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Altair Nanotechnologies Inc. (NASDAQ: ALTI) today reported financial results for its third quarter and nine months ended September 30, 2007.
For the quarter, the company reported a substantial increase in revenues to a record $3.37 million, up from $0.75 million for the comparable period in 2006. The net loss was $6.13 million, or 9 cents per share, compared to a net loss of $4.05 million, or 7 cents per share, for the third quarter of 2006. The basic and diluted weighted average shares outstanding for the quarter were 70,023,935 compared to 59,461,244 for the same period a year ago.
For the nine months ended September 30, 2007, the company reported record revenues of $7.58 million, a $5.23 million increase from $2.35 million for the comparable period in 2006. Operating expenses increased to $9.62 million from $4.91 million in the comparable period of 2006. The net loss was $17.89 million, or 24 cents per share, compared to a net loss of $12.80 million, or 21 cents per share, for the comparable period in 2006. The basic and diluted weighted average shares outstanding for the nine months ended September 30, 2007 were 69,741,148 compared to 59,325,488 for the same period a year ago.
The rise in operating expenses in the third quarter of 2007 as compared to the comparable period in 2006 is primarily associated with increased efforts in research and development associated with the expansion of the company's Power and Energy Systems business. General and administrative costs increased primarily due to employee benefit and stock option compensation increases as a result of growth in the number of Altairnano employees.
As of September 30, 2007, Altairnano's cash, cash equivalents and short-term investments totaled $14.76 million. Long-term debt is $1.20 million at September 30, 2007, which represents the remaining mortgage obligation used to purchase the company's facilities in Reno, NV.
"Altairnano's cutting-edge, nanomaterials-based products continue to gain commercial acceptance in our target markets: power and energy storage, performance materials and life science," said Alan J. Gotcher, Ph.D., Altairnano's president and chief executive officer. "The commercial acceptance is illustrated by our ongoing revenue growth, and the progress made with key partners. Phoenix Motorcars continues to be one of our key partners, and has placed firm purchase orders, through September, for $3.25 million for Altairnano battery packs. We are committed to providing current and future partners with unique, high-performance products to address unmet market needs."
* A purchase and joint-development agreement with a division of the AES Corporation, AES Power Storage LLC. Together, the companies are developing a suite of energy storage product solutions to help AES better manage demands on the electrical grid. On August 3, 2007, AES placed a $1 million purchase order for a 2.0 megawatt-hour energy storage product, expected to ship by the end of the fourth quarter of 2007.
* Congressional support for the funding of two key Altairnano projects, including the development of a 2.4-megawatt stationary power supply for the U.S. Navy to replace diesel fuel powered generators on the Navy's largest ships.
* A successful public demonstration of the medium-duty All-Electric Fiat Doblo to government officials and potential customers in Oslo, Norway. On October 2, half-way through an ongoing 60-day demonstration, the vehicle, powered by a custom 18 kWh Altairnano battery pack, traveled 300 kilometers (186 miles) in an urban delivery circuit. The custom battery pack was fully recharged in less than ten minutes a total of three times. The vehicle is a joint-development effort by Altairnano, AeroVironment, Inc., Micro-Vett, SPA and Go Green Holding AS.
* Phoenix Motorcars (PMI) has announced plans to move to a "Gen 2" vehicle design, the goal being to reduce vehicle costs, begin production and shipping of its all electric vehicles next quarter, the first quarter of 2008. Altairnano continues to be encouraged that PMI will close its financing round this quarter. However, it is possible that projected minimum 2007 orders of $16 million required to maintain PMI's exclusivity rights in the United States for Altairnano's lithium titanate battery technology may not be achieved, which will result in the loss of those rights.
Third Quarter 2007 Conference Call
Altairnano will hold a conference call to discuss its third quarter 2007 results on Thursday, November 8, 2007 at 11:00 a.m. Eastern Standard Time (EST). Shareholders and members of the investment community are invited to participate in the conference call. The dial-in number for both U.S. and international callers is 719-325-2427. Please dial in to the conference five minutes before the call is scheduled to begin. 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. EST, Thursday, November 15, 2007, and can be accessed by dialing 719-457-0820 and entering conference number 2427291. Additionally, the conference call is available online, and can be accessed by visiting Altairnano's web site, http://www.altairnano.com .
