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Home > Press > Altair Nanotechnologies Reports Third Quarter 2007 Financial Results

Abstract:
Altair Nanotechnologies Inc. (NASDAQ: ALTI) today reported financial results for its third quarter and nine months ended September 30, 2007.

Altair Nanotechnologies Reports Third Quarter 2007 Financial Results

Altair Nanotechnologies Reports Third Quarter 2007 Financial | Posted on November 8th, 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."

Recent Highlights

* 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. Altairnanos 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.

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 Altairnanos 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.

Tables Follow

ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
(Unaudited)
September 30, December 31,
2007 2006
ASSETS
Current Assets
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 -
Product inventories 1,234,319 169,666
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
Patents, net 741,637 805,248
Notes Receivable from related party, long-term portion 356,957 330,000
Other Assets 122,718 21,261
Total Assets $ 34,715,932 $ 43,120,573
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Trade accounts payable $ 2,065,900 $ 1,533,047
Accrued salaries and benefits 1,821,910 840,219
Accrued liabilities 876,917 526,596
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 -
Stockholders' Equity

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

119,417,717 115,989,879
Additional paid in capital 4,348,533 2,002,220
Accumulated deficit (97,095,447 ) (80,353,188 )
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)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
Revenues
Product sales $ 1,864,330 $ 22,940 $ 3,797,333 $ 33,598
License fees - - - 364,720
Commercial collaborations 980,478 339,116 2,062,550 1,058,622
Contracts and grants 525,326 387,842 1,717,051 895,082
Total revenues 3,370,134 749,898 7,576,934 2,352,022
Operating Expenses
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)
Interest expense (33,402 ) (42,000 ) (99,902 ) (129,500 )
Interest income 214,841 146,235 850,879 539,060
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
(6,366,728 ) (4,054,686 ) (17,136,457 ) (12,403,769 )
Minority Interest Share 236,518 - 394,198 -
Net Loss $ (6,130,210 ) $ (4,054,686 ) $ (16,742,259 ) $ (12,403,769 )
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

For more information, please click here

Contacts:

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

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

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

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

Copyright © Business Wire 2007

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