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Technology Stocks : Nanophase Technologies (NANX) -- Ignore unavailable to you. Want to Upgrade?

To: Thomas V. Thornton who wrote (93)	1/23/1998 6:32:00 AM
From: Roy F	Read Replies (1) \| Respond to of 322

Nanophase sees Q4 below view January 22, 1998 11:02 PM In January 9 item headlined "Nanophase sees Q4 revs below expectations", please read in the sixth paragraph that "A Moyco unit..." instead of "...EKC ..." was recently sold to ChemFirst. A corrected repetition follows. BURR RIDGE, Ill., Jan 9 (Reuters) - Nanophase Technologies Corp said Friday it expects to report a small profit for the fourth quarter and revenues of about $1.5 million, compared with $308,586 a year earlier. The revenues are lower than expected, the company said, due to the sale of a key unit by its principal customer, economic uncertainties in South Korea and other Asian markets, and slower-than-anticipated progress in collaborative product development programs. Total revenues for 1997 are expected at about $3.7 million, up from $595,806 for 1996. The company said fourth quarter revenues include a $1.4 million license fee from a unit of Itochu Corp of Japan. Nanophase, which provides engineered advanced materials for various industries, said it licensed its patented technologies to an Itochu unit for the manufacture and marketing of nanocrystalline materials. The company said the deal should give it quicker access to the Asian markets and substantial royalty revenues over the long term. In addition, Nanophase said it signed a long-term supply agreement to provide EKC Technology Inc, a unit of ChemFirst Inc CEM , with a product for semiconductor production. A Moyco unit, which was recently sold to ChemFirst's EKC (corrects Moyco's unit), had been Nanophase's main customer. "Sales to EKC during 1998 are not expected to be as great as those previously expected from Moyco, but we are very pleased to be collaborating with EKC," said Robert Cross, Nanophase president and chief executive officer. Cross said the company continues to have great confidence in the business's long-term potential. "The company's near-term prospects, however, will continue to reflect the loss of momentum from the circumstances that adversely affected the fourth quarter of 1997," Cross said. Full 1997 results are expected by late February. ((Susan Nadeau, Chicago newsroom, 312 408 8787, fax 312 922 6657, chicago.equities.newsroom@reuters.com)) REUTERS