Nanophase Reports Second Quarter 2015 Financial Results
The company’s financial conference call is scheduled for July 30, 2015 at 11am EDT
Romeoville, IL, - July 29, 2015 - Nanophase Technologies Corporation (OTCQB: NANX), a technology leader in nanomaterials and advanced nanoengineered products, today reported financial results for the first quarter ended June 30, 2015.
“As in our first quarter, we again moved past a slow start to show strength at the end of the second," commented Nanophase CEO and President Jess Jankowski. "While down on a year to date basis, our personal care business improved at the end of the second quarter and appears stronger entering the third quarter than we expected a few months ago. Revenue outside of this area was up substantially from the prior year, which filled most of that gap. The second quarter of 2015 saw our first and second commercial shipments of one of our energy-related products, and we expect more to follow. We have received more orders for surface finishing (polishing) products than we shipped during all of 2014, and have shipped more product in this area through June 2015 than we did all of last year.”
2015 Q2 Financial Information
Six Months Ended June 30, 2015 Financial Highlights
- - Revenue for the first six months of 2015 was $5.2 million, vs. the $5.5 million reported during the same period of 2014.
- - The net loss for the first six months of 2015 was $0.7 million, or a loss of $0.02 per share, compared to a net loss of $0.5 million, or $0.02 per share, for the comparable period of 2014.
- - The Company finished the quarter with approximately $1.2 million in cash and cash equivalents; the Company borrowed $250,000 on its working capital line on June 29th and repaid that borrowing during early July.
Six Months Ended June 30, 2015 Financial Highlights
- - Revenue for the second quarter was $2.9 million for both 2015 and 2014.
- - The net loss for the quarter was $0.1 million, or a loss of $0.00 per share, for both 2015 and 2014.
Jankowski continued, “It appears that the drop in the Personal Care business will be less significant than we announced previously, which should allow more of our revenue to reflect growth as opposed to replacement revenue. We continue to develop complementary revenue streams and now expect full year performance to meet or exceed that of 2014. This is a welcome expectation after a difficult beginning."
Shareholders and members of the financial community are encouraged to participate in the upcoming conference call, where Mr. Jankowski will discuss the company’s current and long-term prospects.
Second Quarter 2015 Conference Call
The Nanophase conference call, to be hosted by Jess Jankowski, the Company’s President & CEO, is scheduled for July 30, 2015, at 10:00 a.m. CDT, 11:00 a.m. EDT. The conference call dial-in number for U.S. callers is 877-312-8776 and for international callers is 408-774-4007. The conference ID is 60021962. Please dial in to the conference at least five minutes before the call is scheduled to begin.
The call may also be accessed through the company’s website, at www.nanophase.com, by clicking on Investor Relations, Investor News and the link in the conference call announcement release.
Use of Non-GAAP Financial Information
Nanophase believes that the presentation of results excluding certain items, such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with generally accepted accounting principles.
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 9001:2008 and ISO 14001 facilities. Nanophase delivers commercial quantity and quality nanoparticles, coated nanoparticles, and nanoparticle dispersions in a variety of media.
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; the impact of any potential new government regulations that could be difficult to respond to or too costly to comply with while remaining financially viable; the ability of the Company to maintain an appropriate electronic trading venue; and other factors described in the Company’s Form 10-K filed March 27, 2015. 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.