss) | $(408,000) | $(351,000) | $(962,000) | $(756,000) |
| Net Profit (loss) per share | $(0.01) | $(0.01) | $(0.03) | $(0.03) |
| Average Number of Shares Outstanding | 29,738,330 | 24,330,3300 | 29,738,330 | 24,011,108 |
| Contact: | Yehoram Uziel, Soligen Technologies, Inc. | (818) 718-1221 |
| Donna Shattuck | (818) 718-1221 |