Nanophase Technologies falls, reports wider Q3 net loss
Shares of Nanophase Technologies Corp. (Nasdaq: NANX) are looking smaller following news after the close on Thursday that the maker of nanomaterial technologies reported a wider-than-expected third-quarter net loss.
Net loss for the quarter ended Sept. 30 was $0.96 million, or $0.05 per share, while three analysts surveyed by Thomson Financial were projecting a loss of $0.01 per share. The Romeoville, Ill.-based company reported a net loss of $0.92 million, or $0.05 per share, during the same three months of 2006.
However, revenue posted a modest rise of 5%, coming to $2.6 million from $2.4 million during the third quarter of 2006.
“Third quarter 2007 revenue was disappointing compared with our outlook entering the quarter due to an unexpected revenue reduction in architectural coatings,” said president and CEO Joseph Cross in a statement.
Nanophase Technologies’ product mix includes nanomaterials used in surface coatings to provide abrasion resistance.
“We believe that the architectural coatings order rate was markedly impacted by a reduction in new housing starts and reduced consumer spending in the do-it-yourself market,” said Cross. Nevertheless, the company chief said he remains optimistic that the company will continue growing.
At 12:22 p.m. ET, shares of Nanophase Technologies Corp. (NANX) had lost $1.06, or 15.96%, to $5.58. That’s close to the 52-week low of $5.25, which was set on March 14. The 52-week high of $7.46 was touched on April 16.
