Third Quarter Financial Results In For Altair Nanotechnologies (ALTI)

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08:40:11 am on November 6, 2008

Altair Nanotechnologies released its 3rd quarter results this morning. The company’s revenues have decreased significantly from the third quarter of last  year. This year, revenues were $1.80 million. This time last year, the company reported revenues of $3.37 in the third quarter. Altair also reported an increased net loss of $9.11 million, or 11 cents per share, up from last year’s net loss of $6.13 million, or 9 cents a share.

The company’s cash and cash equivalents are down significantly. Right now the company reports $23.73 million in cash and cash equivalents; last year it was $50.15 million. Altair lists its major cash expenditures as follows:

This is due primarily to net cash used in operations of approximately $25.13 million, purchases of property and equipment of approximately $2.13 million, and the payment of notes payable of $0.60 million. This decrease was partially offset by the receipt of proceeds resulting from the exercise of stock options and warrants of approximately $1.44 million.

Terry Copeland, Altair’s CEO, offered the following comments on the results:

"We continue to narrow our focus by concentrating on our battery technology, as seen in our military, stationary and transportation initiatives, which offers Altairnano the greatest near- and long-term revenue potential. "In addition, we are maintaining a diligent approach to managing our resources and reducing our overall burn rate."

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