$NANX
NANOPHASE TECHNOLOGIES Corp

2014 Q4 Form 10-Q Financial Statement

#000119312514408031 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.820M $2.654M $2.164M
YoY Change 3.41% 22.64% 3.0%
Cost Of Revenue $1.520M $1.858M $1.648M
YoY Change 3.4% 12.74% 4.86%
Gross Profit $300.0K $796.0K $516.0K
YoY Change 3.45% 54.26% -2.53%
Gross Profit Margin 16.48% 29.99% 23.84%
Selling, General & Admin $820.0K $828.0K $773.0K
YoY Change 5.13% 7.12% -2.05%
% of Gross Profit 273.33% 104.02% 149.81%
Research & Development $350.0K $316.0K $375.0K
YoY Change -16.67% -15.73% -5.42%
% of Gross Profit 116.67% 39.7% 72.67%
Depreciation & Amortization $180.0K $190.0K $220.0K
YoY Change -14.29% -13.64% -8.33%
% of Gross Profit 60.0% 23.87% 42.64%
Operating Expenses $1.180M $1.144M $1.148M
YoY Change -2.48% -0.35% -3.18%
Operating Profit -$880.0K -$348.0K -$632.0K
YoY Change -4.35% -44.94% -3.7%
Interest Expense $0.00 $1.000K $2.000K
YoY Change -50.0% -2.72%
% of Operating Profit
Other Income/Expense, Net $1.000K
YoY Change
Pretax Income -$880.0K -$349.0K -$633.0K
YoY Change -3.3% -44.87% -3.85%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$880.0K -$349.0K -$633.0K
YoY Change -3.3% -44.87% -3.85%
Net Earnings / Revenue -48.35% -13.15% -29.25%
Basic Earnings Per Share
Diluted Earnings Per Share -$30.90K -$12.29K -$22.13K
COMMON SHARES
Basic Shares Outstanding 28.48M shares 28.48M shares 28.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.860M $2.020M $3.340M
YoY Change -43.81% -39.52% -27.39%
Cash & Equivalents $1.862M $2.018M $3.307M
Short-Term Investments $0.00 $0.00 $30.00K
Other Short-Term Assets $370.0K $240.0K $230.0K
YoY Change 85.0% 4.35% -14.81%
Inventory $950.0K $749.0K $990.8K
Prepaid Expenses
Receivables $388.0K $1.326M $988.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.567M $4.337M $5.544M
YoY Change -21.38% -21.77% -21.14%
LONG-TERM ASSETS
Property, Plant & Equipment $2.138M $2.267M $2.630M
YoY Change -13.23% -13.8% -18.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.00K $25.00K $27.97K
YoY Change -7.41% -10.62% -6.76%
Total Long-Term Assets $2.163M $2.292M $2.658M
YoY Change -13.17% -13.76% -17.97%
TOTAL ASSETS
Total Short-Term Assets $3.567M $4.337M $5.544M
Total Long-Term Assets $2.163M $2.292M $2.658M
Total Assets $5.730M $6.629M $8.202M
YoY Change -18.47% -19.18% -20.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $493.0K $589.0K $583.4K
YoY Change -1.99% 0.96% -4.36%
Accrued Expenses $413.0K $559.0K $553.7K
YoY Change 27.86% 0.96% -7.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $70.00K $20.00K $30.00K
YoY Change 133.33% -33.33% 0.0%
Total Short-Term Liabilities $976.0K $1.166M $1.167M
YoY Change 13.89% -0.1% -10.22%
LONG-TERM LIABILITIES
Long-Term Debt $120.0K $0.00 $20.00K
YoY Change 1100.0% -100.0% -71.43%
Other Long-Term Liabilities $790.0K $790.0K $790.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $908.0K $789.0K $810.5K
YoY Change 13.08% -2.65% -5.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $976.0K $1.166M $1.167M
Total Long-Term Liabilities $908.0K $789.0K $810.5K
Total Liabilities $1.884M $1.955M $1.978M
YoY Change 13.49% -1.14% -8.44%
SHAREHOLDERS EQUITY
Retained Earnings -$92.41M -$91.53M -$89.77M
YoY Change 1.9% 1.96%
Common Stock $285.0K $285.0K $284.7K
YoY Change 0.0% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.846M $4.674M $6.224M
YoY Change
Total Liabilities & Shareholders Equity $5.730M $6.629M $8.202M
YoY Change -18.47% -19.18% -20.14%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$880.0K -$349.0K -$633.0K
YoY Change -3.3% -44.87% -3.85%
Depreciation, Depletion And Amortization $180.0K $190.0K $220.0K
YoY Change -14.29% -13.64% -8.33%
Cash From Operating Activities -$290.0K -$150.0K $270.0K
YoY Change -514.29% -155.56% -212.5%
INVESTING ACTIVITIES
Capital Expenditures $130.0K -$250.0K -$120.0K
YoY Change -230.0% 108.33% 50.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.00K $0.00
YoY Change
Cash From Investing Activities $140.0K -$270.0K -$120.0K
YoY Change -240.0% 125.0% 71.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 30.00K -10.00K
YoY Change -400.0% -100.45%
NET CHANGE
Cash From Operating Activities -290.0K -150.0K 270.0K
Cash From Investing Activities 140.0K -270.0K -120.0K
Cash From Financing Activities 0.000 30.00K -10.00K
Net Change In Cash -150.0K -390.0K 140.0K
YoY Change 400.0% -378.57% -92.67%
FREE CASH FLOW
Cash From Operating Activities -$290.0K -$150.0K $270.0K
Capital Expenditures $130.0K -$250.0K -$120.0K
Free Cash Flow -$420.0K $100.0K $390.0K
YoY Change -347.06% -74.36% -343.75%

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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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nanx Major Customers Number Of Customers
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3 Customer
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
pure
dei Entity Central Index Key
EntityCentralIndexKey
0000883107
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Interest Income Other
InterestIncomeOther
1000
us-gaap Gross Profit
GrossProfit
2535000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-227000
us-gaap Operating Income Loss
OperatingIncomeLoss
-846000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-1000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-849000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
352000
us-gaap Net Income Loss
NetIncomeLoss
-849000
us-gaap Interest Paid
InterestPaid
4000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1274000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
155000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
556000
us-gaap Interest Expense
InterestExpense
4000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
30000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
990000
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
pure
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
516000
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2157000
CY2013Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
7000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2164000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-632000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-633000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-633000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
54000
CY2013Q3 us-gaap Interest Expense
InterestExpense
2000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
375000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
773000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
1648000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
pure
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
pure
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28481496 shares
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2014Q3 us-gaap Gross Profit
GrossProfit
796000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2647000
CY2014Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
7000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2654000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-348000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-349000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-349000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45000
CY2014Q3 us-gaap Interest Expense
InterestExpense
1000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
316000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
828000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
1858000

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