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Altair Nanotechnologies Reports Third Quarter 2012 Financial Results
By: Marketwired .
Nov. 8, 2012 07:45 AM
RENO, NV -- (Marketwire) -- 11/08/12 -- Altair Nanotechnologies, Inc. ("Altair") (NASDAQ: ALTI), today reported financial results for the third quarter ended September 30, 2012. Altair reported revenues of $0.4 million for the third quarter compared to $0.9 million for the same period in 2011. Deferred revenue grew to $5.3 million for the third quarter compared to $1.6 million for the same period in 2011. The gross loss was $428,000 primarily due to cost increases associated with the launch of new electric grid products. Operating expenses were $4.0 million for the third quarter, a decrease from $5.4 million for the same period in 2011. Planned reductions of $0.5 million in research and development, sales and marketing, and general and administrative expenses were achieved. In addition, severance expenses of $0.9 million were recorded in the third quarter of 2011. The net loss for the third quarter of 2012 was $4.7 million ($0.07 per share) compared to a net loss of $5.9 million ($0.10 per share) for the same period in 2011. "We continue to execute on our plan to reduce costs, grow our China business, and make critical investments to advance our technology and products," stated Alexander Lee, Altair's Chief Executive Officer. "We are nearing completion on several large projects that were shipped in the third quarter, which are now being commissioned with key customers." Recent highlights and subsequent events:
Altair's cash and cash equivalents decreased by $14.3 million, from $46.5 million as of December 31, 2011 to $32.2 million as of September 30, 2012. The decrease in cash was primarily due to $14.6 million of cash used in operating activities during the nine months ending September 30, 2012. The bulk of the cash used in operations went to cover our net loss of $14.4 million, offset by $1.0 million in proceeds from a short-term note payable used toward the $4.7 million increase in work-in-process inventory required for the fulfillment of customer orders.
Third Quarter 2012 Conference Call Post call, a phone-based audio replay will be available from 2:00 p.m. EST, Thursday, November 8, 2012 until Midnight EST, November 15, 2012. It can be accessed by dialing +1 404-537-3406 and entering the conference number 64897021. Additionally, the conference call and replay will be available online, and can be accessed by visiting Altair's web site, www.altairnano.com.
About Altair Nanotechnologies Inc.
Forward-Looking Statements
ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Expressed in thousands of United States Dollars, except shares) (Unaudited) September 30, December 31, 2012 2011 ------------- ------------- ASSETS Current assets Cash and cash equivalents $ 32,213 $ 46,519 Restricted cash 293 Accounts receivable, net 949 333 Product inventories, net 8,648 7,220 Prepaid expenses and other assets 4,227 2,240 Other assets, related party 1,700 ------------- ------------- Total current assets 48,030 56,312 Property, plant and equipment, net 6,117 6,870 Patents, net 293 350 ------------- ------------- Total Assets $ 54,440 $ 63,532 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Trade accounts payable $ 6,717 $ 5,870 Accrued salaries and benefits 852 1,132 Accrued warranty 397 354 Accrued liabilities 445 421 Deferred revenues 5,326 1,616 Warrant liabilities 742 654 Note payable, current 1,000 Capital lease obligation 16 12 ------------- ------------- Total current liabilities 15,495 10,059 Total Liabilities 15,495 10,059 ------------- ------------- Stockholders' equity Common stock, no par value, unlimited shares authorized; 69,537,911 shares issued and outstanding at September 30, 2012 and December 31, 2011 245,617 245,617 Additional paid in capital 12,349 12,279 Accumulated deficit (218,828) (204,423) Accumulated other comprehensive loss (193) ------------- ------------- Total stockholders' equity 38,945 53,473 Total Liabilities and Stockholders' Equity $ 54,440 $ 63,532 ============= ============= ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of United States Dollars, except shares and per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ------------------------ 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Revenues Product sales $ 296 $ 795 $ 869 $ 3,335 License fees 60 60 180 180 Commercial collaborations 4 22 80 Contracts and grants 287 ----------- ----------- ----------- ----------- Total revenues 360 855 1,071 3,882 ----------- ----------- ----------- ----------- Cost of goods sold Product 773 559 1,792 3,484 Commercial collaborations (124) 73 Contracts and grants 296 Warranty and inventory reserves 15 97 490 155 ----------- ----------- ----------- ----------- Total cost of goods sold 788 532 2,282 4,008 ----------- ----------- ----------- ----------- Gross (loss) profit (428) 323 (1,211) (126) Operating expenses Research and development 1,423 1,594 5,046 4,933 Sales and marketing 499 834 2,344 2,798 General and administrative 1,836 2,730 5,010 6,107 Depreciation and amortization 252 259 771 1,013 Loss on disposal of assets 2 18 ----------- ----------- ----------- ----------- Total operating expenses 4,010 5,419 13,171 14,869 ----------- ----------- ----------- ----------- Loss from operations (4,438) (5,096) (14,382) (14,995) ----------- ----------- ----------- ----------- Other (expense) income Interest income (expense), net 37 (97) 67 (155) Change in market value of warrants (267) (676) (88) 346 ----------- ----------- ----------- ----------- Total other (expense) income, net (232) (777) (23) 186 ----------- ----------- ----------- ----------- Net loss $ (4,671) $ (5,873) $ (14,405) $ (14,809) =========== =========== =========== =========== Loss per common share - basic and diluted $ (0.07) $ (0.10) $ (0.21) $ (0.38) ----------- ----------- ----------- ----------- Weighted average shares - basic and diluted 69,537,911 60,222,433 69,537,911 39,286,178 =========== =========== =========== ===========
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