Altair Nanotechnologies Inc 10-K Annual Report April 2013

Reno, NV (Marketwire – March 28, 2013) – Altair Nanotechnologies, Inc. (“Altair”) (NASDAQ: ALTI), today reported financial results for the fourth quarter and the year ended December 31, 2012.

For the year ended December 31, 2012, Altair reported revenues of $1.5 million compared to $5.2 million in 2011. The gross loss was $1.3 million compared to $571,000 a year ago. The net loss for 2012 was $18 million, or $1.55 a share, compared to a net loss of $19.9 million, or $2.55 a share, for 2011. Deferred revenues grew to $7.2 million as of December 31, 2012, compared to $1.6 million as of December 31, 2011.

For the 2012 fourth quarter, Altair reported revenues of $476,000 compared to $1.3 million for the same period in 2011. The gross loss was $114,000 compared to $445,000, primarily due to the reversal of inventory reserves. Operating expenses were $4.1 million compared to $5.6 million, primarily due to the impairment of fixed assets in the fourth quarter of 2011. The net loss for the fourth quarter of 2012 was $3.6 million, or $0.31 per share, compared to a net loss of $5.1 million, or $0.51 per share, for the same period in 2011.

“In 2012, we focused our efforts on the execution of key milestones, including our customer deliverables, product development, cost reduction, and the expansion of our business into the Chinese market,” stated Alexander Lee, Altair’s Chief Executive Officer. “We are well positioned to leverage our operational successes in 2012 and to ramp up and recognize revenue in 2013.”

Highlights for the year ended December 31, 2012 and subsequent events include:

5 ALTI-ESS systems were built, and 4 were shipped in 2012 - the most ever for Altair.

In July 2012, the Company shipped a 1.2 megawatt (MW) ALTI-ESS to Vestas for a wind integration project in Denmark. This system was installed and commissioned in November 2012, and it went into commercial operation in February 2013.

In August 2012, the Company shipped an ALTI-ESS to the Hawaii Natural Energy Institute (HNEI). This system was installed and commissioned at a wind farm in December 2012.

In October 2012, the Company entered into a contract with TSK Solar, a leading energy EPC contractor and engineering firm, to supply a 2 MW ALTI-ESS Advantage system that will be installed at the San Fermin 26 MW photovoltaic solar farm in Puerto Rico. The Company shipped the system in November 2012.

In November 2012, the Company shipped a 1.8 MW ALTI-ESS system to an east coast utility customer. This system was installed and commissioned in December 2012, and it went into commercial operation in January 2013.

Economic development deals.

In April 2012, Altair’s subsidiary in China, Northern Altair Nanotechnologies Co., Ltd. (“Northern Altair”) entered into an economic development agreement with the cities of Wu’an and Handan in Hebei Province, China.

The following information was filed by Altair Nanotechnologies Inc on Thursday, March 28, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Altair Nanotechnologies Inc provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

CIK: 1016546
Form Type: 10-K Annual Report
Accession Number: 0001437749-13-003823
Submitted to the SEC: Mon Apr 01 2013 6:09:43 PM EST
Accepted by the SEC: Tue Apr 02 2013
Period: Monday, December 31, 2012
Industry: Miscellaneous Chemical Products

External Resources:
SEC.gov

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Altair Nanotechnologies Inc (ALTI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

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