July 30, 2014
Nanophase Reports Second Quarter 2014 Financial Results
The company’s financial conference call is scheduled for July 31, 2014 at 11am EDT
Romeoville, IL, - July 30, 2014 - Nanophase Technologies Corporation (OTCQB: NANX), a technology leader in nanomaterials and advanced nanoengineered products, today reported financial results for the second quarter and six months ended June 30, 2014.
“We continue to execute on our balanced approach of focusing on new near- and mid-term opportunities to fuel growth, while managing the business as efficiently as possible to fully leverage our current resources. We have seen solid performance from our core business as well as encouraging market feedback from our business development activities.
This year, revenue continues to trend differently than in 2013. The first quarter was our strongest revenue quarter last year, with subsequent quarters coming in lighter. For 2014, we expect new revenue streams to be added as the year moves along for a more balanced result, as the small increase in the second quarter implies. In addition, I would point out that our bottom line has been much stronger in 2014 than it was last year, to the point that we generated a modest positive cash flow during the second quarter as we continue to implement our strategy,” commented Nanophase CEO and President Jess Jankowski.
Q2 2014 Financial Statement
Second Quarter 2014 Financial Highlights
Revenue for the second quarter was $2.9 million, vs. the $2.7 million reported during the second quarter of 2013.
The net loss for the quarter was $0.1 million, or a loss of $0.00 per share, compared to a net loss of $0.5 million, or $0.02 per share, for the comparable 2013 quarter.
The Company finished the quarter with approximately $2.4 million in cash and cash equivalents; the company has no debt.
Six months ended June 30, 2014 Financial Highlights
Revenue for the first six months of 2014 was $5.5 million, vs. the $5.7 million reported during the first six months of 2013.
The net loss for the first six months of 2014 was $0.5 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 2013 period.
Mr. Jankowski will discuss progress toward the Company’s key near- and mid-term business development goals in more detail during tomorrow’s call.
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 2014 Conference Call
The Nanophase conference call, to be hosted by Jess Jankowski, the Company’s President & CEO, is scheduled for July 31, 2014, 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 70841775. 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 the link under News Center and Calendar of Events to listen to a webcast of the event.
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 28, 2014. 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.