Third Quarter Financial Results In For Altair Nanotechnologies (ALTI)

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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