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Closing of apparel business reduces operating expenses - NAT
14
Apr '10
Naturally Advanced Technologies Inc reported results for its fourth quarter and year ended December 31, 2009.

"We are excited about our progress with Hanesbrands, Inc. following our August 2009 joint development agreement," stated Ken Barker, NAT's CEO. "First, we completed a series of small scale spinning tests that delivered very positive results. Next, we secured an initial purchase order from Hanesbrands for 10,000 lbs. of CRAiLAR(R). For the past three months, we have been working closely with our partners on a full-scale trial in Germany using our proposed manufacturing equipment supplier. Upon successful conclusion of the trials and evaluation of the results, NAT will be in a position to arrive at commercialization terms. We are committed to achieving full blown production of CRAiLAR in 2010."

In 2009, the company shuttered its non-core apparel business. On October 1, 2009, NAT became classified as a development stage company for accounting purposes. As such, in the company's consolidated financial statements, revenue from CRAiLAR is accounted for as other income net cost of goods sold and the apparel business is classified as discontinued operations. The closing of the apparel business has reduced overall operating expenses.

For the year ended December 31, 2009, net loss was $3.9 million, of which $3.2 million was attributed to continuing operations and $660,000 was from discontinued operations. The 2009 net loss included $163,000 for equipment write down, $482,000 of research and development for CRAiLAR, and $816,865 of stock-based compensation. This compared to 2008 net loss of $3.4 million, of which $3.1 million was attributed to continuing operations and $252,000 was from discontinued operations, including $548,000 of research and development for CRAiLAR, $155,000 of listing expenses, and $672,000 of stock-based compensation. 2009 net loss per share was $0.12, compared to a $0.12 net loss per share for 2008.

As of December 31, 2009, NAT had $421,000 in cash and cash equivalents.

The company's unaudited consolidated financial statements for its fourth quarter ended December 31, 2009 were prepared in accordance with U.S. generally accepted accounting principles and all currency amounts are presented in U.S. dollars.

Naturally Advanced Technologies Inc

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