Battery Power equals money
am 10.03.2006 17:55:57 von OlneyboysAll Market Wire News
Altair Nanotechnologies Inc. (NASDAQ: ALTI) today reported financial
results for its year ended December 31, 2005.
Altairnano reported revenue of approximately $2.8 million, a 133 percent
increase, when compared to revenue of approximately $1.2 million for
fiscal 2004.
"We are pleased with our financial results and revenue growth for fiscal
2005," commented Altairnano Chief Executive Officer and President Alan,
J. Gotcher, Ph.D. "Revenue from contracts and grants increased 92
percent, while revenue generated from commercial collaborations
increased more than 49 percent during fiscal 2005. Sales of battery
electrode materials and thermal spray materials drove product revenue
from $7,503 in fiscal 2004 to approximately $149,000 in 2005."
Dr. Gotcher continued, "We are experiencing solid business development
progress with the advancement of our battery initiative, testing of our
thermal spray nanoparticles, expansion of our pigment platform, and
ongoing development of Renalan, our pharmaceutical product for the
treatment of elevated phosphate levels in companion animals. We expect a
number of commercial opportunities in these markets to begin producing
recurring and sustainable revenue during 2006."
The net loss for fiscal 2005 increased by 43 percent to approximately
$10 million, or a net loss per share of $0.17, versus a net loss of $7
million, or a net loss per share of $0.14, for fiscal 2004. The increase
in expenditures is associated with increased efforts in product
development, marketing and sales initiatives.
"During 2005, our operating expenses increased due in part to additional
laboratory facilities in Reno, Nevada, new manufacturing operations in
Indiana, Sarbanes-Oxley compliance, and non-cash charges such as stock
option compensation expenses," commented Altairnano Chief Financial
Officer Edward Dickinson. "In support of our growth strategy and
development plans for fiscal 2005 and 2006, these increases are due in
part to the investment in our battery initiative and increased business
development efforts."
Dickinson continued, "Net cash used in operations averaged approximately
$556,000 per month for the first three quarters, and approximately
$942,000 per month during the fourth quarter, as we hired additional
personnel and continued to increase investments in product and business
development."
As of December 31, 2005, Altairnano's balance sheet was strong, with a
cash position and short term investments of approximately $23 million,
compared to $7.4 million at December 31, 2004. With the exception of a
$3.0 million promissory note to acquire its Reno, Nevada facilities, the
company has no debt of consequence.
Please join a conference call with Altairnano's management team for an
update of the company's financial results and principal product
developments. The conference call is being held today, March 10, 2006,
at 11:00 a.m. Eastern Standard Time. The dial-in number is 973-935-2981
and the conference number is 7115926. The conference call will be
available via a live web cast at either www.altairnano.com or