UniPixel Inc. (UNXL)
Q4 2012 Earnings Call
February 26, 2013 04:30 PM ET
Reed Killion - President and CEO
Jeff Tomz - CFO
Bob Petcavich - SVP and CTO
Michael Malouf - Craig-Hallum Capital Group
Cody Acree - Williams Financial
Ankur Desai - MDB Capital
Jon Hickman - Ladenburg Thalmann
Orin Hirschman - AIGH Investment Partners
John Dorff - PlainsCapital
Gavin Richey - Rockwood Investment Partners
Donald Hutchinson - Safe Harbor Financial Management
Michael Chapman - Altimeter capital
Jason Polansky - JP Capital Management
Harry Zirinsky - Talpion
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Before we begin, I would like to remind everyone that this call is being recorded and will be available for replay through March 26, 2013 starting later this evening via the link provided in today's press release as well as on the company's website.
Now I’d like to turn the call over to President and CEO of UniPixel, Mr. Reed Killion. Sir, please proceed.
Thank you Alisha, good afternoon everyone. Thanks for joining us today. On today’s call we’re going to talk about the progress we made in 2012 as well as the market rollout of our two flagship performance engineered film technologies; UniBoss for touch screen sensors and our Diamond Guard hard coat films. In 2012 we established multiple relationships that were core to our product development, the ramping and build out of our manufacturing capacity and overall business model.
We also qualified a number of sensors controller manufacturers continued to develop key IP and qualified parts of our downstream supply chain with the help of our first preferred price and capacity licensee. I would like to delve into this little further but first I would like to turn the call over to our CFO, Jeff Tomz, who will take us briefly through the financial details for the quarter. I will then return to talk about our progress as well as the goals and opportunities we see ahead in 2013. Then we’ll open up the call to your questions. Jeff, please proceed.
Thank you, Reed. This afternoon we filed our Form 10-K with the Securities and Exchange Commission as well as released our fourth quarter financial results in a Press Release. Both of these should be available for the download from the Investor sector of our website at www.unipixel.com. Our marginal revenues of about $76,000 in 2012 reflects the fact that we remain primarily in the development stage for the course of the year as we made the necessary investments to transition to production space company.
SG&A expenses 2012 totaled $4.0 million which is $200,000 less than we expensed 2011. This is primarily due to a decreased stock compensation expense. Research and development costs in 2012 totaled $5.1 million as compared to $4.5 million in 2011. Our increase in R&D was primarily due to increased lab expenses related to prototype development.
Our net loss was $9.0 million or $1.11 per share in 2012, as compared to a net loss of $8.6 million or $1.20 per share in 2011. Cash and cash equivalents totaled $13 million at December 31, 2012, as compared to $7.2 million at December 31, 2011. Increase in cash was primarily from an equity offering we completed in August 2012 which brought in net proceeds of about $12.3 million. We believe our existing capital resources are adequate to finance our operations through at least the end of 2013, as we continue to make prudent use of these resources as well as begin to generate revenue from the recently announced preferred price capacity agreement for UniBoss with our major PC maker.
Now I'd like to turn the call back over to our CEO and President, Mr. Killion.
Thanks Jeff. 2012 was an exciting year for UniPixel. We established several major relationships to advance product development and ramp up our manufacturing capacity, as well as introduced our preferred price and capacity license model to finance our capacity ramp with built in customers. We ended 2012 on a high note with the validation of a major PC manufacturer and the signing of our first license and a solid market response to UniPixel's business model and technology.
This included joining forces with N-Trig to develop metal mesh sensors its DuoSense Pen and MultiTouch input used on mobile computing devices. We also qualified our UniBoss printed touch sensors with Texas Instruments as well as multiple other controller manufacturers. Together with multiple controller manufacturers and others, we are working towards yielding integrated touch solutions, superior to what we could accomplish independently.
Our ability to leverage partner infrastructure without diluting shareholders or giving up equity in the company has been a part of our executive team strategy on building shareholder value. These partnerships and collaborations represent a strong validation of our UniBoss technology and how it means a lower cost and higher performance solution over current indium tin oxide touch sensors that currently dominate the market.
With UniBoss we offer the touch ecosystem, a price performance curve that ITO and other ITO replacement solutions can't meet. The unique advantages of metal mesh touch sensors based on UniPixel's additive roll-to-roll, flexible electronics process are substantial.