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Nanophase Reports Second Quarter Revenue Of $3.3 Million -- A 100 Percent Increase Year Over Year

ROMEOVILLE, Ill., Aug. 4, 2010 (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (Nasdaq:NANX), a technology leader in nanomaterials and advanced nanoengineered products, today reported financial results for the second quarter and six-month period ended June 30, 2010.

"We are pleased to report strong growth in both revenue and gross margin for the quarter and for the six-month period," said Nanophase President and CEO Jess Jankowski. "Our existing orders indicate that by the end of August our cumulative revenue for 2010 should surpass total revenue reported for 2009. Equally important, our various cost cutting initiatives have significantly reduced manufacturing overhead as well as SG&A expenses, without negatively impacting revenue growth or our sales and marketing strategy."

Second Quarter 2010

  • Revenue for the quarter was $3.3 million, an increase of 100 percent, when compared to revenue of $1.6 million for the second quarter of 2009.
  • Gross margin for the quarter was $1.2 million, or 36 percent of revenue, a significant increase from the $0.2 million, or 11 percent of revenue, for the second quarter of 2009.
  • The net loss for the quarter was $0.1 million, or a loss of $0.01 per share, which compares to a net loss of $1.2 million, or $0.06 per share, for the second quarter of 2009.
  • The balance sheet is strong with approximately $7 million in cash and cash equivalents. The Company has no debt.

Six Months Ended June 30, 2010

  • Revenue for the six-month period ended June 30, 2010, was $5.3 million, an increase of 77 percent, when compared to revenue of $3.0 million for the same period of 2009.
  • Gross margin for the six-month period was $1.7 million, or 32 percent of revenue, a significant increase from the $0.3 million, or nine percent of revenue, for the same period of 2009.
  • The net loss for the six-month period was $1.3 million, or a loss of $0.06 per share, which compares to a net loss of $3.3 million, or $0.16 per share, for the same period of 2009.

Jankowski continued, "Revenue growth is mainly due to increased product sales in the personal care market, along with increased volume in the healthcare and electronics markets. Revenue in the personal care market is somewhat cyclical, with second quarter representing an annual peak; therefore, we expect revenue growth when compared to comparable prior-year quarters, but not on a contiguous quarter to quarter basis. We expect third quarter 2010 revenue to slightly exceed this year's first quarter revenue. Our tightly focused marketing strategy into other markets, including the steady progress being made in expanding our pipeline in the exterior coatings markets and with our products for architectural windows, is expected to drive substantial growth in new revenue streams over the next few years."   

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