Home > Press > Nanophase Reports First Quarter 2009 Financial Results: Nanophase Continues to Execute New Strategy
Abstract:
Nanophase Technologies Corporation (Nasdaq: NANX), a technology leader in nanomaterials and advanced nanoengineered products, reported today financial results for its first quarter ending March 31, 2009.
Nanophase Reports First Quarter 2009 Financial Results: Nanophase Continues to Execute New Strategy
ROMEOVILLE, IL | Posted on May 8th, 2009First Quarter
Revenue for first quarter 2009 was $1.4 million, compared to $3.0 million for the same period in 2008. The net loss for the quarter was $2.1 million, or $0.10 per share, compared to a net loss of $0.8 million, or $0.04 per share, for the first quarter of 2008. Of the $2.1 million loss in Q1 of 2009, 37% was due to severance charges related to the Company's February 2009 reorganization.
Looking Ahead
"We remain focused on building our pipeline by leveraging our technology platform and applications development know-how," said Jess Jankowski, Nanophase president and CEO. "Our new way of going to market, with a major emphasis on our internal sales and application development team to drive new business, will make Nanophase fundamentally different and should lead to greater success. To that end, we have refocused our research and development efforts so that they are aligned with the market driven, direct-to-the-customer model. In addition to continuing to serve the needs of our existing partners, we are intent on building applications expertise in carefully selected market segments that we thoroughly understand, talking to customers and potential customers, tailoring our product offerings towards identified unmet needs where there is a strong value proposition."
"We believe this approach is already resulting in a higher number of quality opportunities and will improve the rate at which we can move those opportunities through the applications development and sales cycles to revenue. We have developed, and continue to develop, ready-to-go products that should serve the customer's needs much more directly. We expect the prospects for success will be improved relative to our previous model."
Shareholders and members of the financial community are encouraged to participate in today's conference call, where Jankowski will be discussing the company's first quarter performance and 2009 prospects.
1st Quarter Conference Call
Nanophase has scheduled its quarterly conference call for May 8, 2009, at 4:00 p.m. CDT (5:00 p.m. EDT), which will be hosted by Jess Jankowski, president and CEO. To participate in the call you may dial 800-344-8034, or 785-830-1990 and reference the conference identification of 7NANOPHASE. The call may also 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 May 15, 2009, by dialing 800-688-7036, or 402-220-1346, or by logging onto the company's website and following the above directions.
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About Nanophase Technologies Corporation
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.
Forward-Looking Statements
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 risks and uncertainties include, without limitation, 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 factors described in the Company's Form 10-K filed March 25, 2009. 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)
March 31, December 31,
ASSETS 2009 2008
---- ----
Current assets:
Cash and cash equivalents $489,592 $723,069
Investments 5,141,210 6,908,888
Trade accounts receivable, less
allowance for doubtful accounts
of $9,000 on March 31, 2009
and December 31, 2008 739,488 1,092,125
Other receivables, net - 7,749
Inventories, net 1,232,282 1,154,207
Prepaid expenses and other current
assets 657,526 482,452
------- -------
Total current assets 8,260,098 10,368,490
Investments 5,340,000 5,340,000
Equipment and leasehold improvements,
net 6,346,761 6,651,842
Other assets, net 39,150 39,765
------ ------
$19,986,009 $22,400,097
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital
lease obligations $12,858 $22,211
Current portion of long-term debt, less
unamortized debt discount 1,052,906 1,570,346
Current portion of deferred other
revenue 42,426 74,243
Accounts payable 355,631 356,853
Accrued expenses 1,266,458 1,493,262
Accrued severance 708,181 541,014
------- -------
Total current liabilities 3,438,460 4,057,929
--------- ---------
Long-term portion of capital
lease obligations 7,174 9,219
Deferred other revenue,
less current portion - -
--- ---
7,174 9,219
----- -----
Contingent liabilities: - -
Stockholders' equity:
Preferred stock, $.01 par value,
24,088 shares authorized and
no shares issued and outstanding - -
Common stock, $.01 par value, 30,000,000
shares authorized; 21,204,162
and 21,188,912 shares issued and
outstanding on March 31, 2009 and
December 31, 2008, respectively 212,042 211,889
Additional paid-in capital 91,913,456 91,597,529
Accumulated deficit (75,585,123) (73,476,469)
----------- -----------
Total stockholders' equity 16,540,375 18,332,949
---------- ----------
$19,986,009 $22,400,097
=========== ===========
NANOPHASE TECHNOLOGIES CORPORATION
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31,
As Adjusted
2009 2008
---- ----
Revenue:
Product revenue $1,296,813 $2,942,722
Other revenue 108,345 111,386
------- -------
Total revenue 1,405,158 3,054,108
Operating expense:
Cost of revenue 1,314,924 2,000,208
--------- ---------
Gross Profit 90,234 1,053,900
Research and
development expense 404,044 438,695
Selling, general and
administrative
expense 1,000,167 1,574,744
Severance charges 794,069 -
------- ---
Loss from operations (2,108,046) (959,539)
Interest income 34,003 167,221
Interest expense (20,907) (38,416)
Other, net (13,704) 2,231
------- -----
Loss before provision
for income taxes (2,108,654) (828,503)
Provision for income
taxes - -
--- ---
Net loss $(2,108,654) $(828,503)
=========== =========
Net loss per share-
basic and diluted $(0.10) $(0.04)
====== ======
Weighted average number
of basic and diluted
common shares
outstanding 21,197,384 21,106,607
========== ==========
NANOPHASE TECHNOLOGIES CORPORATION
STATEMENTS OF OPERATIONS - EXPANDED SCHEDULE
(Unaudited)
Three months ended March 31
As Adjusted
2009 2008
---- ----
Revenue:
Product revenue, net $1,296,813 $2,942,722
Other revenue 108,345 111,386
------- -------
Total revenue 1,405,158 3,054,108
Operating expense:
Cost of revenue detail:
Depreciation 259,374 238,044
Non-Cash equity
compensation 219,039 16,771
Other costs of revenue 836,511 1,745,393
------- ---------
Cost of revenue 1,314,924 2,000,208
--------- ---------
Gross profit 90,234 1,053,900
Research and development
expense detail:
Depreciation 57,043 58,458
Non-Cash equity
compensation 22,274 31,032
Other research and
development expense 324,727 349,205
------- -------
Research and
development expense 404,044 438,695
Selling, general and
administrative expense
detail:
Depreciation and
amortization 20,342 14,551
Non-Cash equity
compensation 74,769 152,660
Trademark abandonment
charge - 37,214
Other selling, general
and administrative
expense 905,056 1,370,319
------- ---------
Selling, general and
administrative
expense 1,000,167 1,574,744
Severance charges 794,069 -
------- ---
Loss from operations (2,108,046) (959,539)
Interest income 34,003 167,221
Interest expense (20,907) (38,416)
Other, net (13,704) 2,231
------- -----
Loss before provision
for income taxes (2,108,654) (828,503)
Provision for income
taxes - -
--- ---
Net loss $(2,108,654) $(828,503)
=========== =========
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