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murenabob : Press Release betreffend Altair (Alti)
Thursday May 12, 8:00 am ET
Company Records First Million Dollar Quarter
RENO, NV--(MARKET WIRE)--May 12, 2005 -- Altair Nanotechnologies, Inc. (NasdaqSC:ALTI - News), a leading supplier of advanced ceramic nanomaterial products and technology, today reported financial results for the first quarter ended March 31, 2005.
Total revenues increased by 635 percent, to over $1 million for the first quarter of 2005, when compared to the first quarter of 2004 which recorded revenues of $139,749. First quarter revenues in 2005 almost equal the entire annual revenues of $1.2 million reported for fiscal 2004 ended December 31, 2004.
"I'm pleased to report that Altair achieved its first million dollar revenue quarter as we continue to commercialize products and technologies from project efforts in our research and development labs," said Altair CEO and President Dr. Alan J. Gotcher. "Altair is building momentum, and we expect additional announcements relating to product roll-outs in the coming months."
For the quarter ended March 31, 2005, Altair reported a net loss of $2.2 million, representing a net loss per common share of $0.04, as compared to a net loss of $1.7 million, or $0.04 per common share in the first quarter of 2004. Operating expenses for the first quarter 2005 increased in comparison with first quarter 2004 due to two one-time expenses: 1) An increase in non-cash stock option compensation expense of approximately $532,000; and 2) A one-time $500,000 marketing and sales consulting fee made in connection with the RenaZorb(TM) licensing agreement. Investment in research and development for enhancement and expansion of products increased in the first quarter 2005 by $389,000 to $781,535.
"We are pleased with the strength of our balance sheet," commented Dr. Gotcher. "With the placement of our common stock and the exercise of warrants and options during the first quarter, our cash position as of May 12, 2005, increased significantly to $30.3 million.
"Revenue growth is expected to continue during 2005, as new products and programs are introduced," continued Gotcher. "We believe there will be continued improvement in operating results, with operating expenses rising only slightly during the year as a result of higher regulatory expenses and increased investment in product research and development."
Please join Altair's management for a financial results and project update conference call today, May 12, 2005, at 11:00 AM Eastern. The dial-in number is 888.245.7013.