Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Thursday, March 28, 2024 · 699,597,578 Articles · 3+ Million Readers

Nanophase Reports Fourth Quarter and Fiscal Year 2016 Financial Results

The company’s financial conference call is scheduled for February 16, 2017 at 11am EST

ROMEOVILLE, Ill., Feb. 15, 2017 (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (OTCQB:NANX), a technology leader in nanomaterials and advanced nanoengineered products, today reported financial results for the fourth quarter and fiscal year ended December 31, 2016. 

 “2016 demonstrated continued financial growth on the top line and bottom line (from the base business, prior to launch costs for our new fully formulated personal care solutions), and featured our first outright quarterly profit during the second quarter,” commented Nanophase CEO and President Jess Jankowski.  “And with revenue starting to come in from these new products, we expect continued improvement heading into 2017.”

Twelve Months Ended December 31, 2016 Financial Highlights

  • Revenue for fiscal year 2016 was $10.8 million, vs. the $10.3 million reported during the same period of 2015. 

  • The net loss for fiscal year 2016 was $1.3 million, or a loss of $0.04 per share, compared to a net loss of $1.2 million, or $0.04 per share, for the comparable period of 2015. 

  • The Company finished the quarter with approximately $1.8 million in cash and cash equivalents; the Company had no debt. 

Fourth Quarter 2016 Financial Highlights

  • Revenue for the fourth quarter was $2.4 million in 2016 and $2.3 million in 2015. 

  • The net loss for the quarter was $0.7 million in 2016, or $0.02 per share, compared to a net loss of $0.3 million, or $0.01 per share, for 2015. 

Jankowski continued, “We could have simply posted a slightly better result than the prior year, but our plan is to grow the top line significantly more in 2017 than we did during 2016, and we are investing in making that happen.  That most of our investment was covered by the business indicates we are moving in the right direction.  I believe we have the strategy, the solutions and the positioning to get this done.” 

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.

Fourth Quarter and Fiscal Year 2016 Conference Call
The Nanophase conference call, to be hosted by Jess Jankowski, the Company’s President & CEO, is scheduled for February 16, 2017, at 10:00 a.m. CST, 11:00 a.m. EST. 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 5824085.  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. 

Forward-Looking Statements
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.

 

NANOPHASE TECHNOLOGIES CORPORATION
 
BALANCE SHEETS
 
       
     December 31,     
      2016      December 31, 
ASSETS (Unaudited)     2015  
           
Current assets:    
  Cash and cash equivalents $ 1,779,027     $ 1,275,402  
  Trade accounts receivable, less allowance for doubtful accounts      
  of $5,000 on December 31, 2016 and $6,000 on December 31, 2015   434,226       506,549  
  Other receivable   96       43  
  Inventories, net   771,975       661,593  
  Prepaid expenses and other current assets   441,634       247,726  
    Total current assets   3,426,958       2,691,313  
           
  Equipment and leasehold improvements, net   1,395,441       1,860,579  
  Other assets, net   19,893       22,381  
      $ 4,842,292     $ 4,574,273  
           
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
  Current portion of capital lease obligations   107,021       94,406  
  Accounts payable   669,025       507,643  
  Accrued expenses   521,302       276,287  
    Total current liabilities   1,297,348       878,336  
           
  Long-term portion of capital lease obligations   109,448       143,560  
  Long-term deferred rent   465,850       518,747  
  Asset retirement obligation   178,378       172,238  
    Total long-term liabilities   753,676       834,545  
           
           
Stockholders' equity:      
  Preferred stock, $.01 par value, 24,088 shares authorized and      
    no shares issued and outstanding   -      
  Common stock, $.01 par value, 42,000,000 and 35,000,000 shares authorized;       -  
    31,229,996 and 28,585,496 shares issued and outstanding on December 31, 2016    
    and December 31, 2015, respectively   312,300       285,855  
  Additional paid-in capital   97,359,324       96,172,795  
  Accumulated deficit   (94,880,356 )     (93,597,258 )
  Total stockholders' equity   2,791,268       2,861,392  
    $ 4,842,292     $ 4,574,273  
 

 

NANOPHASE TECHNOLOGIES CORPORATION  
 
STATEMENTS OF OPERATIONS  
   
(Unaudited)  
 
