Nanophase Technologies Announces First Quarter 2000 Results
BURR RIDGE, Ill., April 27 /PRNewswire/ -- Nanophase Technologies Corporation (Nasdaq: NANX), a leader in nanomaterials and nanoengineered products, today announced its first quarter 2000 results.
For the quarter ended March 31, 2000, total revenue was approximately $619,000 compared with total revenue of approximately $325,000 for the same period in 1999. First quarter 2000 product revenue was approximately $487,000 and other revenue was approximately $132,000. The company reported a net loss for the first quarter 2000 of approximately $1.4 million or $.11 per share (fully-diluted), compared with a net loss in first quarter 1999 of approximately $1.6 million or $.13 per share (fully-diluted). The company's per share loss in the first quarter of 2000 is based on approximately 13 million weighted average shares outstanding.
"We are encouraged by our progress in achieving the first quarter revenue goal toward our yearly target of tripling revenue in 2000 from 1999," said Joseph Cross, Nanophase's president and CEO. "We have made substantial progress toward our parallel goals of reducing total manufacturing cost by 25%, improving the manufacturing supply chain, and developing business for 2000 and 2001. During this quarter we successfully implemented a particle coating process for a major customer as we continue the expansion of our supply agreement and successfully passed a stringent recertification process to remain an ISO 9001 certified manufacturer. The company also continued to add to its intellectual property by gaining one additional patent and filing for approximately twelve trademarks for its new products, and strengthened its board of directors with the addition of James McClung. In summary, we believe that this was quite a significant quarter for Nanophase."
"We will continue to increase manufacturing and output during the second quarter and will begin implementing major initiatives to reduce manufacturing cost by the middle of the period. At this point in time, we expect to increase revenue by 30% or more over the first quarter. We remain confident with our plans for significant growth during 2000-2001."
Nanophase will host a quarterly conference call on April 28, 2000 at 10:00 a.m. CST, which will be broadcast on the Internet by Vcall. For information on how to "attend" this virtual conference call, log in at vcall.com.
Nanophase Technologies Corporation provides engineered solutions utilizing nanocrystalline materials for a variety of industrial product applications. Using proprietary technology to produce nanocrystalline materials, the company creates products with unique performance attributes. The company's global customer base includes a number of Fortune 500 companies. Nanophase trades on the Nasdaq NMS under the symbol "NANX." Visit the company's web site at www.nanophase.com .
The words "expect," "anticipates," "plans," "forecasts" and similar expressions are intended to identify forward-looking statements. Statements contained in this news release that are not historical facts are forward- looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results for future periods to differ materially from those expressed in this news release. These important factors include, without limitation: a decision of the customer to cancel a purchase order or supply agreement; demand for, and acceptance of, the Company's nanocrystalline materials; changes in development and distribution relationships; the impact of competitive products and technologies; and other risks indicated in the Company's current Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Nanophase undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.
For Additional Information on Nanophase Technologies by fax at no cost, Dial 1-800-PRO-INFO, Code NANX
NANOPHASE TECHNOLOGIES CORPORATION
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31,
2000 1999
Revenue:
Product revenue $487,171 $266,248
Other revenue 131,750 58,750
Total revenue 618,921 324,998
Operating expense:
Cost of revenue 818,753 781,089
Research and development expense 589,662 390,414
Selling, general and administrative expense 928,290 1,018,446
Total operating expense 2,336,705 2,189,949
Loss from operations (1,717,784) (1,864,951)
Interest income 283,225 289,049
Loss before provision for income taxes (1,434,559) (1,575,902)
Provision for income taxes -- --
Net loss $(1,434,559) $(1,575,902)
Net loss per share $(0.11) $(0.13)
Weighted average number of common
shares outstanding 13,008,964 12,593,718
NANOPHASE TECHNOLOGIES CORPORATION
BALANCE SHEETS
March 31, December 31,
2000 1999
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $809,584 $624,509
Investments 19,994,627 21,216,168
Trade accounts receivable, less
allowance for doubtful accounts of
118,000 at March 31, 2000 and
120,000 at December 31, 1999 712,449 401,826
Other receivable 489,011 247,841
Inventories, net 987,034 766,778
Prepaid expenses and other current
assets 101,356 90,358
Total current assets 23,094,061 23,347,480
Equipment and leasehold improvements,
net 2,029,963 2,152,413
Other assets, net 181,194 177,646
25,305,218 $25,677,539
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $652,472 $615,818
Accrued expenses 953,499 900,398
Total current liabilities 1,605,971 1,516,216
Contingent liabilities: -- --
Stockholders' equity:
Preferred stock, $.01 par value,
24,088 shares authorized and no shares
issued and outstanding -- --
Common stock, $.01 par value,
25,000,000 shares authorized;
13,449,293 shares issued and
outstanding at March 31, 2000 and
12,764,058 shares issued and
outstanding at December 31, 1999 134,493 127,641
Additional paid-in capital 49,494,931 48,529,300
Accumulated deficit (25,930,177) (24,495,618)
Total stockholders' equity 23,699,247 24,161,323
25,305,218 $25,677,539 SOURCE Nanophase Technologies Corporation
CO: Nanophase Technologies Corporation
ST: Illinois
IN: CPR
SU: ERN
04/27/2000 15:30 EDT prnewswire.com |
