Altair Nanotechnologies Inc., a leading provider of advanced nanomaterials technology for use in energy, pharmaceutical, life sciences and industrial applications, today reported its revenues more than doubled in the second quarter, ended June 30, 2006, compared to the second quarter of 2005.
In the wake of escalating customer interest in the unique properties of Altairnano's patented nanomaterials, the company reported second quarter revenues of $1.057 million, up from $502,881 for the second quarter of 2005. In quarter-on-quarter growth, Altairnano's Q2 revenues grew 94 percent, up from $545,000 in Q1 of 2006.
The Company's net loss for the second quarter was $3.78 million, or $0.06 per share, versus $1.91 million, $0.03 per share, for the second quarter of fiscal 2005.
"Batteries, battery packs and battery systems are a major driver for our business. As a result, we are continuing to expand our investment in our Advanced Materials and Power Systems (AMPS) business unit, which has accounted for a significant portion of our increased expenses this quarter," Altairnano Chief Financial Officer Edward Dickinson said. "However, we believe strongly these strategic investments in research and development and marketing in AMPS, and others we are making in the Company, will produce strong returns."
Altairnano's balance sheet at the end of the second quarter was strong, with cash and short term investments totaling $14.4 million. The Company's debt remains at $2.4 million from a mortgage obligation to acquire the company's 80,000 square feet of offices, laboratories and semi-works facilities in Reno, Nevada.
"The second quarter was a period of continued commercialization development for Altair Nanotechnologies, and in our power systems business set the stage for the first order for electric vehicle batteries which we received in July, 2006. We believe the future will be marked by still greater demand for our innovative nanomaterials coupled with a broad range of expanding commercial applications," said Altair Nanotechnologies Inc. President and Chief Executive Officer Alan J. Gotcher, Ph.D.
Please join a conference call with Altairnano's management team for an update on the company's financial results and principal business developments. The conference call dial-in number for both U.S. and international callers is +1.973.582.2706. Please dial into the conference five minutes before the call is scheduled to begin and ask the operator for conference number 7689679. An audio replay of the conference call will be available from August 7 through August 14, 2006, and can be accessed by dialing +1.973.341.3080 and entering conference number 7689679.
Additionally, the conference call is being webcast by ViaVid Communications and can be accessed by visiting http://viavid.net/dce.aspx?sid=000033E2 or Altairnano's web site, http://www.altairnano.com.
