CALIFORNIA NANOTECHNOLOGIES REPORTS 51% INCREASE IN REVENUES IN FIRST NINE MONTHS
Created at :
Feb 4, 2015
TSX VENTURE: CNO
CERRITOS, CA, February 4, 2015 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to report financial results for the first nine months of fiscal 2015, ended November 30, 2014. In the March to November period, revenues on a US basis, increased by 51% to $299,179 US ($341,399 CAD), compared to $198,309 US ($210,093 CAD) during the same period last year. This increase in revenues was due mainly to increased sales in the oil and gas division.
Cal Nano’s net loss for the first nine months was $205,180 US or $0.01 per share, a significant improvement from a loss of $271,671 US in the same period last year. Overall operating expenses of $549,753 US were higher by 21% when compared to the prior period. These expenses supported the growth needs of the Company, requiring extra expenditures for wages and salaries, marketing, advertising, promotion and travel.