Altair Nanotechnologies Inc fka ALTI

[Golden Cross]

Altair Nanotechnologies Reports 133 Percent Revenue Increase for Fiscal 2005
Friday March 10, 10:55 am ET


RENO, NV--(MARKET WIRE)--Mar 10, 2006 -- Altair Nanotechnologies Inc. (NasdaqSC:ALTI - News) today reported financial results for its year ended December 31, 2005.
ADVERTISEMENT


Altairnano reported revenue of approximately $2.8 million, a 133 percent increase, when compared to revenue of approximately $1.2 million for fiscal 2004.

"We are pleased with our financial results and revenue growth for fiscal 2005," commented Altairnano Chief Executive Officer and President Alan, J. Gotcher, Ph.D. "Revenue from contracts and grants increased 92 percent, while revenue generated from commercial collaborations increased more than 49 percent during fiscal 2005. Sales of battery electrode materials and thermal spray materials drove product revenue from $7,503 in fiscal 2004 to approximately $149,000 in 2005."

Dr. Gotcher continued, "We are experiencing solid business development progress with the advancement of our battery initiative, testing of our thermal spray nanoparticles, expansion of our pigment platform, and ongoing development of Renalan, our pharmaceutical product for the treatment of elevated phosphate levels in companion animals. We expect a number of commercial opportunities in these markets to begin producing recurring and sustainable revenue during 2006."

The net loss for fiscal 2005 increased by 43 percent to approximately $10 million, or a net loss per share of $0.17, versus a net loss of $7 million, or a net loss per share of $0.14, for fiscal 2004. The increase in expenditures is associated with increased efforts in product development, marketing and sales initiatives.

"During 2005, our operating expenses increased due in part to additional laboratory facilities in Reno, Nevada, new manufacturing operations in Indiana, Sarbanes-Oxley compliance, and non-cash charges such as stock option compensation expenses," commented Altairnano Chief Financial Officer Edward Dickinson. "In support of our growth strategy and development plans for fiscal 2005 and 2006, these increases are due in part to the investment in our battery initiative and increased business development efforts."

Dickinson continued, "Net cash used in operations averaged approximately $556,000 per month for the first three quarters, and approximately $942,000 per month during the fourth quarter, as we hired additional personnel and continued to increase investments in product and business development."

As of December 31, 2005, Altairnano's balance sheet was strong, with a cash position and short term investments of approximately $23 million, compared to $7.4 million at December 31, 2004. With the exception of a $3.0 million promissory note to acquire its Reno, Nevada facilities, the company has no debt of consequence.

Please join a conference call with Altairnano's management team for an update of the company's financial results and principal product developments. The conference call is being held today, March 10, 2006, at 11:00 a.m. Eastern Standard Time. The dial-in number is 973-935-2981 and the conference number is 7115926. The conference call will be available via a live web cast at either www.altairnano.com or http://viavid.net/dce.aspx?sid=00002E3B.

ABOUT ALTAIR NANOTECHNOLOGIES INC.

Altairnano is an innovator and supplier of advanced ceramic nanomaterials. With a skilled team of scientists in its 100,000 square foot facility who, coupled in collaborative ventures with industry partners and leading academic centers, have developed a unique portfolio of intellectual property and novel products. These researchers are complemented by a seasoned management team with substantial experience in commercializing innovative, disruptive technologies.

Altairnano focuses on nanotechnology applications to enable new high-growth markets. In alternative energy Altairnano is pioneering new battery materials and systems. The company is applying nanotechnology to the development of drug candidates for humans and companion animals, coatings materials for implants, and materials for dental applications. Its high performance nanomaterials have applications in paints, coatings, and the treatment of water and air. The Altairnano Hydrochloride Pigment process, the first new patented pigment process in 50 years, is an environmentally friendly method for manufacturing white pigment used in paints, paper and plastic. For additional information visit www.altairnano.com.