Altair Nanotechnologies Reports Second Quarter 2007 Financial Results.Revenues Increase 290% to $3.07 Million RENO, Nev. -- Altair Nanotechnologies Inc. (Nasdaq: ALTI) today reported financial results for its second quarter and six months ended June 30, 2007. For the quarter, the company reported revenues nearly tripled to $3.07 million from $1.06 million for the comparable period in 2006. The net loss was $5.43 million, or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $3.79 million, or 6 cents per share, for the second quarter of 2006. The basic and diluted weighted average shares outstanding for the quarter were 69,926,260 compared to 59,290,242 for the same period a year ago. For the six months ended June 30, 2007, the company reported revenues of $4.21 million or a $2.61 million increase from $1.6 million for the comparable period in 2006. The net loss for the first half of 2007 was $10.61 million, or 15 cents per share, compared to a net loss of $8.35 million, or 14 cents per share, for the first half of 2006. The basic and diluted weighted average shares outstanding for the six months ended June 30, 2007 were 69,596,969 compared to 59,256,485 for the same period a year ago. As of June 30, 2007, Altairnano's balance sheet remained strong with cash, cash equivalents and short-term investments totaling $20.85 million. Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. remained at $1.20 million, which represents the remaining mortgage obligation used to purchase the company's facilities in Reno, Nev. "Our leading-edge, nanomaterials-based products continue to gain strong commercial acceptance due to unique and unmatched performance characteristics," said Alan J. Gotcher, Ph.D., Altairnano's president and chief executive officer. "As demonstrated by our continued revenue growth, recent partnerships and additional orders for Altairnano's Energy Storage products, we believe now more than ever that Altairnano's offerings have the commercial viability to drive long-term results for our shareholders." Recent Highlights * Purchase orders from Phoenix Motorcars Phoenix Motorcars is a California-based company that focuses on developing electric vehicles. At present, Phoenix partners with other corporations for development of key vehicle components, such as AltairNano's fast-charge lithium ion battery technology. for Altairnano's rapid-charge, high-power 35 KWh energy storage product. At the end of the second quarter, Altairnano has sold more than $2.35 million of this energy storage product for use in Phoenix's sport utility trucks. * A purchase and joint-development agreement with global power leader AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. . Together, the companies will develop a suite of energy storage product solutions specifically for AES to more efficiently and effectively manage power and energy demands on its electrical grids. * An agreement with ISE Ise (ē`sā), city (1990 pop. 104,164), Mie prefecture, S Honshu, Japan, on Ise Bay. It is one of the foremost religious centers of Shinto, the site of the shrines of Ise. Corporation to jointly develop rapid recharge re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re , energy storage products for use in hybrid electric and all-electric heavy duty vehicles and buses. * A joint-development agreement with PPG PPG Points Per Game (basketball player statistic) PPG Power Play Goals (hockey) PPG Planning Policy Guidance (UK) PPG Programmable Pulse Generator PPG Power Puff Girls Aerospace to develop and commercialize an environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] nano-materials technology to replace chromate chromate /chro·mate/ (kro´mat) any salt of chromic acid. chro·mate n. A salt of chromic acid. chromate any salt of chromic acid. in aircraft primer, providing superior corrosion resistance. Second Quarter 2007 Conference Call Altairnano will hold a conference call to discuss its first quarter 2007 results on Thursday, Aug. 9, 2007 at 11:00 a.m. Eastern Daylight Time (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). Shareholders and members of the investment community are invited to participate in the conference call. The dial-in number for both U.S. and international callers is (719) 234-0008. Please dial in to the conference five minutes before the call is scheduled to begin. Ask the operator for the Altair Nanotechnologies call. An audio replay of the conference call will be available from 2:00 p.m. through 11:59 p.m. EDT, Thursday, Aug. 16, 2007, and can be accessed by dialing (719) 457-0820 and entering conference number 9784853. Additionally, the conference call is available online, and can be accessed by visiting Altairnano's web site, www.altairnano.com. ABOUT ALTAIR NANOTECHNOLOGIES INC. Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. Altairnano's leading edge scientists are complemented by a seasoned management team with substantial experience in commercializing innovative, disruptive technologies A new technology that has a serious impact on the status quo and changes the way people have been dealing with something, perhaps for decades. Music CDs all but wiped out the phonograph industry within a few years, and digital cameras are destined to eliminate the film industry. . The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP AHP Assistant House Physician. pigment process. For more information visit: www.altairnano.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, may involve risks, uncertainties and other factors that may cause the Altairnano's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that development of the development-stage referred to in this release will not be completed because for technical, business or other reasons; that any products under development or in the early commercial stages will not perform as expected in future testing or commercial applications; that one or more of the joint development partners may proceed slowly with, or abandon, development or commercialization efforts for any of various reasons, including concerns with the feasibility of the product or the financial viability of continuing with the product; that sales of commercialized Altairnano products may not reach expected levels for one or more reasons, including failure of end products to perform as expected or the introduction of a superior product; and that costs associated with the proposed products may exceed revenues. In general, Altairnano is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events. [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion