Nanophase Technologies Corp. (NANX)

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Waste of time & Money imho Nanophase Reports Third Quarter 2018 Financial Results
4:00 pm ET October 31, 2018 (Globe Newswire) Print
Expects Record Year Driven by Solesence and Mineral UV Absorber Growth

The Company's financial conference call is scheduled for November 1, 2018 at 11am EDT

Nanophase Technologies Corporation (OTCQB: NANX), a leader in minerals-based personal care ingredients and formulated products for protecting skin from environmental aggressors such as UV light and pollution, today reported financial results for the third quarter ended September 30, 2018.

"Through our first Solesence product launches, our patented and proprietary Active Stress Defense Technology is being well received in the market," commented Nanophase CEO and President Jess Jankowski. "We are awaiting feedback regarding follow-on volume for 2019. Solesence revenue made up more than 10% of our total revenue over the past two quarters, and we expect ongoing sales from our initial launches, plus revenue from a new clients' upcoming launch, to have a positive impact on Q4 results."

"Total revenue in Q318 has been most significantly driven by the continued strength of our minerals-based active ingredients in the various sun- and skin-care markets. We expect consumer awareness of the positive effects of minerals-based versus chemicals-based UV protection to continue to grow over time. Within our product portfolio, we feel our zinc oxide active ingredients and formulated finished products will continue to benefit from this market shift."

Third Quarter 2018 Financial Highlights

-- Revenue for the third quarter was $4.0 million in 2018, compared to $2.8 million in 2017.

-- The net loss for the quarter was $136,000 in 2018, or $0.00 per share, compared to a net loss for the quarter of $643,000, or $0.02 per share, for 2017.

Nine Months Ended September 30, 2018 Financial Highlights

-- Revenue for the first nine months of 2018 was $11.0 million, vs. $9.9 million reported during the same period of 2017.

-- The NET LOSS for the first nine months of 2018 was $1.0 million, or $0.03 per share, compared to a net loss of $0.6 million, or $0.02 per share, for the comparable period of 2017.

-- The Company finished the quarter with approximately $1.0 million in cash and cash equivalents.

Jankowski continued, "Our nine-month results were negatively impacted by what we believe was an anomalous first quarter, and for Q318, residual launch costs, and catch-up volume discounts accompanying the rapid growth from our largest personal care ingredients customer. That said, we are excited about our 2018 product launches and the growth we expect them to drive in 2019. We are expecting additional Solesence product launches in 2019 and continued strong volume for our active ingredients business for the foreseeable future."

Shareholders and members of the financial community are encouraged to participate in the upcoming conference call, where Mr. Jankowski will discuss the company's current and long-term prospects.