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Altair Nanotechnologies Inc (ALTI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2006

Altair Nanotechnologies Inc

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CIK: 1016546
Exhibit 99.1

 
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ALTAIR NANOTECHNOLOGIES POSTS 54 PERCENT
INCREASE IN 2006 REVENUES

RENO, NV - March 8, 2007 - Altair Nanotechnologies Inc. (Nasdaq:
ALTI), a leading provider of advanced nanomaterials technology for use in energy, pharmaceutical, life sciences and industrial applications, today reported financial results for its year ended December 31, 2006.

For the year, revenues increased 54 percent to $4.32 million from $2.81 million in 2005. The net loss for the year was $17.20 million or 29 cents a share, compared to a net loss of $9.94 million or 17 cents a share, in the prior year.

Operating expenses of $22.01 million for 2006 were $8.72 million greater than operating expenses of $13.29 million for 2005. Increased operating expenses were due to greater research and development efforts, expenses of approximately $5.00 million, largely for staffing and other expenditures related to battery development; increased sales and marketing expenses of approximately $0.34 million primarily relating to increased marketing efforts in the AMPS division; and increased general and administrative (G&A) expenses of approximately $1.92 million. The G&A increase was primarily due to share-based compensation expense, a non-cash item, which increased by approximately $1.54 million, as a result of implementing SFAS 123R as of January 1, 2006.

“This past year represented a major turning point for Altair Nanotechnologies as we took our first steps toward commercialization,” said Alan J. Gotcher, Ph.D., President and Chief Executive Officer of Altair Nanotechnologies Inc. “We accepted and delivered on our first order from Phoenix Motorcars, to provide our proprietary NanoSafe™ battery packs for their all-electric Sports Utility Trucks. We believe this is a major step forward in realizing the commercial promise of all-electric zero emission vehicles.”

Altairnano’s balance sheet remains strong, with cash and short-term investments totaling $27.22 million at year end. The Company’s debt, from a mortgage obligation on its 100,000 square feet of offices, laboratories and semi-works facilities in Reno, Nevada, was $2.40 million on December 31, 2006.

“We continue to invest in our Advanced Materials and Power Systems (AMPS) business unit, which accounted for a significant portion of our increased expenses during 2006. During the first quarter of 2007 we received a purchase order from Phoenix Motorcars for $1.04 million of our NanoSafe battery packs to be delivered in the first quarter and projections for total 2007 orders between $16 and $42 million. We will continue to make strategic investments in our battery materials, batteries and battery systems, which we believe have a potential for strong returns and serve as a major driver for our business,” Gotcher said.

Please join a conference call with Altairnano’s management team at 11 a.m. Eastern Standard Time, today, 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 (913) 981-5559. Please dial into the conference five minutes before the call is scheduled to begin and 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. Eastern Standard Time, Thursday, March 15, 2007, and can be accessed by dialing (719) 457-0820 and entering conference number 9412705.

The following information was filed by Altair Nanotechnologies Inc on Thursday, March 8, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 1016546
Form Type: 10-K Annual Report
Accession Number: 0001019687-07-000697
Submitted to the SEC: Tue Mar 13 2007 2:27:34 PM EST
Accepted by the SEC: Tue Mar 13 2007
Period: Sunday, December 31, 2006
Industry: Miscellaneous Chemical Products

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