CALIFORNIA NANOTECHNOLOGIES REPORTS 85% INCREASE IN REVENUES IN FIRST SIX MONTHS INCLUDING NEW SPARK PLASMA SINTERING REVENUE
Created at :
Oct 29, 2014
TSX VENTURE: CNO
CERRITOS, CA, October 29, 2014 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to report financial results for the first six months of fiscal 2015, ended August 31, 2014. In the March to August period, revenues increased by 85% to $218,684 US ($237,773 CAD), compared to $118,390 US ($124,717 CAD) during the same period last year. This increase in revenues was due mainly to increased sales in the oil and gas division. "Of particular significance the Company was almost cash flow break even in the last quarter of 2014 and the first quarter of 2015." stated Andrew Bengis, CFO.
Cal Nano’s net loss for the first six months was $106,845 US or $0.01 per share, a significant improvement from a loss of $182,284 US in the same period last year. Overall operating expenses of $377,453 US were higher by 28% when compared to the prior period. These expenses are related to salaries, wages and benefits, promotion and travel due to the growth of the Company.