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Nanophase Reports Strong Fourth Quarter 2012 Third Consecutive Year Of Revenue Growth

Stocks in this article: NANX

ROMEOVILLE, Ill., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (OTCQB:NANX), a technology leader in nanomaterials and advanced nanoengineered products, today reported revenue of $2.7 million for the fourth quarter and revenue of $10.0 million for the fiscal year ended December 31, 2012.

Nanophase CEO and President Jess Jankowski commented, "We measure ourselves on what we have accomplished – what we have put in the bank – and we have seen three consecutive years of revenue growth, a significantly improved bottom line, and stronger cash flow. We also measure ourselves by what we have put in place for the future, and I see new products in the market and significant projects in our pipeline, any of which have the potential to move Nanophase to an entirely different level of performance."

Fourth Quarter 2012 Financial Highlights

  • Revenue for the fourth quarter was $2.7 million, compared to revenue of $1.7 million for the comparable 2011 quarter, a 61 percent increase. Gross margin was 25% for the fourth quarter 2012, vs. 4% during the fourth quarter 2011.  
  • The net loss for the quarter was $0.6 million, or a loss of $0.02 per share, compared to a net loss of $1.3 million, or $0.06 per share, for the comparable 2011 quarter.  
  • The Company finished 2012 with approximately $4.2 million in cash and cash equivalents on the balance sheet; the company has no debt.

Fiscal year ended December 31, 2012 Financial Highlights

  • Revenue for fiscal year 2012 was $10.0 million, compared to $9.7 million for 2011. Gross margin improved to 26%, from 24%, for fiscal year 2012 vs. 2011, respectively.  
  • The net loss for the fiscal year ended December 31, 2012 was $2.4 million, or a loss of $0.10 per share, compared to a net loss of $3.4 million, or $0.16 per share, for 2011.

"During the past few years," continued Jankowski, "our bottom line has improved from a loss of $6.4 million in 2008 to $4.9 million in 2009, $4.1 million in 2010, $3.4 million in 2011, and now $2.4 million in 2012. We have accomplished this while expanding in our core areas, setting up new and potentially significant revenue opportunities. We are also focused on enhancing our offerings going forward, into new markets that we expect will provide additional returns as they mature. I like where our company stands and look forward to sharing our progress during 2013."

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