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Home > Press > Altair Nanotechnologies Posts 54 Percent Increase in 2006 Revenues

Abstract:
Altair Nanotechnologies Inc. (Nasdaq: ALTI), a leading provider of advanced nanomaterials technology for use in energy, pharmaceutical, life sciences and industrial applications, today reported financial results for its year ended December 31, 2006.

Altair Nanotechnologies Posts 54 Percent Increase in 2006 Revenues

RENO, NV | Posted on March 8th, 2007

For the year, revenues increased 54 percent to $4.32 million from $2.81 million in 2005. The net loss for the year was $17.20 million or 29 cents a share, compared to a net loss of $9.94 million or 17 cents a share, in the prior year.

Operating expenses of $22.01 million for 2006 were $8.72 million greater than operating expenses of $13.29 million for 2005. Increased operating expenses were due to greater research and development efforts, expenses of approximately $5.00 million, largely for staffing and other expenditures related to battery development; increased sales and marketing expenses of approximately $0.34 million primarily relating to increased marketing efforts in the AMPS division; and increased general and administrative (G&A) expenses of approximately $1.92 million. The G&A increase was primarily due to share-based compensation expense, a non-cash item, which increased by approximately $1.54 million, as a result of implementing SFAS 123R as of January 1, 2006.

"This past year represented a major turning point for Altair Nanotechnologies as we took our first steps toward commercialization," said Alan J. Gotcher, Ph.D., President and Chief Executive Officer of Altair Nanotechnologies Inc. "We accepted and delivered on our first order from Phoenix Motorcars, to provide our proprietary NanoSafe™ battery packs for their all-electric Sports Utility Trucks. We believe this is a major step forward in realizing the commercial promise of all-electric zero emission vehicles."

Altairnano's balance sheet remains strong, with cash and short-term investments totaling $27.22 million at year end. The Company's debt, from a mortgage obligation on its 100,000 square feet of offices, laboratories and semi-works facilities in Reno, Nevada, was $2.40 million on December 31, 2006.

"We continue to invest in our Advanced Materials and Power Systems (AMPS) business unit, which accounted for a significant portion of our increased expenses during 2006. During the first quarter of 2007 we received a purchase order from Phoenix Motorcars for $1.04 million of our NanoSafe battery packs to be delivered in the first quarter and projections for total 2007 orders between $16 and $42 million. We will continue to make strategic investments in our battery materials, batteries and battery systems, which we believe have a potential for strong returns and serve as a major driver for our business," Gotcher said.

Please join a conference call with Altairnano's management team at 11 a.m. Eastern Standard Time, today, for an update on the company's financial results and principal business developments. The conference call dial-in number for both U.S. and international callers is (913) 981-5559. Please dial into the conference five minutes before the call is scheduled to begin and ask the operator for the Altair Nanotechnologies call. An audio replay of the conference call will be available from 2:00 p.m. through 11:59 p.m. Eastern Standard Time, Thursday, March 15, 2007, and can be accessed by dialing (719) 457-0820 and entering conference number 9412705.

Additionally, the conference call is being webcast and can be accessed by visiting Altairnano's web site at http://www.altairnano.com .

####

About Altair Nanotechnologies
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. A seasoned management team complements Altairnano’s leading edge scientists, with substantial experience in commercializing innovative, disruptive technologies. The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP pigment process. For more information visit http://www.altairnano.com . Forward-Looking Statements This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that Altairnano’s cash and non-cash expenses will rise significantly during the following year as a result of unforeseen events; that, for various reasons including possible limitations on working capital, projected orders from Phoenix Motorcars may not lead to firm orders; that in future testing and/or commercial use, the various Altairnano products and potential products referenced in this release may not demonstrate expected results or may not prove competitive with existing products or products under development; that, irrespective of a product’s potential, parties to our development and license agreements may abandon commercialization or marketing efforts for various internal reasons; that applications for key patents may be denied or key regulatory approvals may not be obtained for technical or other reasons; and that even if full commercialization occurs, sales may not reach expected levels for one or more reasons, including failure of the product to perform as expected, the introduction of a superior product or the withdrawal from the project of key commercial partners. In general, Altairnano is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K and Form 10-Q, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.

ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
 
 
December 31, December 31,
2006  2005 
ASSETS
Current Assets
Cash and cash equivalents $ 12,679,254  $ 2,264,418 
Investment in available for sale securities 14,541,103  20,789,656 
Accounts receivable 1,624,825  602,168 
Product Inventories 169,666 
Prepaid expenses and other current assets 413,390  254,067 
Total current assets 29,428,238  23,910,309 
 
Investment in Available for Sale Securities 1,306,420  423,000 
 
Property, Plant and Equipment, net 11,229,406  8,169,445 
 
Patents, net 805,248  890,062 
 
Notes Receivable 330,000 
 
Other Assets 21,261  71,200 
 
Total Assets $ 43,120,573  $ 33,464,016 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Trade accounts payable $ 1,533,047  $ 808,905 
Accrued salaries and benefits 840,219  709,349 
Accrued liabilities 526,596  309,289 
Note payable, current portion 600,000  600,000 
Total current liabilities 3,499,862  2,427,543 
 
Note Payable, Long-Term Portion 1,800,000  2,400,000 
 
Total Liabilities 5,299,862  4,827,543 
 
Commitments and Contingencies (Notes 9, 13 and 15)
 
Stockholders' Equity
Common stock, no par value, unlimited shares authorized; 69,079,270 and 59,316,519 shares issued and outstanding at December 31, 2006 and December 31, 2005
 
115,989,879  92,126,714 
Additional paid in capital 2,002,220 
Accumulated deficit (80,353,188) (63,152,905)
Deferred compensation expense (165,336)
Accumulated other comprehensive gain/(loss) 181,800  (172,000)
 
Total Stockholders' Equity 37,820,711  28,636,473 
 
Total Liabilities and Stockholders' Equity $ 43,120,573  $ 33,464,016 

ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in United States Dollars)
 
Year Ended December 31,
2006  2005  2004 
Revenues
License fees $ 464,720  $ 695,000  $ - 
Product sales 961,380  149,373  7,503 
Commercial collaborations 1,420,151  825,723  552,499 
Contracts and grants 1,477,709  1,136,439  591,890 
Total revenues 4,323,960  2,806,535  1,151,892 
Operating Expenses
Cost of product sales 1,034,431  69,489  1,361 
Research and development 10,077,231  5,073,478  2,189,150 
Sales and marketing 1,878,783  1,539,765  335,221 
General and administrative 7,495,180  5,571,454  4,626,562 
Depreciation and amortization 1,519,750  1,034,202  904,553 
Total operating expenses 22,005,375  13,288,388  8,056,847 
Loss from Operations (17,681,415) (10,481,853) (6,904,955)
Other Income (Expense)
Interest expense (171,500) (207,189) (194,180)
Interest income 654,182  750,306  96,229 
(Loss)/gain on foreign exchange (1,550) 1,524  626 
Total other income (expense), net 481,132  544,641  (97,325)
 
Net Loss $ (17,200,283) $ (9,937,212) $ (7,002,280)
 
Loss per common share - Basic and diluted $ (0.29) $ (0.17) $ (0.14)
 
Weighted average shares - Basic and diluted 59,709,487  57,766,557  48,677,283 

For more information, please click here

Contacts:


Fleishman-Hillard
Institutional Investors:
Tom Laughran, 312-751-3519
Senior Vice President

or
Fleishman-Hillard
Media Relations:
Terry Banks, 202-828-9710
Senior Vice President

or
McCloud Communications, LLC
Retail Investors:
Marty Tullio, 949-553-9748
Managing Members

or
Altair Nanotechnologies Inc.
Company Information:
Ed Dickinson, 775-858-3750
Chief Financial Officer

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