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Nanophase Reports First Quarter 2012 Financial Results

ROMEOVILLE, Ill., May 15, 2012 (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (OTCQB:NANX), a technology leader in nanomaterials and advanced nanoengineered products, today reported financial results for the first quarter, ended March 31, 2012.

Nanophase CEO and President Jess Jankowski commented, "Our 2012 goal is to report a third consecutive year of revenue growth and improve our bottom line. Revenue for the first six months of 2011 was accelerated as customers purchased inventory for manufacture of both personal care and polishing products, and then tapered off during the second half of the year. New products and applications are expanding our customer base, while we continue selling to existing seasonal customers. We believe this expansion will produce more consistency in our 2012 revenue, on a quarterly basis, with acceleration in some areas as the year moves forward."

First Quarter 2012 Financial Highlights

  • Revenue for the quarter was $2.4 million, down slightly when compared to $2.8 million in the first quarter of 2011.
     
  • The net loss for the quarter was $0.8 million, or a loss of $0.04 per share, compared to a net loss of $0.6 million, or $0.03 per share, for the comparable 2011 quarter. 
     
  • There is approximately $2.3 million in cash and cash equivalents on the balance sheet; the company has no debt.

Jankowski continued, "Last year we reported 60 percent of our revenue during the first half of the year. We expect this year to be weighted more toward the second half as we grow new business. Our overall strategy is to maintain growth with our existing customers, as we expand into diversified, non-seasonal markets." 

Shareholders and members of the financial community are encouraged to participate in the upcoming conference call, where Mr. Jankowski will discuss the company's current and long-term prospects.

First Quarter 2012 Conference Call 

Nanophase has scheduled its quarterly conference call for May 18, 2012, at 10:00 a.m. CDT (11:00 a.m. EDT). The call will be hosted by Jess Jankowski, president and CEO. To participate in the conference call, dial 877-312-8776 (for international callers dial 408-774-4007). The conference ID number is 80947196.

A webcast of the call may be accessed at the company's website, www.nanophase.com, by clicking on the link under News Center and Calendar of Events.

Use of Non-GAAP Financial Information

Nanophase believes that the presentation of results excluding certain items, such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with generally accepted accounting principles.

About Nanophase Technologies

Nanophase Technologies Corporation (NANX), www.nanophase.com, is a leader in nanomaterials technologies and provides nanoengineered solutions for multiple industrial product applications. Using a platform of patented and proprietary integrated nanomaterial technologies, the Company creates products with unique performance attributes from two ISO 9001:2008 and ISO 14001 facilities. Nanophase delivers commercial quantity and quality nanoparticles, coated nanoparticles, and nanoparticle dispersions in a variety of media. 

Forward-Looking Statements

This press release contains words such as "expects," "shall," "will," "believes," and similar expressions that are intended to identify forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company's current beliefs, known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties that could cause the Company's results of operations, performance and achievements to differ materially from current expectations expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, without limitation, the following: a decision by a customer to cancel a purchase order or supply agreement in light of the Company's dependence on a limited number of key customers; uncertain demand for, and acceptance of, the Company's nanocrystalline materials; the Company's manufacturing capacity and product mix flexibility in light of customer demand; the Company's limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the Company's dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may become involved; the impact of any potential new government regulations that could be difficult to respond to or too costly to comply with while remaining financially viable; the ability of the Company to maintain an appropriate electronic trading venue; and other factors described in the Company's Form 10-K filed March 29, 2012. In addition, the Company's forward-looking statements could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties or other contingencies.

     
     
NANOPHASE TECHNOLOGIES CORPORATION
     
BALANCE SHEETS
     
     
     
  March 31, 2012  December 31,  
ASSETS (Unaudited)  2011
     
Current assets:    
Cash and cash equivalents  $ 2,315,306  $ 2,693,623
Investments  30,000  30,000
Trade accounts receivable, less allowance for doubtful accounts of $6,000 on March 31, 2012 and on December 31, 2011  1,177,629  878,600
Other receivables, net  331,010  13,712
Inventories, net  1,271,005  1,338,210
Prepaid expenses and other current assets  344,069  391,466
Total current assets  5,469,019  5,345,611
     
Equipment and leasehold improvements, net  3,498,098  3,713,082
Other assets, net  31,697  32,318
   $ 8,998,814  $ 9,091,011
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Current portion of capital lease obligations  $ 5,438  $ --
Deferred other revenue  279,000  --
Accounts payable  683,473  319,706
Accrued expenses  349,823  383,425
Accrued discount liabilities  85,815  116,103
Total current liabilities  1,403,549  819,234
     
Long-term portion of capital lease obligations  26,063  -- 
Long-term deferred rent  635,110  647,404
Asset retirement obligations  149,828  148,515
   811,001  795,919
     
     
     
Stockholders' equity:    
     
Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding  --   --
Common stock, $.01 par value, 35,000,000 shares authorized; 21,208,162 shares issued and outstanding on March 31, 2012 and December 31, 2011   212,082  212,082
Additional paid-in capital  93,153,507  93,070,979
Accumulated deficit  (86,581,325)  (85,807,203)
Total stockholders' equity  6,784,264  7,475,858
   $ 8,998,814  $ 9,091,011
     
     
     
NANOPHASE TECHNOLOGIES CORPORATION
     
STATEMENTS OF OPERATIONS
     
(Unaudited)
     
     
     
  Three months ended
March 31,
  2012 2011
     
Revenue:    
Product revenue  $ 2,330,293  $ 2,706,433
Other revenue  79,045  79,253
Total revenue  2,409,338  2,785,686
     
Operating expense:    
Cost of revenue  1,845,651  1,861,659
Gross profit  563,687  924,027
     
Research and development expense  399,614  401,025
Selling, general and administrative expense  944,315  1,077,696
Loss from operations   (780,242)  (554,694)
Interest income  --   1,893
Interest expense  (1,105)  (899)
Other, net  7,225  (42)
Loss before provision for income taxes  (774,122)  (553,742)
     
Provision for income taxes  --   -- 
Net loss  $ (774,122)  $ (553,742)
     
     
Net loss per share-basic and diluted  $ (0.04)  $ (0.03)
     
Weighted average number of basic and diluted common shares outstanding  21,208,162  21,204,162
     
     
     
NANOPHASE TECHNOLOGIES CORPORATION
     
STATEMENTS OF OPERATIONS - EXPANDED SCHEDULE
     
(Unaudited)
     
     
   Three months ended
March 31
     
  2012 2011
Revenue:    
Product revenue, net  $ 2,330,293  $ 2,706,433
Other revenue  79,045  79,253
Total revenue  2,409,338  2,785,686
     
Operating expense:    
Cost of revenue detail:    
Depreciation  200,680  222,125
Non-Cash equity compensation  8,489  10,536
Other costs of revenue  1,636,482  1,628,998
Cost of revenue  1,845,651  1,861,659
Gross profit  563,687  924,027
     
Research and development expense detail:    
Depreciation  32,595  36,070
Non-Cash equity compensation  21,757  21,292
Other research and development expense  345,262  343,663
Research and development expense  399,614  401,025
     
Selling, general and administrative expense detail:    
Depreciation and amortization  20,437  23,729
Non-Cash equity compensation  52,161  77,280
Other selling, general and administrative expense  871,717  976,687
Selling, general and administrative expense  944,315  1,077,696
Loss from operations   (780,242)  (554,694)
Interest income  --   1,893
Interest expense  (1,105)  (899)
Other, net  7,225  (42)
Loss before provision for income taxes  (774,122)  (553,742)
Provision for income taxes  --   -- 
Net loss  $ (774,122)  $ (553,742)
     
Non-GAAP Disclosure (see note regarding Non-GAAP disclosures):
Addback Interest, net  1,105  (994)
Addback Depreciation/Amortization  253,712  281,924
Addback Non-Cash Equity Compensation  82,407  109,108
     
Adjusted EBITDA  $ (436,898)  $ (163,704)
     
CONTACT: Nancy Baldwin
         Investor Relations
         630-771-6708
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