$NANX
NANOPHASE TECHNOLOGIES Corp

2013 Q4 Form 10-Q Financial Statement

#000119312513436735 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $1.760M $2.164M $2.101M
YoY Change -35.77% 3.0% -6.21%
Cost Of Revenue $1.470M $1.648M $1.572M
YoY Change -28.29% 4.86% -16.85%
Gross Profit $290.0K $516.0K $529.4K
YoY Change -58.57% -2.53% 51.25%
Gross Profit Margin 16.48% 23.84% 25.2%
Selling, General & Admin $780.0K $773.0K $789.2K
YoY Change -9.3% -2.05% -16.05%
% of Gross Profit 268.97% 149.81% 149.07%
Research & Development $420.0K $375.0K $396.5K
YoY Change 0.0% -5.42% -5.59%
% of Gross Profit 144.83% 72.67% 74.9%
Depreciation & Amortization $210.0K $220.0K $240.0K
YoY Change -8.7% -8.33% -17.24%
% of Gross Profit 72.41% 42.64% 45.34%
Operating Expenses $1.210M $1.148M $1.186M
YoY Change -4.72% -3.18% -12.82%
Operating Profit -$920.0K -$632.0K -$656.3K
YoY Change 61.4% -3.7% -35.02%
Interest Expense $0.00 $2.000K $2.056K
YoY Change -2.72%
% of Operating Profit
Other Income/Expense, Net $10.00K $1.000K $0.00
YoY Change
Pretax Income -$910.0K -$633.0K -$658.3K
YoY Change 56.9% -3.85% -34.82%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$910.0K -$633.0K -$658.3K
YoY Change 56.9% -3.85% -34.82%
Net Earnings / Revenue -51.7% -29.25% -31.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$31.96K -$22.13K -$24.48K
COMMON SHARES
Basic Shares Outstanding 28.47M shares 28.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.310M $3.340M $4.600M
YoY Change -20.24% -27.39% 37.31%
Cash & Equivalents $3.276M $3.307M $4.566M
Short-Term Investments $30.00K $30.00K $30.00K
Other Short-Term Assets $200.0K $230.0K $270.0K
YoY Change -16.67% -14.81% -35.71%
Inventory $976.0K $990.8K $1.290M
Prepaid Expenses
Receivables $52.00K $988.3K $870.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.537M $5.544M $7.030M
YoY Change -31.17% -21.14% 5.87%
LONG-TERM ASSETS
Property, Plant & Equipment $2.464M $2.630M $3.220M
YoY Change -18.63% -18.33% -18.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.00K $27.97K $30.00K
YoY Change -10.0% -6.76% 0.0%
Total Long-Term Assets $2.491M $2.658M $3.240M
YoY Change -18.54% -17.97% -18.8%
TOTAL ASSETS
Total Short-Term Assets $4.537M $5.544M $7.030M
Total Long-Term Assets $2.491M $2.658M $3.240M
Total Assets $7.028M $8.202M $10.27M
YoY Change -27.17% -20.14% -3.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $503.0K $583.4K $610.0K
YoY Change -26.03% -4.36% 10.91%
Accrued Expenses $323.0K $553.7K $600.0K
YoY Change -33.4% -7.72% -4.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $857.0K $1.167M $1.300M
YoY Change -28.58% -10.22% 10.17%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $20.00K $70.00K
YoY Change -83.33% -71.43%
Other Long-Term Liabilities $790.0K $790.0K $790.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $803.0K $810.5K $860.0K
YoY Change -5.86% -5.76% 8.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $857.0K $1.167M $1.300M
Total Long-Term Liabilities $803.0K $810.5K $860.0K
Total Liabilities $1.660M $1.978M $2.160M
YoY Change -19.14% -8.44% 9.64%
SHAREHOLDERS EQUITY
Retained Earnings -$90.68M -$89.77M
YoY Change 2.81%
Common Stock $285.0K $284.7K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.368M $6.224M $8.110M
YoY Change
Total Liabilities & Shareholders Equity $7.028M $8.202M $10.27M
YoY Change -27.17% -20.14% -3.39%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$910.0K -$633.0K -$658.3K
YoY Change 56.9% -3.85% -34.82%
Depreciation, Depletion And Amortization $210.0K $220.0K $240.0K
YoY Change -8.7% -8.33% -17.24%
Cash From Operating Activities $70.00K $270.0K -$240.0K
YoY Change -117.5% -212.5% 60.0%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$120.0K -$80.00K
YoY Change 233.33% 50.0% 700.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$100.0K -$120.0K -$70.00K
YoY Change 150.0% 71.43% 600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.200M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -10.00K 2.220M
YoY Change -100.0% -100.45%
NET CHANGE
Cash From Operating Activities 70.00K 270.0K -240.0K
Cash From Investing Activities -100.0K -120.0K -70.00K
Cash From Financing Activities 0.000 -10.00K 2.220M
Net Change In Cash -30.00K 140.0K 1.910M
YoY Change -93.33% -92.67% -1293.75%
FREE CASH FLOW
Cash From Operating Activities $70.00K $270.0K -$240.0K
Capital Expenditures -$100.0K -$120.0K -$80.00K
Free Cash Flow $170.0K $390.0K -$160.0K
YoY Change -145.95% -343.75% 14.29%

