CALIFORNIA NANOTECHNOLOGIES REPORTS 182% INCREASE IN FIRST QUARTER REVENUES AND CONTINUES TO TRANSITION TOWARDS COMMERCIALIZATION
Jul 24, 2014
TSX VENTURE: CNO
CERRITOS, CA, July 24, 2014 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to report record financial results for the first quarter of fiscal 2015, ended May 31, 2014. In the March to May period, revenues increased by 182% to $159,198 US ($172,550 CAD), compared to $56,535 US ($58,446 CAD) during the same period last year. Gross margin for the first quarter was 95% compared to 86% during the first quarter of fiscal 2014. This increase in revenues was due mainly to increased sales in the oil and gas division.
Cal Nano continued to operate at a near cash flow break even basis during the first quarter. Cash flow provided by (used for) operations (1) for the period was ($8,711 US) compared to ($77,591 US) for the same period last year. This is the second quarter in a row for the Company to achieve near cash flow break-even results.
Cal Nano’s net loss for the first quarter was $54,218 US or $0.01 per share, a significant improvement from a loss of $111,148 US last year. Overall operating expenses of $181,843 US were higher by 16% when compared to the prior period. These expenses are in response to the increased sales and the resulting expenses related to salaries, wages and benefits. To support the growth of the Company, Cal Nano has added new engineering staff to facilitate increased commercial and developmental programs.