NANOTECHNOLOGIES POSTS 54 PERCENT
IN 2006 REVENUES
8, 2007 - Altair Nanotechnologies Inc. (Nasdaq: ALTI),
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.
year, revenues increased 54 percent to $4.32 million from $2.81 million in
The net loss for the year was $17.20 million or 29 cents a share, compared
net loss of $9.94 million or 17 cents a share, in the prior year.
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
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
implementing SFAS 123R as of January 1, 2006.
past year represented a major turning point for Altair Nanotechnologies as
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
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.”
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
Reno, Nevada, was $2.40
million on December 31, 2006.
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
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.
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
five minutes before the call is scheduled to begin and ask the operator for
Altair Nanotechnologies call. An audio replay of the conference call will be
available from 2:00
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 (ALTI) 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.