About Altair Nanotechnologies Inc.
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. Altairnano’s leading edge scientists are complemented by a seasoned management team 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.
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 Altairnano’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 development of the development-stage products referred to in this release will not be completed because for technical, business or other reasons; that any products under development or in the early commercial stages will not perform as expected in future testing or commercial applications; that one or more of the joint development partners may proceed slowly with, or abandon, development or commercialization efforts for any of various reasons, including concerns with the feasibility of the product or the financial viability of continuing with the product; that sales of commercialized Altairnano products may not reach expected levels for one or more reasons, including the inability of a purchaser to fund product purchases, failure of end products to perform as expected or the introduction of a superior product; and that costs associated with the proposed products may exceed revenues. 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 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|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(Expressed in United States Dollars)|
|September 30,||December 31,|
|Cash and cash equivalents||$||10,847,392||$||12,679,254|
|Investment in available for sale securities||3,907,733||14,541,103|
|Accounts receivable, net||1,244,378||1,129,825|
|Accounts receivable from related party, net||361,499||495,000|
|Notes receivable from related party, current portion||1,235,479||-|
|Prepaid expenses and other current assets||542,998||413,390|
|Total current assets||19,373,798||29,428,238|
|Investment in Available for Sale Securities||1,012,800||1,306,420|
|Property, Plant and Equipment, net||13,108,022||11,229,406|
|Notes Receivable from related party, long-term portion||356,957||330,000|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Trade accounts payable||$||2,065,900||$||1,533,047|
|Accrued salaries and benefits||1,821,910||840,219|
|Note payable, current portion||600,000||600,000|
|Total current liabilities||5,364,727||3,499,862|
|Note Payable, Long-Term Portion||1,200,000||1,800,000|
|Minority Interest in Subsidiary||1,605,802||-|
Common stock, no par value, unlimited shares authorized; 70,148,787 and 69,079,270 shares issued and outstanding at September 30, 2007 and December 31, 2006
|Additional paid in capital||4,348,533||2,002,220|
|Accumulated other comprehensive (loss)/income||(125,400||)||181,800|
|Total Stockholders' Equity||26,545,403||37,820,711|
|Total Liabilities and Stockholders' Equity||$||34,715,932||$||43,120,573|
|ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(Expressed in United States Dollars)|
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Contracts and grants||525,326||387,842||1,717,051||895,082|
|Cost of product sales||2,083,729||28,237||4,486,467||30,953|
|Research and development||4,423,159||2,763,566||10,659,356||6,917,218|
|Sales and marketing||519,464||423,615||1,309,230||1,384,787|
|General and administrative||2,385,871||1,288,191||7,597,903||5,746,759|
|Depreciation and amortization||506,970||405,072||1,412,019||1,085,190|
|Total operating expenses||9,619,193||4,908,681||25,464,975||15,164,907|
|Loss from Operations||(6,549,059||)||(4,158,783||)||(17,888,041||)||(12,812,885||)|
|Other Income (Expense)|
|Gain/(Loss) on foreign exchange||892||(138||)||607||(444||)|
|Total other income, net||182,331||104,097||751,584||409,116|
|Loss from Continuing Operations Before Minority Interest Share|
|Minority Interest Share||236,518||-||394,198||-|
|Loss per common share - Basic and diluted||$||(0.09||)||$||(0.07||)||$||(0.24||)||$||(0.21||)|
|Weighted average shares - Basic and diluted||70,023,935||59,461,244||69,741,148||59,325,488|
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Tom Laughran, 312-751-3519
Senior Vice President
Terry Banks, 202-828-9710
Senior Vice President
McCloud Communications, LLC
Marty Tullio, 949-553-9748
Altair Nanotechnologies Inc.
Ed Dickinson, 775-858-3750
Chief Financial Officer
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