Nanophase Reports Third Quarter 2016 Financial Results
The company's financial conference call is scheduled for October 20, 2016 at 11am EDT
Romeoville, IL, - October 19, 2016 - Nanophase Technologies Corporation (OTCQB: NANX), a technology leader in nanomaterials and advanced nanoengineered products, today reported financial results for the third quarter ended September 30, 2016.
“The timing of shipments impacts any particular quarter," commented Nanophase CEO and President Jess Jankowski. "But the overall direction is strong. Just as the first quarter was lighter and we made up for it in the second quarter, our third quarter shipments were on the low side and we expect to see some of that volume added to the fourth quarter."
2016 Q3 Financial Information
Nine Months Ended September 30, 2016 Financial Highlights
- - Revenue for the first nine months of 2016 was $8.4 million, vs. the $8.0 million reported during the same period of 2015.
- - The net loss for the first nine months of 2016 was $0.6 million, or a loss of $0.02 per share, compared to a net loss of $0.9 million, or $0.03 per share, for the comparable period of 2015.
- - The Company finished the quarter with approximately $1.7 million in cash and cash equivalents; the Company has no debt.
Third Quarter 2016 Financial Highlights
- - Revenue for the third quarter was $2.5 million in 2016 and $2.8 million in 2015.
- - The net loss for the quarter was $0.4 million in 2016, or $0.01 per share, compared to a net loss of $0.2 million, or $0.01 per share, for 2015.
Jankowski continued, "We fully expect year-over-year revenue growth during 2016, and that's before significant revenue benefit from new solutions in Personal Care and Solar Control. As those come on line, we expect to be a stronger company. As it is, positing positive Adjusted EBITDA for the nine-months ended September 30,2016 was another step in the right direction."
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.
Third Quarter 2016 Conference Call
The Nanophase conference call, to be hosted by Jess Jankowski, the Company’s President & CEO, is scheduled for October 20, 2016, 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 98008171. 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 29, 2016. 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.