Business News
Nanophase Reports First Quarter 2009 Financial Results
Monday 11. May 2009 - Nanophase Continues to Execute New Strategy
Nanophase Technologies Corporation (NASDAQ:NANX), a technology leader in nanomaterials and advanced nanoengineered products, reported today financial results for its first quarter ending March 31, 2009.
First Quarter
Revenue for first quarter 2009 was $1.4 million, compared to $3.0 million for the same period in 2008. The net loss for the quarter was $2.1 million, or $0.10 per share, compared to a net loss of $0.8 million, or $0.04 per share, for the first quarter of 2008. Of the $2.1 million loss in Q1 of 2009, 37% was due to severance charges related to the Company’s February 2009 reorganization.
Looking Ahead
“We remain focused on building our pipeline by leveraging our technology platform and applications development know-how,” said Jess Jankowski, Nanophase president and CEO. “Our new way of going to market, with a major emphasis on our internal sales and application development team to drive new business, will make Nanophase fundamentally different and should lead to greater success. To that end, we have refocused our research and development efforts so that they are aligned with the market driven, direct-to-the-customer model. In addition to continuing to serve the needs of our existing partners, we are intent on building applications expertise in carefully selected market segments that we thoroughly understand, talking to customers and potential customers, tailoring our product offerings towards identified unmet needs where there is a strong value proposition.”
“We believe this approach is already resulting in a higher number of quality opportunities and will improve the rate at which we can move those opportunities through the applications development and sales cycles to revenue. We have developed, and continue to develop, ready-to-go products that should serve the customer’s needs much more directly. We expect the prospects for success will be improved relative to our previous model.”
Shareholders and members of the financial community are encouraged to participate in today’s conference call, where Jankowski will be discussing the company’s first quarter performance and 2009 prospects.