$NANX
NANOPHASE TECHNOLOGIES Corp

2015 Q3 Form 10-Q Financial Statement

#000119312515287188 Filed on August 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $2.786M $2.937M $2.878M
YoY Change 4.97% 2.05% 7.27%
Cost Of Revenue $1.903M $1.945M $1.846M
YoY Change 2.42% 5.36% 0.65%
Gross Profit $883.0K $992.0K $1.032M
YoY Change 10.93% -3.88% 21.55%
Gross Profit Margin 31.69% 33.78% 35.86%
Selling, General & Admin $709.0K $739.0K $765.0K
YoY Change -14.37% -3.4% -10.74%
% of Gross Profit 80.29% 74.5% 74.13%
Research & Development $325.0K $343.0K $336.0K
YoY Change 2.85% 2.08% -25.83%
% of Gross Profit 36.81% 34.58% 32.56%
Depreciation & Amortization $180.0K $190.0K $180.0K
YoY Change -5.26% 5.56% -18.18%
% of Gross Profit 20.39% 19.15% 17.44%
Operating Expenses $1.034M $1.082M $1.101M
YoY Change -9.62% -1.73% -15.95%
Operating Profit -$151.0K -$90.00K -$69.00K
YoY Change -56.61% 30.43% -85.03%
Interest Expense $4.000K $3.000K $1.000K
YoY Change 300.0% 200.0% -50.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$155.0K -$93.00K -$70.00K
YoY Change -55.59% 32.86% -84.51%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$155.0K -$93.00K -$70.00K
YoY Change -55.59% 32.86% -84.51%
Net Earnings / Revenue -5.56% -3.17% -2.43%
Basic Earnings Per Share
Diluted Earnings Per Share -$5.596K -$3.148K -$2.431K
COMMON SHARES
Basic Shares Outstanding 28.59M shares 28.59M shares 28.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.250M $1.160M $2.440M
YoY Change -38.12% -52.46% -23.51%
Cash & Equivalents $1.249M $1.156M $2.408M
Short-Term Investments $30.00K
Other Short-Term Assets $250.0K $290.0K $250.0K
YoY Change 4.17% 16.0% -10.71%
Inventory $643.0K $535.0K $854.0K
Prepaid Expenses
Receivables $1.478M $1.588M $988.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.621M $3.567M $4.532M
YoY Change -16.51% -21.29% -24.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.916M $2.025M $2.224M
YoY Change -15.48% -8.95% -17.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.00K $24.00K $26.00K
YoY Change -8.0% -7.69% -9.08%
Total Long-Term Assets $1.939M $2.049M $2.250M
YoY Change -15.4% -8.93% -16.97%
TOTAL ASSETS
Total Short-Term Assets $3.621M $3.567M $4.532M
Total Long-Term Assets $1.939M $2.049M $2.250M
Total Assets $5.560M $5.616M $6.782M
YoY Change -16.13% -17.19% -21.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $815.0K $685.0K $641.0K
YoY Change 38.37% 6.86% 20.8%
Accrued Expenses $477.0K $459.0K $345.0K
YoY Change -14.67% 33.04% -31.9%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $250.0K $0.00
YoY Change
Long-Term Debt Due $80.00K $80.00K $30.00K
YoY Change 300.0% 166.67% 0.0%
Total Short-Term Liabilities $1.574M $1.475M $1.012M
YoY Change 34.99% 45.75% -5.14%
LONG-TERM LIABILITIES
Long-Term Debt $110.0K $130.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $720.0K $740.0K $790.0K
YoY Change -8.86% -6.33% 0.0%
Total Long-Term Liabilities $828.0K $873.0K $790.0K
YoY Change 4.94% 10.51% -3.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.574M $1.475M $1.012M
Total Long-Term Liabilities $828.0K $873.0K $790.0K
Total Liabilities $2.402M $2.348M $1.802M
YoY Change 22.86% 30.3% -4.38%
SHAREHOLDERS EQUITY
Retained Earnings -$93.26M -$93.10M -$91.18M
YoY Change 1.89% 2.11% 2.29%
Common Stock $286.0K $286.0K $285.0K
YoY Change 0.35% 0.35% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.158M $3.268M $4.980M
YoY Change
Total Liabilities & Shareholders Equity $5.560M $5.616M $6.782M
YoY Change -16.13% -17.19% -21.93%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$155.0K -$93.00K -$70.00K
YoY Change -55.59% 32.86% -84.51%
Depreciation, Depletion And Amortization $180.0K $190.0K $180.0K
YoY Change -5.26% 5.56% -18.18%
Cash From Operating Activities $210.0K -$140.0K $330.0K
YoY Change -240.0% -142.42% -176.74%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$140.0K -$70.00K
YoY Change -80.0% 100.0% 250.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% 0.0%
Cash From Investing Activities -$50.00K -$140.0K -$60.00K
YoY Change -81.48% 133.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K 240.0K -10.00K
YoY Change -333.33% -2500.0% 0.0%
NET CHANGE
Cash From Operating Activities 210.0K -140.0K 330.0K
Cash From Investing Activities -50.00K -140.0K -60.00K
Cash From Financing Activities -70.00K 240.0K -10.00K
Net Change In Cash 90.00K -40.00K 260.0K
YoY Change -123.08% -115.38% -159.09%
FREE CASH FLOW
Cash From Operating Activities $210.0K -$140.0K $330.0K
Capital Expenditures -$50.00K -$140.0K -$70.00K
Free Cash Flow $260.0K $0.00 $400.0K
YoY Change 160.0% -100.0% -197.56%

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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 revenue growth (former) and small early commercial orders, 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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us-gaap Sales Revenue Net
SalesRevenueNet
5248000
us-gaap Interest Paid
InterestPaid
6000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-80000
us-gaap Operating Income Loss
OperatingIncomeLoss
-693000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-415000
us-gaap Gross Profit
GrossProfit
1558000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1202000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
65000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
27000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
65000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-699000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Share Based Compensation
ShareBasedCompensation
94000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-706000
us-gaap Interest Expense
InterestExpense
6000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-192000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
235000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
645000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
94000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
250000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1606000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
201000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
366000
us-gaap Cost Of Revenue
CostOfRevenue
3690000
nanx Major Customers Number Of Customers
MajorCustomersNumberOfCustomers
3 Customer
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28481496 shares
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-70000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2878000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-69000
CY2014Q2 us-gaap Gross Profit
GrossProfit
1032000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2848000
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
30000
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 Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 us-gaap Interest Expense
InterestExpense
1000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
336000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
53000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
765000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
1846000
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28585496 shares
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-93000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2937000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-90000
CY2015Q2 us-gaap Gross Profit
GrossProfit
992000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2921000
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
16000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-93000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap Interest Expense
InterestExpense
3000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
343000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
47000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
739000
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
1945000

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