 Naturally Advanced Technologies Inc., reported results for its third quarter ended September 30, 2009.
"During the third quarter, we made significant progress in bringing our Crailar technology closer to market," stated Ken Barker, NAT's CEO. "In August, we signed a multi-phase joint development agreement with Hanesbrands, Inc. and a spinning and trademark licensing agreement with Patrick Yarns. In July, we entered a manufacturing agreement with G.J. Littlewoods & Son. We
also raised $916,000 in gross proceeds through a private placement to support our commercialization activities in the coming months. We remain committed to our goal of delivering initial revenue from Crailar in the fourth quarter of this year and finalizing the distribution and marketing of Crailar with our industry-leading partners. We are excited about the near-term opportunities for both our technology and our company."
For the third quarter ended September 30, 2009, the company posted revenue of approximately $112,000 from winding down the last inventory of its HTnaturals apparel business. This compares to $655,000 in the third quarter of 2008. For the third quarter ended September 30, 2009, net loss was $1.0 million, which includes approximately $89,000 of research and development for the Crailar technology platform and $361,000 of stock-based compensation, as compared to the 2008 third quarter net loss of $1.1 million, which included approximately $111,000 of research and development for the Crailar technology platform and $485,000 of stock-based compensation. Net loss was $0.03 per share for the 2009 third quarter, as compared to $0.04 per share in the third quarter of 2008.
As of September 30, 2009, NAT had $1.1 million in cash and cash equivalents.
The company's unaudited consolidated financial statements for its third quarter ended September 30, 2009 were prepared in accordance with U.S. generally accepted accounting principles and all currency amounts are presented in U.S. dollars. |