- About Us
- Nano-Social Network
- Nano Consulting
- My Account
Nanophase Technologies (Nasdaq: NANX), a leader in nanomaterials and advanced nanoengineered products, announced that for the quarter ending September 30, 2008, the Company reported total revenue of $2.1 million, compared to $2.6 million for the quarter ended September 30, 2007. Nanophase reported a net loss of $2.8 million, (including $1.6 million in severance charges, of which $600,000 was non-cash equity compensation), or $0.13 per share, for the quarter compared to a net loss of $1.0 million, or $0.05 per share, for the third quarter of 2007.
For the first nine months of 2008, Nanophase revenues were $8.1 million, compared with $9.6 million, for the same period in 2007. The net loss was $4.6 million, (including the $1.6 million in severance charges), or $0.22 per share, compared to a net loss of $2.4 million, or $0.12 per share, for the same period in 2007. Acting CEO Jess Jankowski noted, "Gross margin for the quarter is down from 21% to 14%, mainly due to reduced sales volume. For the nine-month period, gross margins were up 1%, but down only $320,000 due to a more favorable product and margin mix in 2008. Nanophase ended the quarter with approximately $15 million in cash and investments.
Markets and Outlook
"We expect fourth quarter revenue to be roughly flat when compared to the third quarter and expect full-year 2008 revenues to be roughly $10 million." Our outlook for 2009 is for lower revenue than in 2008 by roughly $2 million. We expect sales to start to rebound by late 2009 as new programs and customers ramp up."
Jankowski added: "We are seeing the impact of the current economic situation on several of our customers. Although we expect these conditions to have a negative impact on the fourth quarter and our 2009 revenue picture, we feel that Nanophase has a strong balance sheet and a good competitive position that will serve us well going forward. We are focused on building a pipeline of new business by leveraging our significant technology and applications development know-how, by continuing to develop deeper knowledge of the markets we're in, and expanding our reach into several new applications." Jankowski noted, "We are close to completion in building a new leadership team and putting the pieces in place to leverage our capabilities to our best advantage. Another recent positive change has been the addition of Bill Turner to our sales team. Bill is a senior account manager with 17 years of varied chemical industry experience. Our newly established leadership team is intently focused on using these advantages to create value. We remain optimistic about the long term prospects for the Company."
Nanophase has scheduled its quarterly conference call for November 6th at 4:00 PM CST, 5:00 PM EST, which will be hosted by Jess Jankowski, Acting CEO, VP & CFO. The call may be accessed through the Company's website, www.nanophase.com, by clicking on the link under Investor Relations and Calendar of Events. If you are unable to attend, a replay will be available through November 13, 2008 by dialing 706-645-9291 and entering code 69940474, or by logging onto the Company's website and following the above directions.
About Nanophase Technologies
Nanophase Technologies Corporation (NANX), 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 53 foreign patents and patent applications. Information about Nanophase may be found in the Company’s public filings or on its website.
All numbers in this release are approximate; refer to the financials accompanying the release for details. Earnings per share are stated as fully diluted. 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 risk 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 10K filed March 14, 2008, 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.
