Altair Nanotechnologies Revenues More Than Double in Second Quarter; Altairnano Year-on-Year Revenues Grow by More Than 100 Percent; Quarter-on-Quarter Revenues Up 94 Percent.RENO Reno (rē`nō), city (1990 pop. 133,850), seat of Washoe co., W Nev., on the Truckee River; inc. 1903. Tourism has been the major industry since gambling was legalized in Nevada in 1931. , Nev. -- Altair Altair (ăltä`ĭr), brightest star in the constellation Aquila (Eagle); Bayer designation α Aquilae; 1992 position R.A. 19h50.5m, Dec. +8°51'. Its apparent magnitude is 0. Nanotechnologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALTI Alti is a fictional character in the television series . She is portrayed by Claire Stansfield. Overview Alti is a Northern Amazon shaman driven out of her Siberian tribe by Queen Cyane, because of her hunger for power. ), a leading provider of advanced nanomaterials Nanomaterials is the study of how materials behave when their dimensions are reduced to the nanoscale. It can also refer to the materials themselves that are used in nanotechnology. technology for use in energy, pharmaceutical, life sciences and industrial applications, today reported its revenues more than doubled in the second quarter, ended June June: see month. 30, 2006, compared to the second quarter of 2005. In the wake of escalating customer interest in the unique properties of Altairnano's patented nanomaterials, the company reported second quarter revenues of $1.057 million, up from $502,881 for the second quarter of 2005. In quarter-on-quarter growth, Altairnano's Q2 revenues grew 94 percent, up from $545,000 in Q1 of 2006. The Company's net loss for the second quarter was $3.78 million, or $0.06 per share, versus $1.91 million, $0.03 per share, for the second quarter of fiscal 2005. "Batteries, battery packs and battery systems are a major driver for our business. As a result, we are continuing to expand our investment in our Advanced Materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, and Power Systems (AMPS) business unit, which has accounted for a significant portion of our increased expenses this quarter," Altairnano AltairNano is a Reno, Nevada-based research company that develops nanotechnology-based solutions for energy storage and the life sciences. In particular, the company is well known for its "NanoSafe" lithium-ion battery technology that is used in battery-electric vehicles. Chief Financial Officer Edward Dickinson This article is about the Massachusetts representative. For the Ohio representative, see Edward F. Dickinson. Edward Dickinson (January 1 1803 - June 16 1874) was a Massachusetts politician. said. "However, we believe strongly these strategic investments in research and development and marketing in AMPS, and others we are making in the Company, will produce strong returns." Altairnano's balance sheet at the end of the second quarter was strong, with cash and short term investments totaling $14.4 million. The Company's debt remains at $2.4 million from a mortgage obligation to acquire the company's 80,000 square feet of offices, laboratories and semi-works facilities in Reno, Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). . "The second quarter was a period of continued commercialization development for Altair Nanotechnologies, and in our power systems business set the stage for the first order for electric vehicle batteries which we received in July July: see month. , 2006. We believe the future will be marked by still greater demand for our innovative nanomaterials coupled with a broad range of expanding commercial applications," said Altair Nanotechnologies Inc. President and Chief Executive Officer Alan A`lan´ n. 1. A wolfhound. J. Gotcher, Ph.D. Please join a conference call with Altairnano's management team for an update on the company's financial results and principal business developments. The conference call dial-in number for both U.S. and international callers is +1.973.582.2706. Please dial into the conference five minutes before the call is scheduled to begin and ask the operator for conference number 7689679. An audio replay of the conference call will be available from August 7 through August 14, 2006, and can be accessed by dialing +1.973.341.3080 and entering conference number 7689679. Additionally, the conference call is being webcast by ViaVid Communications and can be accessed by visiting http://viavid.net/dce.aspx?sid=000033E2 or Altairnano's web site, www.altairnano.com. ABOUT ALTAIR NANOTECHNOLOGIES INC. Altairnano is an innovator and supplier of advanced ceramic This article is about ceramic materials. For the fine art, see Ceramic art. The word ceramic is derived from the Greek word κεραμικός (keramikos). nanomaterials. With a skilled team of scientists in its 100,000 square foot facilities who, coupled in collaborative col·lab·o·rate intr.v. col·lab·o·rat·ed, col·lab·o·rat·ing, col·lab·o·rates 1. To work together, especially in a joint intellectual effort. 2. ventures with industry partners and leading academic centers, have developed a unique portfolio of intellectual property and novel products. These researchers 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. . Altairnano focuses on nanotechnology applications With nanotechnology, a large set of materials and improved products rely on a change in the physical properties when the feature sizes are shrunk. Nanoparticles for example take advantage of their dramatically increased surface area to volume ratio. Their optical properties, e.g. to enable new high-growth markets. In alternative energy Altairnano is pioneering new battery materials and systems. The company is applying nanotechnology nanotechnology: see micromechanics. nanotechnology Manipulation of atoms, molecules, and materials to form structures on the scale of nanometres (billionths of a metre). to the development of drug candidates for humans and animals, coatings materials for implants, and materials for dental dental /den·tal/ (den´t'l) pertaining to a tooth or teeth. den·tal adj. 1. Of, relating to, or for the teeth. 2. Of, relating to, or intended for dentistry. applications. Its high performance nanomaterials have applications in paints, coatings, and the treatment of water and air. The Altair Hydrochloride hydrochloride /hy·dro·chlo·ride/ (-klor´id) a salt of hydrochloric acid. hy·dro·chlo·ride n. A compound resulting from the reaction of hydrochloric acid with an organic base. Pigment pigment, substance that imparts color to other materials. In paint, the pigment is a powdered substance which, when mixed in the liquid vehicle, imparts color to a painted surface. process, the first new patented pigment process in 50 years, is 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] method for manufacturing white pigment used in paints, paper and plastic. For additional 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 Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. 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 company'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 Altairnano's cash and non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) will rise significantly during the following year as a result of unforeseen events; that in future testing and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. commercial use, the various Altairnano products and potential products referenced in this release may not demonstrate expected results or may not prove competitive with existing products or products under development; that, irrespective of irrespective of prep. Without consideration of; regardless of. irrespective of preposition despite a product's potential, parties to our development and license agreements may abandon abandon v. to intentionally and permanently give up, surrender, leave, desert, or relinquish all interest or ownership in property, a home or other premises, a right of way, and even a spouse, family, or children. commercialization or marketing efforts for various internal reasons; that applications for key patents may be denied or key regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals may not be obtained for technical or other reasons; and that even if full commercialization occurs, sales may not reach expected levels for one or more reasons, including failure of the product to perform as expected, the introduction of a superior product or the withdrawal from the project of key commercial partners. 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. and Form 10-Q Form 10-Q See 10-Q. , as 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.
ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
(Unaudited)
June 30, December 31,
2006 2005
------------ ------------
ASSETS
Current Assets
Cash and cash equivalents $ 1,678,372 $ 2,264,418
Investment in available for sale
securities 12,764,844 20,789,656
Accounts receivable 474,446 602,168
Prepaid expenses and other current
assets 392,076 254,067
------------ ------------
Total current assets 15,309,738 23,910,309
Investment in Available for Sale Securities 906,124 423,000
Property, Plant and Equipment, net 9,902,278 8,169,445
Patents, net 847,655 890,062
Other Assets 21,261 71,200
------------ ------------
Total Assets $ 26,987,056 $ 33,464,016
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Trade accounts payable $ 1,792,032 $ 808,905
Accrued salaries and benefits 920,844 709,349
Accrued liabilities 467,969 309,289
Note payable, current portion 600,000 600,000
------------ ------------
Total current liabilities 3,780,845 2,427,543
------------ ------------
Note Payable, Long-Term Portion 1,800,000 2,400,000
------------ ------------
Stockholders' Equity
Common stock, no par value, unlimited
shares authorized; 59,461,393 and
59,316,519 shares issued and
outstanding at June 30, 2006 and
December 31, 2005 92,232,886 92,126,714
Additional paid in capital 877,512 -
Accumulated deficit (71,501,987) (63,152,905)
Deferred compensation expense - (165,336)
Accumulated other comprehensive loss (202,200) (172,000)
------------ ------------
Total Stockholders' Equity 21,406,211 28,636,473
------------ ------------
Total Liabilities and Stockholders' Equity $ 26,987,056 $ 33,464,016
============ ============
ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in United States Dollars)
(Unaudited)
Three Months Ended Three Months Ended
March 31, June 30,
------------------------ ------------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
Revenues
License fees $ - $ 695,000 $ 364,720 $ -
Product sales 8,018 23,108 2,640 42,485
Commercial
collaborations 330,270 96,266 389,236 160,775
Contracts and
grants 207,008 213,206 300,232 299,621
----------- ----------- ----------- -----------
Total revenues 545,296 1,027,580 1,056,828 502,881
----------- ----------- ----------- -----------
Operating Expenses
Cost of product
sales 1,266 3,546 1,450 12,461
Research and
development 1,948,387 781,535 2,205,265 744,142
Sales and marketing 393,161 730,438 618,422 190,670
General and
administrative 2,611,304 1,565,435 1,796,853 1,355,698
Depreciation and
amortization 316,871 244,630 363,247 251,455
----------- ----------- ----------- -----------
Total operating
expenses 5,270,989 3,325,584 4,985,237 2,554,426
----------- ----------- ----------- -----------
Loss from
Operations (4,725,693) (2,298,004) (3,928,409) (2,051,545)
----------- ----------- ----------- -----------
Other Income
(Expense)
Interest expense (45,500) (50,700) (42,000) (51,592)
Interest income 211,303 103,276 181,522 184,383
Loss on foreign
exchange (174) (531) (131) (324)
----------- ----------- ----------- -----------
Total other income,
net 165,629 52,045 139,391 132,467
----------- ----------- ----------- -----------
Net Loss $(4,560,064) $(2,245,959) $(3,789,018) $(1,919,078)
=========== =========== =========== ===========
Loss per common
share - Basic and
diluted $ (0.08) $ (0.04) $ (0.06) $ (0.03)
=========== =========== =========== ===========
Weighted average
shares - Basic and
diluted 59,222,352 54,237,653 59,290,242 58,814,970
=========== =========== =========== ===========
Six Months Ended
June 30,
------------------------
2006 2005
----------- -----------
Revenues
License fees $ 364,720 $ 695,000
Product sales 10,658 65,593
Commercial collaborations 719,506 257,041
Contracts and grants 507,240 512,827
----------- -----------
Total revenues 1,602,124 1,530,461
----------- -----------
Operating Expenses
Cost of product sales 2,716 16,007
Research and development 4,153,652 1,525,677
Sales and marketing 1,011,583 921,108
General and administrative 4,408,157 2,921,133
Depreciation and amortization 680,118 496,085
----------- -----------
Total operating expenses 10,256,226 5,880,010
----------- -----------
Loss from Operations (8,654,102) (4,349,549)
----------- -----------
Other Income (Expense)
Interest expense (87,500) (102,292)
Interest income 392,825 287,659
Loss on foreign exchange (305) (855)
----------- -----------
Total other income, net 305,020 184,512
----------- -----------
Net Loss $(8,349,082) $(4,165,037)
=========== ===========
Loss per common share - Basic and diluted $ (0.14) $ (0.07)
=========== ===========
Weighted average shares - Basic and diluted 59,256,485 56,524,538
=========== ===========
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