News Column

California Nanotechnologies Posts Fourth Quarter and Year End Results

July 8, 2014

California Nanotechnologies reported record financial results for the 4th quarter and year ended February 28.

In a release on July 2, the Company noted that for fiscal 2014, revenues increased 43 percent to $373,481US ($415,804CAD) compared to $261,302US ($268,025CAD) in 2013. Gross margin for the year was 87 percent which was unchanged from fiscal 2013.

This improvement in revenues was due primarily to increases in the oil and gas and sports and recreational divisions. In the fourth quarter, Cal Nano achieved record quarterly results with revenues of $175,172US ($195,023CAD), an increase of 338 percent over the same quarter last year.

The main sources of revenue during fiscal 2014 were from cryogenic milling, research projects, engineering services and the sale of commercial parts made from advanced nano-engineered materials.

The Company's cash flow provided by (used for) operations (1) for the year was ($198,383US) compared with ($327,631US) during the prior year. Cash flow from operations (1) in the fourth quarter of fiscal 2014 neared break-even at ($6,310US).

Cal Nano's net loss for the year was $302,365US ($336,629CAD) or $0.01 per share, compared to a loss of $531,811US ($545,494CAD) or $0.02 per share in the prior year. Amortization and depreciation expense and salaries, wages and benefits, research, and supplies were the greatest expense items. Overall operating expenses of $619,161US were lower by 12 percent when compared to the prior year.

Subsequent to year end, Cal Nano completed a private placement raising gross proceeds of $714,190 CAD. As a result of this transaction, Cal Nano currently has 31,230,296 shares issued and outstanding.

"Management is very pleased with financial results achieved in fiscal 2014 and those obtained in Q1/15. Revenues in Q1 were approximately $159,575US ($172,959CAD) and the movement toward cash flow break-even strengthens the company's financial position while allowing management to focus on moving Cal Nano's products toward commercialization. With increasing revenues, high margins, and several research and development projects scheduled for completion in the near future, management remains optimistic as the Company transitions into the commercial marketplace," stated Christopher Melnyk, CEO.

((Comments on this story may be sent to newsdesk@closeupmedia.com))


For more stories covering the world of technology, please see HispanicBusiness' Tech Channel



Source: Professional Services Close - Up


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters