Nanophase Reports Stronger First Quarter 2013 Financial Results
News May 07, 2013
Nanophase Technologies Corporation has reported financial results for the first quarter, ended March 31, 2013.
Nanophase CEO and President Jess Jankowski commented, “We had a strong first quarter, continuing our improved results. This $3.0 million of revenue exceeded that of any quarter in 2012. Not surprisingly, this improvement shows on the bottom line.”
Q1 Financial Results
First Quarter 2013 Financial Highlights
• Revenue for the quarter was $3.0 million compared to revenue of $2.4 million for the comparable 2012 quarter, a 24 percent increase. Gross margin was 30% for the first quarter 2013, vs. 23% during the first quarter 2012.
• The net loss for the quarter was $0.5 million, or a loss of $0.02 per share, compared to a net loss of $0.8 million, or $0.04 per share, for the comparable 2012 quarter.
• The Company finished the quarter with approximately $3.6 million in cash and cash equivalents on the balance sheet; the company has no debt.
“While the first quarter is typically a better quarter for Nanophase, I like where we are positioned,” continued Jankowski, “we are focused on accelerating our business development, and have been not only developing new products faster, but we also expect them to have stronger value propositions going forward. While we are very pleased with our progress, we still have work to do toward achieving our goal of sustainable, profitable growth. Our next major goal is to see quarterly positive net results that extend into significant, repeatable cash flows.”