Austin, TX (Vocus) May 6, 2010
Applied Nanotech Holdings, Inc. (OTC BB: APNT) announced that it has filed its Form 10Q for the first quarter 2010. Revenues for the quarter ended March 31, 2010 were slightly in excess of $1.0 million, up 22% from the first quarter of 2009 and up 26% from the fourth quarter of 2009. All revenues in the quarters mentioned were from research services. Our research revenue backlog as of March 31, 2010 is $3.2 million, up from the research revenue backlog as of December 31, 2009 of $2.9 million.
The net loss for the quarter was $570,000, down from a net loss of $833,000 for the same period in 2009. Cash used in operations during the 2010 quarter was $431,000 and cash on hand as of March 31, 2010 was in excess of $1.7 million.
"Our operating loss was right on our plan for the quarter and was anticipated as part of our overall plan to achieve profitability in 2010,” said Doug Baker, CEO of Applied Nanotech, Holdings, Inc. “We expect revenue for the second quarter of 2010 to approach $2.0 million. The revenue composition for the second quarter is expected to consist of $1.0 million from our strong research backlog and $1.0 million from our chemical company partner, who is expected to pay the $1.0 payment due in June 2010 to complete its exclusive license agreement related to copper inks These revenues will enable us to be profitable in the second quarter and should result in approximately break-even operations for the entire six month period ended June 30, 2010. We expect to generate positive cash flow from operations during the second quarter and to end the quarter with a cash balance in excess of $2.0 million.”
“We are close to having sufficient revenues in our pipeline to reach profitability for the year,” continued Baker. “We expect to land additional contracts throughout the balance of the year to enable us to maintain and increase our current level of research revenues. This, when combined with new license agreements and royalties should enable us to achieve our goal of, at a minimum, reaching break-even for 2010.
ABOUT APPLIED NANOTECH HOLDINGS, INC.:
Applied Nanotech Holdings, Inc. is a premier research and commercialization organization focused on solving problems at the molecular level. Our team of PhD level scientists and engineers work with companies and other organizations to solve technical impasses and create innovations that will create a competitive advantage. Our business model is to license patents and technology to partners that will manufacture and distribute products using the technology. Applied Nanotech has over 250 patents or patents pending. Applied Nanotech’s website is http://www.appliednanotech.net.
SAFE HARBOR STATEMENT:
This press release contains forward-looking statements that involve risks and uncertainties concerning our business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results are included in our annual report on Form 10-K for the fiscal year ended December 31, 2009, and in reports subsequently filed by us with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval System (EDGAR) at http://www.sec.gov or from our website listed above. We hereby disclaim any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.
Applied Nanotech Holdings, Inc.
dbaker (at) appliednanotech (dot) net