    Three months ended   Twelve months ended  
    December 31,   December 31,  
      2016       2015       2016       2015    
Revenue:  
  Product revenue, net     $ 2,343,061     $ 2,271,979     $ 10,719,808     $ 10,271,919    
  Other revenue       24,283       7,780       62,739       41,270    
  Net revenue       2,367,344       2,279,759       10,782,547       10,313,189    
                   
Operating expense:                    
  Cost of revenue       1,776,592       1,606,702       7,542,876       7,199,594    
  Gross profit       590,752       673,057       3,239,671       3,113,595    
                   
  Research and development expense       494,181       303,193       1,553,688       1,272,621    
  Selling, general and administrative expense     803,057       703,585       2,954,232       3,019,424    
Income/(Loss) from operations       (706,486 )     (333,721 )     (1,268,249 )     (1,178,450 )  
Interest income       -       -       -       -    
Interest expense       (3,540 )     (4,625 )     (14,849 )     (13,999 )  
Other, net     -       -       -       -    
Income/(Loss) before provision for income taxes     (710,026 )     (338,346 )     (1,283,098 )     (1,192,449 )  
Provision for income taxes       -       -       -       -    
Net income/(loss)     $ (710,026 )   $ (338,346 )   $ (1,283,098 )   $ (1,192,449 )  
         
 
Net income/(loss) per share- basic and diluted     $ (0.02 )   $ (0.01 )   $ (0.04 )   $ (0.04 )  
 
Weighted average number of basic and diluted                  
  common shares outstanding       31,229,996       28,585,496       30,911,869       28,574,902    
 
 
NANOPHASE TECHNOLOGIES CORPORATION  
 
STATEMENTS OF OPERATIONS - EXPANDED SCHEDULE  
   
(Unaudited)  
 
    Three months ended   Twelve months ended  
    December 31,   December 31,  
      2016       2015       2016       2015    
Revenue:  
  Product revenue, net     $ 2,343,061     $ 2,271,979     $ 10,719,808     $ 10,271,919    
  Other revenue       24,283       7,780       62,739       41,270    
  Net revenue       2,367,344       2,279,759       10,782,547       10,313,189    
                   
Operating expense:                    
  Cost of revenue detail:                    
  Depreciation       80,503       147,685       471,660       581,382    
  Non-Cash equity compensation       5,298       5,105       22,398       22,369    
  Other costs of revenue       1,690,791       1,453,912       7,048,818       6,595,843    
  Cost of revenue       1,776,592       1,606,702       7,542,876       7,199,594    
  Gross profit       590,752       673,057       3,239,671       3,113,595    
                   
  Research and development expense detail:                  
  Depreciation       22,018       27,475       104,852       113,043    
  Non-Cash equity compensation       9,090       8,279       36,354       34,380    
  Other research and development expense     463,073       267,439       1,412,482       1,125,198    
  Research and development expense       494,181       303,193       1,553,688       1,272,621    
                   
  Selling, general and administrative expense detail:              
  Depreciation and amortization/impairment       60,121       10,090       88,532       40,449    
  Non-Cash equity compensation       64,141       27,902       148,317       123,828    
  Other selling, general and administrative expense   678,795       665,593       2,717,383       2,855,147    
  Selling, general and administrative expense   803,057       703,585       2,954,232       3,019,424    
Income/(Loss) from operations       (706,486 )     (333,721 )     (1,268,249 )     (1,178,450 )  
Interest income       -       -       -       -    
Interest expense       (3,540 )     (4,625 )     (14,849 )     (13,999 )  
Other, net       -       -       -       -    
Income/(Loss) before provision for income taxes     (710,026 )     (338,346 )     (1,283,098 )     (1,192,449 )  
Provision for income taxes       -       -       -       -    
Net income/(loss)     $ (710,026 )   $ (338,346 )   $ (1,283,098 )   $ (1,192,449 )  
                     
Non-GAAP Disclosure (see note regarding Non-GAAP disclosures):              
  Addback Interest, net     3,540       4,625       14,849       13,999    
  Addback Depreciation/Amortization/Impairment   162,642       185,250       665,044       734,874    
  Addback Non-Cash Equity Compensation     78,529       41,286       207,069       180,577    
 
  Adjusted EBITDA   $ (465,315 )   $ (107,185 )   $ (396,136 )   $ (262,999 )  
 

 

COMPANY CONTACT
                    Nancy Baldwin
                    Investor Relations
                    630-771-6708
                    

Primary Logo

Powered by EIN News


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release