Home / Knowledge / News / Textiles / Closing of apparel business reduces operating expenses - NAT

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


Must ReadView All

Pic: XiXinXing / Shutterstock.com

E-commerce | On 11th May 2021

China's e-commerce logistics activities grow in April

E-commerce logistics sector in China showed moderate growth in April...

Pic: Phaustov / Shutterstock.com

Retail | On 11th May 2021

British retail company JD Sports acquires Manchester-based Oi Polloi

British sports fashion retail company JD Sports has acquired the...

Pic: Tufts University

Textiles | On 11th May 2021

Tufts University steps towards sustainability in leather by using silk

Scientists at the Tufts University School of Engineering have created ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

Chendhuran Sundar,

Chendhuran Sundar

Headquartered at Singapore, Crocodile is a global fashion and lifestyle...

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Dhruv Toshniwal & Udit Toshniwal,

Dhruv Toshniwal & Udit Toshniwal

Launched a year ago, Fashions Pvt Limited conceptualises and sees D2C...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search