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Naturally Advanced Technologies reports Q1 results
18 May '09
2 min read
Naturally Advanced Technologies Inc., reported results for its first quarter ended March 31, 2009.
"The first quarter results reflect our strategy to wind down our historic apparel business, HTnaturals, as we move into the next phase of our business plan for CRAILAR(r)," stated Ken Barker, NAT's CEO. "We expect to complete the exit in the third quarter of 2009, as our CRAILAR activities continue to take precedence as the most attractive opportunity for improving shareholder value."
"The successful results of our trials with potential partners have paved the way for continued progress on agreements to bring Organic Fibers and Advanced Materials technologies to market. Our resources are now focused on the commercialization of our CRAILAR technology, which will enable large scale production of industrial hemp and other bast fibers as a substitute for traditional cotton and wood pulp applications. Our goal is to begin generating revenue streams from CRAILAR in 2009," Barker concluded.
For the first quarter ended March 31, 2009, HTnaturals posted sales of approximately $270,000, compared to $954,000 in the first quarter of 2008. For the first quarter ended March 31, 2009, net loss was $768,000, which includes $87,000 of research and development for the CRAILAR technology platform and $142,000 of stock-based compensation, as compared to the 2008 first quarter net loss of $550,000, which included $153,000 of research and development for the CRAILAR technology platform and $89,000 of stock-based compensation. Net loss was $0.02 per share for both periods.
"The first quarter results reflect our strategy to wind down our historic apparel business, HTnaturals, as we move into the next phase of our business plan for CRAILAR(r)," stated Ken Barker, NAT's CEO. "We expect to complete the exit in the third quarter of 2009, as our CRAILAR activities continue to take precedence as the most attractive opportunity for improving shareholder value."
"The successful results of our trials with potential partners have paved the way for continued progress on agreements to bring Organic Fibers and Advanced Materials technologies to market. Our resources are now focused on the commercialization of our CRAILAR technology, which will enable large scale production of industrial hemp and other bast fibers as a substitute for traditional cotton and wood pulp applications. Our goal is to begin generating revenue streams from CRAILAR in 2009," Barker concluded.
For the first quarter ended March 31, 2009, HTnaturals posted sales of approximately $270,000, compared to $954,000 in the first quarter of 2008. For the first quarter ended March 31, 2009, net loss was $768,000, which includes $87,000 of research and development for the CRAILAR technology platform and $142,000 of stock-based compensation, as compared to the 2008 first quarter net loss of $550,000, which included $153,000 of research and development for the CRAILAR technology platform and $89,000 of stock-based compensation. Net loss was $0.02 per share for both periods.
Naturally Advanced Technologies Inc
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