ROMEOVILLE, Ill., March 9, 2011 (GLOBE NEWSWIRE) -- Nano phase Technologies Corporation (Nasdaq:NANX), a technology leader in nanomaterials and advanced nanoengineered products, announced today its financial results for the quarter and full year ended December 31, 2010.
Increased revenue by 50 percentFocused on delivering high margin products with greater cost efficiency Executed a solid business strategy Experienced strategic growth in target markets Fourth Quarter
- Revenue for the quarter was $2.0 million, a 29 percent increase, when compared to revenue of $1.6 million for the 2009 fourth quarter.
- Gross margin for the quarter was $0.4 million, or 18 percent of revenue, versus gross margin $0.2 million, or 14 per cent of revenue, for the comparable 2009 quarter.
- Revenue for the year was $9.5 million, a 50 percent increase, when compared to revenue of $6.3 million for the same period in 2009.
- Gross margin for the year was $2.5 million, or 27 percent of revenue, an increase of $1.5 million, or 165 percent of gross margin dollars, versus gross margin of $1.0 million, or 15 percent of revenue for the full year of 2009.
- Net loss for the year was $4.1 million, or $0.19 per share. The net loss for the same period in 2009 was $4.9 million, or $0.23 per share. Results for 2010 include a $0.7 million contract termination charge, while 2009 results include a $0.8 million severance charge partially offset by a $440,000 impairment charge recovery related to financial instruments.
- We strengthened our business relationship with BASF as a provider of materials for their personal care products.
- Our new relationship with Altana AG allows Nanophase more flexibility to pursue various market segments more directly, while still providing high quality products to Altana.
- We grew our strategic customer pipeline for our products targeting the $2 billion coatings industry; we expect to see an up-trend in revenue from this pipeline during 2011 and building in 2012.
- The introduction of a new product line, NanoUltra™ developed for commercial window cleaning and restoration. This introduction positioned the company to explore the $9 billion consumer market during 2011.
- We developed and tested product solutions for customers with unmet needs in our top tier markets. A number of these products are expected to deliver revenue in 2011.
- We have a cohesive, strategically aligned management team that thinks entrepreneurially."
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