CALIFORNIA NANOTECHNOLOGIES REPORTS RECORD FOURTH QUARTER AND YEAR END FINANCIAL RESULTS
Created at :
Jul 2, 2014
CNO – TSX VENTURE
CERRITOS, CALIFORNIA, July 2, 2014 - California Nanotechnologies Corp. (“Cal Nano” or the “Company”) is pleased to report record financial results for the 4th quarter and year ended February 28, 2014. For fiscal 2014, revenues increased 43% to $373,481US ($415,804CAD) compared to $261,302US ($268,025CAD) in 2013. Gross margin for the year was 87% 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% 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% when compared to the prior year.