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Altair Nanotechnologies Inc (ALTI) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2013

Altair Nanotechnologies Inc

CIK: 1016546 Ticker: ALTI

Exhibit 99.1

 

 Altair Nanotechnologies Reports Second Quarter 2013 Financial Results

 

 

Reno, NV (Marketwire – August 8, 2013) – Altair Nanotechnologies, Inc. (“Altair”) (NASDAQ: ALTI), today reported financial results for the second quarter ended June 30, 2013.

 

Altair reported revenues of $3.2 million for the second quarter compared to $0.5 million for the same period in 2012.  The gross loss was $0.1 million, due to inventory cost adjustments and the launching of new electric grid products, compared to $0.6 million for the same period in 2012.

 

Operating expenses were $3.0 million for the second quarter, a $1.4 million decrease from $4.4 million for the same period in 2012.  Planned reductions were achieved and accounted for the decrease of $1.4 million in the research and development and sales and marketing departments. General and administrative costs increased due to the ramp up of our China operations.

 

The net loss for the second quarter of 2013 was $3.0 million ($0.26 per share) compared to a net loss of $4.9 million ($0.42 per share) for the same period in 2012.

 

“Sixteen months ago, we put into action our plan to position the company for growth, reduce costs, and drive revenue opportunities,” stated Alexander Lee, Altair’s Chief Executive Officer. “We focused heavily on the execution of our deliverables to achieve these goals. Today, our teams in the U.S. and China act as one, and we are nearing the completion of our new nano lithium titanate and energy storage system plants on 106 acres that we acquired the land use rights for in Wu’an, China.

 

“In addition, we have delivered multiple grid-scale systems to leading grid operators that have stated how impressed they are with our product’s performance and that we can use as key references. We have reduced our operating expenses by 36% as compared to the quarter immediately preceding my start date back in April 2012, and we hit this target while ramping up our China team from just a few employees to a 78 person team. With respect to revenue, we recognized $3.2 million in revenue this quarter, which brings our mid-year revenue total to $5.0 million. We currently have $5.5 million in deferred revenue, and we are on track to have one of our best years on record. As we noted last quarter, 2013 will truly be a milestone year for Altair.”

 

Highlights for the quarter ended June 30, 2013 and subsequent events include:

 

 

In June 2013, we entered into a memorandum of understanding with Tauron Dystrybucja SA. to jointly determine the necessary infrastructure needs for stationary energy storage systems based on nano lithium titanate batteries, and for the construction of power and frequency stabilization systems in Poland. TAURON is a subsidiary of TAURON Polska Energia S.A., Poland's second largest energy company.

 

 

In May 2013, Northern Altair acquired a second conditional 50-year land use right with respect to approximately 40 acres of industrial land in Wu’an, China with an acquisition price of approximately $8.6 million which includes various land transfer taxes and fees that are equal to approximately $1.2 million. In turn, we expect to receive cash incentives as part of our economic development deal, which shall be equal to our acquisition price. The closing occurred on May 27, 2013. This Land will be used for the Company’s nano lithium titanate and energy storage system manufacturing operations in China.

 

 

 
 

The following information was filed by Altair Nanotechnologies Inc (ALTI) on Thursday, August 8, 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-Q Quarterly 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-Q Quarterly Report
Accession Number: 0001437749-13-010780
Submitted to the SEC: Wed Aug 14 2013 2:46:21 PM EST
Accepted by the SEC: Wed Aug 14 2013
Period: Sunday, June 30, 2013
Industry: Miscellaneous Chemical Products

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