Nanophase Technologies Corporation has reported revenue of $2.8 million for the second quarter and revenue of $5.2 million for the six month period ended June 30, 2012.
Nanophase CEO and President Jess Jankowski commented, "Our 2012 goal is to report a third consecutive year of revenue growth and an improved bottom line - we are well on the way. Comparable revenue for the first six months of 2011 was front loaded as manufacturers of personal care products purchased inventory for manufacture of their seasonal products. Expanding commercial markets and new product introductions are expected to more evenly distribute our quarterly revenue stream while providing an uptrend in sales and continued bottom-line improvement over the third and fourth quarters."
Second Quarter 2012 Financial Highlights
Revenue for the second quarter was $2.8 million compared to revenue of $2.9 million for the comparable 2011 quarter. More importantly, second quarter revenue increased $400,000 over revenue reported for the first quarter - a 16 percent increase.
The net loss for the quarter was $400,000, or a loss of $0.02 per share, compared to a net loss $500,000, or $0.02 per share, for the comparable 2011 quarter.
The Company finished the quarter with approximately $2.7 million in cash and cash equivalents on the balance sheet; the company has no debt.
Our fully subscribed stockholder rights offering concluded during July 2012 and has increased cash an additional $2.2 million for a total cash position of approximately $5 million as of July 31, 2012.
Six months ended June 30, 2012 Financial Highlights
Revenue for the first six months of 2012 was $5.2 million, down eight percent when compared to $5.7 million in the first six months of 2011.
The net loss for the six month period ended June 30, 2012 was $1.2 million, or a loss of $0.05 per share, compared to a net loss of $1.1 million, or $0.05 per share, for the comparable 2011 period.
The Company also announced that it has entered a collaboration to investigate aspects of engineered nanoparticle dispersions in polishing applications.
According to Jankowski, Nanophase approached Lewis University for its expertise in particles and precision polishing and provided a grant, which will be used to support applications-specific research related to Nanophase's business development activities that would be impossible for us to undertake with existing internal resources.
Jankowski added, "The project, initiated by Nanophase Vice President of Research and Development, Dr. Patrick Murray, will be valuable in helping Nanophase to validate its product technology, potentially reducing time-to-market, while continuing to build relationships with the external scientific community."
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.