NANOPHASE TECHNOLOGIES CORPORATION BALANCE SHEETS (Unaudited) September 30, December 31, ASSETS 2008 2007 Current assets: Cash and cash equivalents $609,529 $563,075 Investments 8,360,040 16,145,844 Trade accounts receivable, less allowance for doubtful accounts of $13,000 on September 30, 2008 and December 31, 2007, respectively 1,194,829 1,403,206 Other receivable, net 392 - Inventories, net 1,406,695 1,085,364 Prepaid expenses and other current assets 371,725 298,464 Total current assets 11,943,210 19,495,953 Investments 6,000,000 - Equipment and leasehold improvements, net 6,891,418 7,409,666 Other assets, net 593,576 781,266 $25,428,204 $27,686,885 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of capital lease obligations 31,357 43,110 Current portion of deferred other revenue 106,062 127,273 Accounts payable 615,965 238,295 Accrued expenses 1,618,878 1,584,656 Accrued severance 770,088 - Total current liabilities 3,142,350 1,993,334 Long-term debt, less current maturities and unamortized debt discount 1,555,359 1,512,507 Long-term portion of capital lease obligations 11,217 31,430 Deferred other revenue, less current portion - 74,243 1,566,576 1,618,180 Contingent liabilities: - - 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; 21,156,536 and 21,088,068 shares issued and outstanding on September 30, 2008 and December 31, 2007, respectively 211,565 210,881 Additional paid-in capital 91,414,746 90,201,131 Accumulated deficit (70,907,033) (66,336,641) Total stockholders’ equity 20,719,278 24,075,371 $25,428,204 $27,686,885 NANOPHASE TECHNOLOGIES CORPORATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended Nine months ended September 30, September 30, 2008 2007 2008 2007 Revenue: Product revenue, net $1,967,061 $2,442,890 $7,721,408 $9,252,306 Other revenue 111,906 111,233 356,072 333,762 Total revenue 2,078,967 2,554,123 8,077,480 9,586,068 Operating expense: Cost of revenue 1,789,049 2,012,938 5,625,533 6,817,462 Gross Profit 289,918 541,185 2,451,947 2,768,606 Research and development expense 443,241 405,650 1,298,175 1,379,819 Selling, general and administrative expense 1,146,640 1,296,510 4,366,153 4,067,727 Severance charges 1,578,859 - 1,578,859 - Loss from operations (2,878,822) (1,160,975) (4,791,240) (2,678,940) Interest income 82,301 232,605 330,311 421,434 Interest expense (29,410) (34,968) (100,969) (102,188) Other, net (8,651) 191 (8,494) (68,906) Loss before provision for income taxes (2,834,582) (963,147) (4,570,392) (2,428,600) Provision for income taxes - - - - Net loss $(2,834,582) $(963,147) $(4,570,392) $(2,428,600) Net loss per share - basic and diluted $(0.13) $(0.05) $(0.22) $(0.12) Weighted average number of common shares outstanding 21,150,568 20,962,150 21,129,369 19,686,578 NANOPHASE TECHNOLOGIES CORPORATION STATEMENTS OF OPERATIONS - EXPANDED SCHEDULE (Unaudited) Three months ended Nine months ended September 30, September 30, 2008 2007 2008 2007 Revenue: Product revenue, net $1,967,061 $2,442,890 $7,721,408 $9,252,306 Other revenue 111,906 111,233 356,072 333,762 Total revenue 2,078,967 2,554,123 8,077,480 9,586,068 Operating expense: Cost of revenue detail: Depreciation 252,175 281,518 730,795 839,650 Non-Cash equity compensation 21,949 4,013 58,885 31,902 Other costs of revenue 1,514,925 1,727,407 4,835,853 5,945,910 Cost of revenue 1,789,049 2,012,938 5,625,533 6,817,462 Gross profit 289,918 541,185 2,451,947 2,768,606 Research and development expense detail: Depreciation 59,886 60,016 177,661 173,990 Non-Cash equity compensation 40,031 5,316 109,344 67,282 Other research and development expense 343,324 340,318 1,011,170 1,138,547 Research and development expense 443,241 405,650 1,298,175 1,379,819 Selling, general and administrative expense detail: Depreciation and amortization 25,214 21,145 73,817 59,971 Non-Cash equity compensation 96,299 94,104 422,931 320,027 Other selling, general and administrative expense 1,025,127 1,181,261 3,869,405 3,687,729 Selling, general and administrative expense 1,146,640 1,296,510 4,366,153 4,067,727 Severance charges 1,578,859 - 1,578,859 - Loss from operations (2,878,822) (1,160,975) (4,791,240) (2,678,940) Interest income 82,301 232,605 330,311 421,434 Interest expense (29,410) (34,968) (100,969) (102,188) Other, net (8,651) 191 (8,494) (68,906) Loss before provision for income taxes (2,834,582) (963,147) (4,570,392) (2,428,600) Provision for income taxes - - - - Net loss $(2,834,582) $(963,147) $(4,570,392) $(2,428,600)
For more information, please click here
Copyright © PR Newswire Association LLC.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.
|Related News Press|
News and information
GLOBALFOUNDRIES Announces Availability of 45nm RF SOI to Advance 5G Mobile Communications: Optimized RF features deliver high-performance solutions for mmWave beam forming applications in 5G smartphones and base stations February 22nd, 2017
Tiny nanoclusters could solve big problems for lithium-ion batteries February 21st, 2017
Arrowhead Pharmaceuticals to Webcast Fiscal 2017 First Quarter Results January 31st, 2017
Arrowhead Pharmaceuticals to Webcast Fiscal 2016 Year End Results December 7th, 2016