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Nanophase Technologies (Nasdaq: NANX), a technology leader in nanomaterials and
advanced nanoengineered products, announced fourth quarter and fiscal 2006
For the quarter ending December 31, 2006, total revenue was $2.17
million compared to $1.43 million for the fourth quarter of 2005,
representing a 52% revenue increase year-over-year (YOY) and the highest
fourth quarter revenue in the Company's history. Nanophase reported a
fourth quarter 2006 net loss of $1.6 million, or $0.08 per share, compared
with a net loss for the 2005 fourth quarter of $1.4 million, or $0.07 per
share. The Company noted that fourth quarter 2006 expenses were negatively
impacted by compensation expense accruals, including noncash charges for
option accounting expenses under new accounting rules, one time expenses
for discontinuing patent applications that are no longer of value due to
advances in the Company's technologies, and increased legal and audit
expenses, amounting to $395,000 or $0.02 per share of the loss.
For the year ended December 31, 2006, Nanophase's revenue increased to
$9.0 million, compared to $6.8 million in 2005, representing total revenue
growth of 32% YOY. During 2006, gross margin on sales increased to 22% of
revenue versus 14% in 2005, for a gross margin improvement greater than
50%. For 2006, Nanophase reported a net loss of $5.2 million, or $0.28 per
share, compared with a net loss of $5.4 million, or $0.30 per share in
2005. Comparing the periods the Company noted that 2006 loss per share was
negatively impacted by compensation expense accruals and patent cost, as
described above, by $0.04 per share.
"Nanophase experienced substantial revenue growth and continued its
multi-year tradition of solid manufacturing improvement over the past
year," stated Joseph Cross, Nanophase's president and CEO. "During 2006,
the Company achieved record year-over-year revenues for each quarter and
finished with a strong second half where product sales increased 51%
compared to the same period in 2005. Entering 2007, we believe that
Nanophase is well-positioned for continuing revenue growth."
Selected highlights for the Fourth Quarter and Year End 2006:
1. Intellectual property growth: As of February 1, 2007, Nanophase owns
or licenses 18 U.S. patents and patent applications, two of which have
been issued or allowed in 2006, and 48 foreign patents and patent
applications, three of which have been issued or allowed during 2006.
Product development teams from Nanophase and its market partners have
generated eleven patent applications during 2006 focused on
nanomaterial product applications.
2. Received a $5 million strategic investment from Rohm and Haas to extend
its global partnership for the use of new nanomaterials and
nanomaterial dispersions for semiconductor polishing (CMP).
3. Received a long-term supply agreement with Roche Diagnostics to supply
nanomaterials for medical diagnostics.
4. Received a long-term supply agreement with BASF to supply patented and
patent-pending surface engineered nanoparticles for BASF's Z-Cote(R)
MAX and T-Lite(R) MAX brands.
5. Increased capacity: Based on potential market demand for dispersed
nanomaterials in coating additives and architectural coatings,
Nanophase added additional manufacturing equipment to support projected
6. Continued improving the Company's technology: Implemented the second
generation NAS reactor and made significant progress on the third
generation PVS reactor design, planned to be in production trials
7. Received recertification for the Company's facilities and processes to
ISO9001:2000, the internationally recognized standard of manufacturing
and quality excellence, and ISO14001:2004, the international
environmental management standard.
8. Achieved over 700,000 man-hours worked without a lost time accident.
9. Launched Nanophase's first textile application: Launched Belfasun(TM),
advertised by Cognis as the world's first sun-protective cotton
treatment, for details visit
Nanophase plans to provide additional information during its conference
call on February 22 at 4:00 PM CST (5:00 PM EST) and encourages its
stockholders and other interested parties to attend. The call may be
accessed through Nanophase's website, http://www.nanophase.com , and
clicking on the line under Investor Relations and Calendar of Events. If
you are unable to attend, a replay will be available through March 1, 2007,
by dialing 706-645-9291 and entering code 8935175, or by logging onto the
Nanophase website and following the above instructions. The conference call
transcript will also be posted on the Company's website within three days
after the conference call.
