Altair Nanotechnologies Reports 2011 Financial Results
(firmenpresse) - RENO, NV -- (Marketwire) -- 03/28/12 -- Altair Nanotechnologies Inc. (Altair) (NASDAQ: ALTI), a provider of advanced lithium-ion battery technologies and systems, today reported financial results for the year ended December 31, 2011.
Revenues decreased 33 percent from $7.8 million to $5.2 million.
Gross loss of $0.6 million compared to gross profit of $2.0 million.
Operating expenses of $20.5 million compared to $22.5 million.
Net loss of $19.9 million compared to $22.3 million.
Cash used for operations and capital assets of $15.2 million compared to $16.2 million.
For the full-year 2011, Altair reported a 33 percent decrease in revenues to $5.2 million, down $2.6 million from $7.8 million for 2010. Cost of goods sold was 111% of revenue versus 74% of revenue in 2010. Operating expenses were down 9 percent to $20.5 million in 2011 from $22.5 million in 2010. Net loss in 2011 was $19.9 million, or $0.43 per share, compared to a net loss of $22.3 million, or $0.84 per share for 2010. The basic and diluted weighted average shares outstanding for the year were 46.9 million in 2011, compared to 26.6 million in 2010.
Revenues from product sales increased from $3.5 million in 2010 to $4.6 million in 2011 as a result of continued sales to Proterra and sales to Zhuhai Yintong Energy Co., Ltd (YTE). Commercial collaborations, contracts and grants decreased $3.9 million from $4.3 million in 2010 to $0.4 million in 2011 as we reached the final conclusion of our contracts with the Office of Naval Research and U.S. Army as a result of the Canon transaction. For the year, gross margin was lower by $2.6 million due to several factors. The first of these is reduced sales volume associated with the elimination of our military sales in 2011. Secondly, there was a loss on the sale of product to YTE, an affiliate of Canon Investment Holdings Limited (Canon), therefore a related party to Altair. We anticipate that YTE will assist in facilitating our entry into the China market. Finally there were charges to inventory reserve related to quality problems with a battery cell supplier. Operating expenses were down $2.0 million primarily as the result of reductions in product development expenses and improved cost efficiency in the sales and marketing area.
Altair's cash and cash equivalents increased by $41.8 million, from $4.7 million at December 31, 2010 to $46.5 million at December 31, 2011. This is primarily due to two capital raises, net of issuance costs, totaling $57.8 million in 2011, reduced by cash used in operations of approximately $14.7 million.
On July 22, 2011 Altair closed the Canon transaction for a gross capital raise of $57.5 million.
On September 17, 2011 our Board of Directors appointed Dr. H. Frank Gibbard as President and Chief Executive Officer and Stephen B. Huang as Vice President and Chief Financial Officer.
On February 1, 2012 our Board of Directors approved a business plan that included the expansion of business activities into China. We anticipate this expansion will allow us to participate in the fast-growing China market.
On January 17, 2012 Altair and Inversiones Energeticas S.A. de C.V. entered into a further extension to the May 2, 2012 automatic termination provision of the contract in the amount of $18 million for the provision of a 10 megawatt ALTI-ESS advanced battery system in El Salvador. This extension permits INE to continue to seek regulatory approval.
The Board of Directors and our shareholders have approved our domestication from Canada to the U.S. as a Delaware company. We expect this process to be completed in the second quarter of 2012.
We have decided to consolidate our operations including closing our Reno, NV Corporate Headquarters, combining its corporate functions with our Anderson, IN facility for greater efficiency and cost reductions.
We initiated technical demonstration programs with several multi-billion-dollar companies for evaluation of our technology. These actions have demonstrated to our customers the superiority of our technology for a variety of applications; we anticipate that these initial steps will generate revenues in 2012 and beyond in the power grid, transportation and industrial market segments.
Altair will hold a conference call to discuss its 2011 results on Wednesday, March 28, 2012 at 11:00 a.m. Eastern Standard Time (EST). Shareholders and members of the investment community are invited to participate in the conference call. The dial-in number for both U.S. and international callers is +1 678-224-7719. Please dial in to the conference five minutes before the call is scheduled to begin. Ask the operator for the Altair Nanotechnologies call.
An audio replay of the conference call will be available from 2:00 p.m. ET, March 28, 2012, until Midnight ET, April 4, 2012. It can be accessed by dialing +1 855-859-2056 and entering conference number 66027340.
Additionally, the conference call and replay will be available online, and can be accessed by visiting Altair's web site, .
Headquartered in Reno, Nev. with manufacturing in Anderson, Ind., Altair is a leading provider of energy storage systems for clean, efficient power and energy management. Altair's lithium-titanate based battery systems are among the highest performing and most scalable, with applications that include complete energy storage systems for use in providing frequency regulation and renewables integration for the electric grid, and battery modules and systems for transportation and industrial applications. For more information please visit Altair at .
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause Altair's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that development of any of the early-stage products of the Company will not be completed for technical, business or other reasons; that any products under development or in the early commercial stages will not perform as expected in future testing or commercial applications; that customers or prospective customers will not use or purchase products as represented to us or otherwise expected for various reasons, including a buyer's purchasing of a competing product, absence of agreement over pricing or a buyer's absence of capital to purchase products; that one or more of the joint development partners or customers may proceed slowly with, or abandon, development or commercialization efforts for any of various reasons, including concerns with the feasibility of the product or the financial viability of continuing with our products or their product; that sales of commercialized Altair products may not reach expected levels for one or more reasons, including the failure of end products to perform as expected or the introduction of a superior product; that costs associated with the proposed products may exceed revenues; and that, due to unexpected expenses not accompanied by offsetting revenue, the Company's use of cash in its operations may exceed budgeted levels. In general, Altair is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. These risks and uncertainties include without limitation, that any expansion of Altair's business into China may not proceed as expected as a result of Altair's lack of experience in the Chinese market, communication and cultural gaps between U.S.-based and China-based employees and managers, and normal delays, sales cycles or building cycles associated with selling, constructing or operating in a new market. In addition, other risks are identified in the Company's most recent Annual Report on Form 10-K filed with the SEC. Such forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Company expectations or results or any change in events.
Larry Clawson
Director, Financial Planning & Analysis
775.858.3728
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Datum: 28.03.2012 - 06:00 Uhr
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