$NANX
NANOPHASE TECHNOLOGIES Corp

2014 Q3 Form 10-Q Financial Statement

#000119312514305568 Filed on August 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $2.654M $2.878M $2.683M
YoY Change 22.64% 7.27% -3.59%
Cost Of Revenue $1.858M $1.846M $1.834M
YoY Change 12.74% 0.65% -5.09%
Gross Profit $796.0K $1.032M $849.0K
YoY Change 54.26% 21.55% -0.17%
Gross Profit Margin 29.99% 35.86% 31.64%
Selling, General & Admin $828.0K $765.0K $857.0K
YoY Change 7.12% -10.74% 5.43%
% of Gross Profit 104.02% 74.13% 100.94%
Research & Development $316.0K $336.0K $453.0K
YoY Change -15.73% -25.83% 9.41%
% of Gross Profit 39.7% 32.56% 53.36%
Depreciation & Amortization $190.0K $180.0K $220.0K
YoY Change -13.64% -18.18% -15.38%
% of Gross Profit 23.87% 17.44% 25.91%
Operating Expenses $1.144M $1.101M $1.310M
YoY Change -0.35% -15.95% 6.77%
Operating Profit -$348.0K -$69.00K -$461.0K
YoY Change -44.94% -85.03% 22.45%
Interest Expense $1.000K $1.000K $2.000K
YoY Change -50.0% -50.0% 3.52%
% of Operating Profit
Other Income/Expense, Net $0.00 $11.00K
YoY Change -100.0% -42407.69%
Pretax Income -$349.0K -$70.00K -$452.0K
YoY Change -44.87% -84.51% 19.44%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$349.0K -$70.00K -$452.0K
YoY Change -44.87% -84.51% 19.44%
Net Earnings / Revenue -13.15% -2.43% -16.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$12.29K -$2.431K -$15.81K
COMMON SHARES
Basic Shares Outstanding 28.48M shares 28.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.020M $2.440M $3.190M
YoY Change -39.52% -23.51% 18.15%
Cash & Equivalents $2.018M $2.408M $3.161M
Short-Term Investments $0.00 $30.00K $30.00K
Other Short-Term Assets $240.0K $250.0K $280.0K
YoY Change 4.35% -10.71% -34.88%
Inventory $749.0K $854.0K $903.3K
Prepaid Expenses
Receivables $1.326M $988.0K $1.599M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.337M $4.532M $5.977M
YoY Change -21.77% -24.18% 11.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.267M $2.224M $2.681M
YoY Change -13.8% -17.05% -20.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.00K $26.00K $28.60K
YoY Change -10.62% -9.08% -4.68%
Total Long-Term Assets $2.292M $2.250M $2.710M
YoY Change -13.76% -16.97% -20.53%
TOTAL ASSETS
Total Short-Term Assets $4.337M $4.532M $5.977M
Total Long-Term Assets $2.292M $2.250M $2.710M
Total Assets $6.629M $6.782M $8.687M
YoY Change -19.18% -21.93% -1.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $589.0K $641.0K $530.6K
YoY Change 0.96% 20.8% -27.31%
Accrued Expenses $559.0K $345.0K $506.6K
YoY Change 0.96% -31.9% -6.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00K $30.00K $30.00K
YoY Change -33.33% 0.0% 0.0%
Total Short-Term Liabilities $1.166M $1.012M $1.067M
YoY Change -0.1% -5.14% -25.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0% -62.5%
Other Long-Term Liabilities $790.0K $790.0K $790.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $789.0K $790.0K $817.6K
YoY Change -2.65% -3.38% -6.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.166M $1.012M $1.067M
Total Long-Term Liabilities $789.0K $790.0K $817.6K
Total Liabilities $1.955M $1.802M $1.884M
YoY Change -1.14% -4.38% -18.07%
SHAREHOLDERS EQUITY
Retained Earnings -$91.53M -$91.18M -$89.14M
YoY Change 1.96% 2.29%
Common Stock $285.0K $285.0K $284.7K
YoY Change 0.11% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.674M $4.980M $6.803M
YoY Change
Total Liabilities & Shareholders Equity $6.629M $6.782M $8.687M
YoY Change -19.18% -21.93% -1.17%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$349.0K -$70.00K -$452.0K
YoY Change -44.87% -84.51% 19.44%
Depreciation, Depletion And Amortization $190.0K $180.0K $220.0K
YoY Change -13.64% -18.18% -15.38%
Cash From Operating Activities -$150.0K $330.0K -$430.0K
YoY Change -155.56% -176.74% -207.5%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$70.00K -$20.00K
YoY Change 108.33% 250.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $10.00K $10.00K
YoY Change 0.0%
Cash From Investing Activities -$270.0K -$60.00K $0.00
YoY Change 125.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K -10.00K -10.00K
YoY Change -400.0% 0.0% 0.0%
NET CHANGE
Cash From Operating Activities -150.0K 330.0K -430.0K
Cash From Investing Activities -270.0K -60.00K 0.000
Cash From Financing Activities 30.00K -10.00K -10.00K
Net Change In Cash -390.0K 260.0K -440.0K
YoY Change -378.57% -159.09% -225.71%
FREE CASH FLOW
Cash From Operating Activities -$150.0K $330.0K -$430.0K
Capital Expenditures -$250.0K -$70.00K -$20.00K
Free Cash Flow $100.0K $400.0K -$410.0K
YoY Change -74.36% -197.56% -193.18%

Facts In Submission

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NANOPHASE TECHNOLOGIES CORPORATION
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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. We produce engineered nano and sub-micron materials for use in a variety of diverse existing and developing markets: personal care including sunscreens, architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, energy and a variety of surface finishing technologies (polishing) applications. 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 on November&#xA0;25, 1989, and became a Delaware corporation in November 1997. Our 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 recognize revenue from 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> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The presentation of certain prior year disclosures has been modified to conform to current year presentation, as financial data is now presented in thousands of dollars rather than in dollars.</p> </div>
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
111000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
371000
us-gaap Interest Expense
InterestExpense
3000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
673000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1563000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-868000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Cost Of Revenue
CostOfRevenue
3723000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-15000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
44000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-114000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
125000
us-gaap Share Based Compensation
ShareBasedCompensation
107000
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.9516 pure
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.47
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0147 pure
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28468162 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2013Q2 us-gaap Gross Profit
GrossProfit
849000
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2677000
CY2013Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
6000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2683000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-461000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-452000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-452000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70000
CY2013Q2 us-gaap Interest Expense
InterestExpense
2000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
453000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
857000
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
1834000
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28481496 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2014Q2 us-gaap Gross Profit
GrossProfit
1032000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2848000
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
30000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2878000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-69000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-70000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-70000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
53000
CY2014Q2 us-gaap Interest Expense
InterestExpense
1000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
336000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
765000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
1846000
CY2014Q2 nanx Major Customers Number Of Customers
MajorCustomersNumberOfCustomers
3 Customer

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