Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

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

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 .


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 . 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.

(Expressed in United States Dollars)
December 31, December 31,
2006  2005 
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 
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 

(Expressed in United States Dollars)
Year Ended December 31,
2006  2005  2004 
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


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

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

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

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

Copyright © Business Wire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press


Nanosciences: Genes on the rack October 21st, 2016

Nanoparticle vaccinates mice against dengue fever October 21st, 2016

Tiny gold particles could be the key to developing a treatment for pancreatic cancer October 19th, 2016

Highly conductive and pure gold nanostructures grown by electron beam induced deposition October 17th, 2016


Move over, solar: The next big renewable energy source could be at our feet October 20th, 2016

Smashing metallic cubes toughens them up: Rice University scientists fire micro-cubes at target to change their nanoscale structures October 20th, 2016

Study explains strength gap between graphene, carbon fiber: Rice University researchers simulate defects in popular fiber, suggest ways to improve it October 19th, 2016

Working under pressure: Diamond micro-anvils with huge pressures will create new materials October 19th, 2016


Nanosciences: Genes on the rack October 21st, 2016

Physicists use lasers to capture first snapshots of rapid chemical bonds breaking October 21st, 2016

Nanoparticle vaccinates mice against dengue fever October 21st, 2016

New perovskite solar cell design could outperform existing commercial technologies: Stanford, Oxford team creates high-efficiency tandem cells October 21st, 2016

Financial Reports

Nanometrics Reports Second Quarter 2016 Financial Results July 26th, 2016

Nanobiotix revenue for Q2 2016 July 14th, 2016

Nanometrics to Announce Second Quarter Financial Results on July 26, 2016 July 6th, 2016

Nanometrics to Announce First Quarter Financial Results on April 26, 2016 April 5th, 2016


New perovskite solar cell design could outperform existing commercial technologies: Stanford, Oxford team creates high-efficiency tandem cells October 21st, 2016

Inspiration from the ocean: An interdisciplinary team of researchers at UC Santa Barbara has developed a non-toxic, high-quality surface treatment for organic field-effect transistors October 18th, 2016

Scientists develop a semiconductor nanocomposite material that moves in response to light October 17th, 2016

Scientists Find Static "Stripes" of Electrical Charge in Copper-Oxide Superconductor: Fixed arrangement of charges coexists with material's ability to conduct electricity without resistance October 14th, 2016


Inspiration from the ocean: An interdisciplinary team of researchers at UC Santa Barbara has developed a non-toxic, high-quality surface treatment for organic field-effect transistors October 18th, 2016

DryWired's Liquid Nanotint to be the first nano-insulation in a Federal building: 250,000 federal buildings, most with uninsulated glass October 12th, 2016

Leti to Tackle Tomorrow's Research Strategies with Stanford University’s SystemX Alliance: French R&D Center Is the First Research Institute to Join the Collaboration and Provides Bridges Between Academia and Industry, Leveraging Alliance’s Potential October 4th, 2016

UNAM develops successful nano edible coating which increases life food September 27th, 2016

The latest news from around the world, FREE

  Premium Products
Only the news you want to read!
 Learn More
University Technology Transfer & Patents
 Learn More
Full-service, expert consulting
 Learn More

Nanotechnology Now Featured Books


The Hunger Project