Nanophase Technologies Corporation (NANX), http://www.nanophase.com , is a leader in nanomaterials technologies and provides nanoengineered solutions for multiple industrial product applications. Using a platform of patented and proprietary integrated nanomaterial technologies, the Company creates products with unique performance attributes from two ISO 9001:2000 and ISO 14001 facilities. Nanophase delivers commercial quantity and quality nanoparticles, coated nanoparticles, and nanoparticle dispersions in a variety of media. The Company owns or licenses 18 United States and 48 foreign patents and patent applications. Information about Nanophase may be found in the Company's public filings or on its website. This press release contains words such as "expects", "shall", "will", "believes" and similar expressions that are intended to identify forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company's current beliefs, known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties that could cause the Company's results of operations, performance and achievements to differ materially from current expectations expressed in, or implied by, these forward-looking statements. These risks and uncertainties include the following: a decision by a customer to cancel a purchase order or supply agreement in light of the Company's dependence on a limited number of key customers; uncertain demand for, and acceptance of, the Company's nanocrystalline materials; the Company's manufacturing capacity and product mix flexibility in light of customer demand; the Company's limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the Company's dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may become involved; and other risks described in the Company's Form 10Q filed November 7, 2006 and other filings with the Securities and Exchange Commission. In addition, the Company's forward-looking statements could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties or other contingencies. Based on the detailed financial statements accompanying this release, the Company's results are stated in approximate terms herein with earnings per share as fully diluted.
NANOPHASE TECHNOLOGIES CORPORATION BALANCE SHEETS As of December 31, 2006 2005 ASSETS Current assets: Cash and cash equivalents $132,387 $340,860 Investments 8,434,793 8,168,092 Trade accounts receivable, less allowance for doubtful accounts of $22,000 and $24,000 on December 31, 2006 and 2005, respectively 1,459,391 1,180,117 Inventories, net 923,223 801,217 Prepaid expenses and other current assets 534,407 414,363 Total current assets 11,484,201 10,904,649 Equipment and leasehold improvements, net 7,608,326 6,587,787 Other assets, net 651,218 680,908 $19,743,745 $18,173,344 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ -- $200,254 Current portion of capital lease obligations 32,972 -- Current portion of deferred other revenue 127,273 56,757 Accounts payable 478,694 285,076 Accrued expenses 1,643,585 1,152,127 Total current liabilities 2,282,524 1,694,214 Long-term debt, less current maturities and unamortized debt discount 1,383,707 1,265,875 Long-term portion of capital lease obligations 50,552 -- Deferred other revenue, less current portion 201,515 293,243 1,635,774 1,559,118 Commitments and contingencies: -- -- Stockholders' equity: Preferred stock, $.01 par value; 24,088 authorized and no shares issued and outstanding -- -- Common stock, $.01 par value; 30,000,000 shares authorized; 18,995,581 and 17,976,592 shares issued and outstanding on December 31, 2006 and December 31, 2005, respectively 189,956 179,766 Additional paid-in capital 78,380,962 72,307,887 Accumulated deficit (62,745,471) (57,567,641) Total stockholders' equity 15,825,447 14,920,012 $19,743,745 $18,173,344 NANOPHASE TECHNOLOGIES CORPORATION STATEMENTS OF OPERATIONS Years ended December 31, 2006 2005 2004 Revenue: Product revenue $8,612,705 $6,444,444 $4,253,478 Other revenue 378,133 357,463 954,456 Total revenue 8,990,838 6,801,907 5,207,934 Operating expense: Cost of revenue 7,057,707 5,827,719 5,125,216 Gross Profit 1,933,131 974,188 82,718 Research and development expense 2,127,862 1,934,528 1,929,348 Selling, general and administrative expense 5,302,836 4,422,011 4,361,357 Lease accounting adjustment -- 279,810 -- Loss from operations (5,497,567) (5,662,161) (6,207,987) Interest income 366,701 295,935 171,582 Interest expense (52,469) (50,273) (74,277) Other, net 5,505 32,888 (306,273) Loss before provision for income taxes (5,177,830) (5,383,611) (6,416,955) Provision for income taxes -- -- (30,000) Net loss $(5,177,830) $(5,383,611) $(6,446,955) Net loss per share-basic and diluted $(0.28) $(0.30) $(0.37) Weighted average number of common shares outstanding 18,344,334 17,937,932 17,266,228
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Nanophase Technologies Corporation
1319 Marquette Drive
Romeoville, IL 60446
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