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Altair Nanotechnologies Inc (ALTI) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Altair Nanotechnologies Inc

CIK: 1016546 Ticker: ALTI
Exhibit 99.1

Altair Nanotechnologies Reports 2010 Financial Results

RENO, Nev. – February 24, 2011 – Altair Nanotechnologies Inc. (Altairnano) (Nasdaq: ALTI), a provider of advanced lithium-ion battery technologies and systems, today reported financial results for the year ended December 31, 2010.

“The Company took a number of giant strides forward and successfully completed several important milestones during 2010 toward greater market acceptance and profitability,” said Dr. Terry Copeland, Altairnano’s president and chief executive officer. “The Company is positioned for the beginning of significant revenue traction and growth in 2011 and beyond.”

Financial Highlights for the full year of 2010 compared to 2009

 
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Revenues increased 79 percent to $7.8 million.
 
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Gross margin of $2.0 million compared to $1.3 million.
 
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Operating expenses of $22.5 million compared to $22.1 million.
 
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Net loss of $22.3 million compared to $21.3 million.
 
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Net cash burn excluding the sale of new common shares of $14.1 million compared to $22.8 million.

For the full-year 2010, Altairnano reported a 79 percent increase in revenues to $7.83 million, up $3.46 million from $4.37 million for 2009.  More importantly for the future, the revenue in each quarter was higher than in the prior quarter increasing from $1.2 million to $1.5 million to $2.0 million to $3.1 million.  The net loss was $22.3 million, or $0.84 per share, compared to a net loss of $21.3 million, or $0.85 per share, for 2009.  The basic and diluted weighted average shares outstanding for the year were 26.6 million, compared to 25.0 million in 2009.

This increase in revenues is the result of higher battery product sales, contract and grant activity with the Office of Naval Research and the Department of Defense.  For the year, gross margin was also higher by $0.7 million and operating expenses remained relatively flat at $22.5 million from $22.1 million in 2009 primarily as a result of lower R&D and G&A expense more than offset by higher marketing and sales expenses.  In addition to the margin and operating expense drivers 2010 results were negatively impacted by the $2.0 million loss on the sale of our auction rate securities and Spectrum common stock, while our 2009 results benefitted from the $0.9 million gain on the sale of an initial block of Spectrum common stock.

Altairnano’s cash and cash equivalents decreased by $13.4 million, from $18.1 million at December 31, 2009 to $4.7 million at December 31, 2010. This is primarily due to net cash used in operations of approximately $15.2 million. The bulk of this amount went to cover normal compensation and non-labor expenses, $1.6 million for increased product inventories, an increase of $0.6 million in accounts receivable offset by an increase of $1.1 million in accounts payable and an increase of $2.2 million in deferred revenue. Investing activities consisted primarily of purchases of fixed assets of approximately $1.0 million offset by the receipt of $2.6 million from the sale of our available for sale securities.  Financing activities of $0.1 million is a result of the money raised from the Company’s At-the-Market financing offset by the final payment on the note on the Company’s Reno facility.

 
 

The following information was filed by Altair Nanotechnologies Inc (ALTI) on Thursday, February 24, 2011 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
Ticker: ALTI
CIK: 1016546
Form Type: 10-K Annual Report
Accession Number: 0001437749-11-001103
Submitted to the SEC: Fri Feb 25 2011 9:52:08 PM EST
Accepted by the SEC: Mon Feb 28 2011
Period: Friday, December 31, 2010
Industry: Miscellaneous Chemical Products

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