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dei Trading Symbol
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dei Entity Registrant Name
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NANOPHASE TECHNOLOGIES CORPORATION
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dei Document Type
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>(2) Description of Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Nanophase is a nanomaterials and applications developer and commercial manufacturer with an integrated family of nanomaterial and related technologies. Nanophase produces engineered nano and sub-micron materials for use in a variety of diverse existing and developing markets: personal care including sunscreens, architectural coatings, architectural window cleaning and restoration, industrial coating ingredients, abrasion-resistant additives, plastics additives, medical diagnostics, energy and a variety of polishing applications, including semiconductors and optics. We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers. Recently developed technologies have made certain new products possible and opened potential new markets. Although our primary strategic focus has been the North American market, we currently sell material to customers overseas and have been working to expand our reach in foreign markets.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company was incorporated in Illinois in November 1989, and became a Delaware corporation in November 1997. The Company&#x2019;s common stock trades on the OTCQB marketplace under the symbol NANX.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> While product sales comprise the majority of our revenue, we also recognized revenue in connection with a technology license (through 2012) and other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason we classify such revenue as &#x201C;other revenue&#x201D; in our Statement of Operations, as it does not represent revenue directly from our nanocrystalline materials.</p> </div>
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Contractual covenants that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements, certain other obligations and/or certain financial condition covenants. The financial condition covenants in one of our supply agreements with BASF “trigger” a technology transfer right (license and equipment sale at BASF’s option) in the event (a) that earnings of the twelve month period ending with our most recently published quarterly financial statements are less than zero and our cash, cash equivalents and certain investments are less than $1,000,000, or (b) of an acceleration of any debt maturity having a principal amount of more than $10,000,000.
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IncreaseDecreaseInOtherReceivables
-13712
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
11677
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7061504
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7199
us-gaap Operating Income Loss
OperatingIncomeLoss
-1813001
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
231591
us-gaap Interest Paid
InterestPaid
5093
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1810895
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-8940
us-gaap Net Income Loss
NetIncomeLoss
-1810895
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
14796
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-46221
us-gaap Sales Revenue Net
SalesRevenueNet
7293095
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
116969
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
14941
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2205636
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
67998
us-gaap Share Based Compensation
ShareBasedCompensation
222673
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1871935
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
87742
us-gaap Interest Expense
InterestExpense
5093
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
289032
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2220432
us-gaap Cost Of Revenue
CostOfRevenue
5349594
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-131910
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1210168
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
749666
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
225104
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2546334
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26960880 shares
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2012Q3 us-gaap Gross Profit
GrossProfit
529389
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2028529
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-656283
CY2012Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
72435
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-658339
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-658339
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2100964
CY2012Q3 us-gaap Interest Expense
InterestExpense
2056
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
1571575
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
396503
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
62203
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
789169
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28468162 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2013Q3 us-gaap Gross Profit
GrossProfit
515533
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2156844
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
901
CY2013Q3 us-gaap Interest Income Other
InterestIncomeOther
379
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-632553
CY2013Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
7106
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-632896
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-632896
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2163950
CY2013Q3 us-gaap Interest Expense
InterestExpense
1623
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
1648417
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
375442
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
54141
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
772644
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2013Q3 nanx Major Customers Number Of Customers
MajorCustomersNumberOfCustomers
3 Customer

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