$NANX
NANOPHASE TECHNOLOGIES Corp

2015 Q2 Form 10-Q Financial Statement

#000119312515187001 Filed on May 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $2.937M $2.310M $2.585M
YoY Change 2.05% -10.64% -13.23%
Cost Of Revenue $1.945M $1.745M $1.877M
YoY Change 5.36% -7.03% -9.45%
Gross Profit $992.0K $565.0K $708.0K
YoY Change -3.88% -20.2% -21.85%
Gross Profit Margin 33.78% 24.46% 27.39%
Selling, General & Admin $739.0K $866.0K $798.0K
YoY Change -3.4% 8.52% -16.88%
% of Gross Profit 74.5% 153.27% 112.71%
Research & Development $343.0K $302.0K $337.0K
YoY Change 2.08% -10.39% -21.45%
% of Gross Profit 34.58% 53.45% 47.6%
Depreciation & Amortization $190.0K $184.0K $187.0K
YoY Change 5.56% -1.6% -17.26%
% of Gross Profit 19.15% 32.57% 26.41%
Operating Expenses $1.082M $1.168M $1.135M
YoY Change -1.73% 2.91% -18.29%
Operating Profit -$90.00K -$603.0K -$427.0K
YoY Change 30.43% 41.22% -11.59%
Interest Expense $3.000K $3.000K $2.000K
YoY Change 200.0% 50.0% -71.43%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income -$93.00K -$606.0K -$429.0K
YoY Change 32.86% 41.26% -11.36%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$93.00K -$606.0K -$429.0K
YoY Change 32.86% 41.26% -11.36%
Net Earnings / Revenue -3.17% -26.23% -16.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.148K -$21.37K -$15.10K
COMMON SHARES
Basic Shares Outstanding 28.59M shares 28.59M shares 28.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.160M $1.210M $2.180M
YoY Change -52.46% -44.5% -40.11%
Cash & Equivalents $1.156M $1.207M $2.148M
Short-Term Investments $30.00K
Other Short-Term Assets $290.0K $350.0K $250.0K
YoY Change 16.0% 40.0% -30.56%
Inventory $535.0K $826.0K $931.0K
Prepaid Expenses
Receivables $1.588M $1.259M $1.130M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.567M $3.645M $4.489M
YoY Change -21.29% -18.8% -28.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.025M $1.993M $2.319M
YoY Change -8.95% -14.06% -18.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.00K $24.00K $27.00K
YoY Change -7.69% -11.11% -10.0%
Total Long-Term Assets $2.049M $2.017M $2.346M
YoY Change -8.93% -14.02% -18.82%
TOTAL ASSETS
Total Short-Term Assets $3.567M $3.645M $4.489M
Total Long-Term Assets $2.049M $2.017M $2.346M
Total Assets $5.616M $5.662M $6.835M
YoY Change -17.19% -17.16% -25.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $685.0K $1.009M $754.0K
YoY Change 6.86% 33.82% 4.72%
Accrued Expenses $459.0K $408.0K $259.0K
YoY Change 33.04% 57.53% -31.84%
Deferred Revenue
YoY Change
Short-Term Debt $250.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $80.00K $60.00K $30.00K
YoY Change 166.67% 100.0% 0.0%
Total Short-Term Liabilities $1.475M $1.479M $1.044M
YoY Change 45.75% 41.67% -7.61%
LONG-TERM LIABILITIES
Long-Term Debt $130.0K $110.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $740.0K $760.0K $790.0K
YoY Change -6.33% -3.8% 0.0%
Total Long-Term Liabilities $873.0K $870.0K $794.0K
YoY Change 10.51% 9.57% -3.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.475M $1.479M $1.044M
Total Long-Term Liabilities $873.0K $870.0K $794.0K
Total Liabilities $2.348M $2.349M $1.838M
YoY Change 30.3% 27.8% -5.74%
SHAREHOLDERS EQUITY
Retained Earnings -$93.10M -$93.01M -$91.11M
YoY Change 2.11% 2.09%
Common Stock $286.0K $286.0K $285.0K
YoY Change 0.35% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.268M $3.313M $4.997M
YoY Change
Total Liabilities & Shareholders Equity $5.616M $5.662M $6.835M
YoY Change -17.19% -17.16% -25.22%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$93.00K -$606.0K -$429.0K
YoY Change 32.86% 41.26% -11.36%
Depreciation, Depletion And Amortization $190.0K $184.0K $187.0K
YoY Change 5.56% -1.6% -17.26%
Cash From Operating Activities -$140.0K -$610.0K -$1.070M
YoY Change -142.42% -42.99% 148.84%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K $38.00K $30.00K
YoY Change 100.0% 26.67% -28.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.00K -$20.00K
YoY Change -100.0% -50.0% 100.0%
Cash From Investing Activities -$140.0K -$50.00K -$50.00K
YoY Change 133.33% 0.0% -16.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 240.0K 0.000 -10.00K
YoY Change -2500.0% -100.0% -66.67%
NET CHANGE
Cash From Operating Activities -140.0K -610.0K -1.070M
Cash From Investing Activities -140.0K -50.00K -50.00K
Cash From Financing Activities 240.0K 0.000 -10.00K
Net Change In Cash -40.00K -660.0K -1.130M
YoY Change -115.38% -41.59% 117.31%
FREE CASH FLOW
Cash From Operating Activities -$140.0K -$610.0K -$1.070M
Capital Expenditures -$140.0K $38.00K $30.00K
Free Cash Flow $0.00 -$648.0K -$1.100M
YoY Change -100.0% -41.09% 133.05%

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>(2) Description of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> Nanophase is an advanced materials and applications developer and commercial manufacturer with an integrated family of nanomaterial and related technologies. We produce engineered nano and larger, sub-micron, materials for use in a variety of diverse 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. We recently developed new material solutions in surface finishing technologies (polishing) and energy-management areas that have been taken to potential customers, and for which we are experiencing accelerating revenue growth (former) and are in the process of commercial testing and qualification (latter). 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 within foreign markets.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> 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-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> While product sales comprise the overwhelming 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 Statements of Operations, as it does not represent revenue directly from our nanocrystalline materials.</p> </div>
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EarningsPerShareBasicAndDiluted
-0.02
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
69333 shares
CY2015Q1 us-gaap Gross Profit
GrossProfit
565000
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2300000
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
23000
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
8000
CY2015Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
10000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
2310000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-15000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-124000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-603000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-606000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-606000
CY2015Q1 us-gaap Interest Paid
InterestPaid
3000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
871000
CY2015Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
61000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
47000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
184000
CY2015Q1 us-gaap Interest Expense
InterestExpense
3000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
302000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
866000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-655000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q1 us-gaap Cost Of Revenue
CostOfRevenue
1745000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-30000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-46000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
525000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
47000
CY2015Q1 nanx Major Customers Number Of Customers
MajorCustomersNumberOfCustomers
3 Customer

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