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Nanophase Technologies Announces First Quarter Revenues
ROMEOVILLE, Ill., Apr 5, 2001 /PRNewswire via COMTEX/ -- Nanophase Technologies
Corporation (Nasdaq: NANX), a leader in nanomaterials and nanoengineered
products, today announced revenues for the quarter ending March 31, 2001.
Initial figures for the quarter show the company realized revenue of
approximately $1,072,000, representing a 73% increase compared to the first
quarter of 2000. Revenues from product sales accounted for over 90% of the
current quarter's revenues and represent an increase of over 100% compared to
the first quarter of 2000.
"Given the backend-loaded 2001 product delivery scheduling for sunscreen
materials that occurred in late January, we are satisfied with first quarter
results and the progress the company made in several areas toward meeting its
overall 2001 goals," stated Joseph Cross, Nanophase's president and CEO. "We
initially forecasted a 20% revenue reduction from the fourth quarter of 2000 on
February 6, which included the recently announced catalyst order, due to the
unexpected delivery reschedules. We were able to increase first quarter revenue
above those projections by adding new business and keep sequential quarterly
revenues relatively constant.
"Despite the widespread economic slowdown, our business and application
development activity remains robust, as evidenced by our recent announcement of
a new customer for environmental catalyst. We believe that our demonstrated
ability to continue generating new business should give our investors, and the
investment community, increased confidence in the demand for nanotechnology
products and our ability to deliver customer solutions. We currently forecast
that second quarter 2001 revenue is expected to be 50% above the first quarter
and remain comfortable with our 2001 revenue forecast of approximately $10
million, which would be approximately 2.4 times 2000 revenues, or an increase of
about 140%."
Nanophase expects to release full financial data for the quarter ending March
31, 2001, on April 25 followed by its normal quarterly conference call on April
26 at 10:00 am CST, which will be broadcast on the Internet by Vcall. For
information on how to "attend" this virtual conference, log in at
vcall.com . The conference call script will also be posted on the
Nanophase web site at www.nanophase.com on or about April 27, 2001.
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 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
SOURCE Nanophase Technologies Corporation
CONTACT: Joseph Cross, President, CEO, 630-771-6705, or Dan Bilicki, VP,
Sales & Mktg., 630-771-6728, or Investor Communications, Nancy Baldwin,
630-771-6707, all of Nanophase Technologies Corporation, or General, Tad Gage,
312-640-6745, Analysts, Lisa Fortuna, 312-640-6779, or Media, Tim Grace,
312-274-2240, all at The Financial Relations Board BSMG Worldwide
URL: vcall.com
nanophase.com
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