World News: 21:00 GMT Wednesday 15th May 2019. [Nanophase Technologies Corporation via Globe Newswire via SPi World News]
ROMEOVILLE, Ill., May 15, 2019 (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (OTCQB: NANX), a leader in minerals-based personal care ingredients and formulated products for protecting skin from environmental aggressors, such as UV light and pollution, today reported financial results for the first quarter period ended March 31, 2019.
“It remains an exciting time for our business, particularly as the markets for our minerals-based personal care ingredients and Solésence products continue to improve. Solésence revenue was $0.9 million in the first quarter, compared to $1.4 million for the full year of 2018,” commented Nanophase CEO and President Jess Jankowski.
“We’ve underperformed over the past two quarters, as a result of an all-out push to satisfy customer demand, followed by a sizeable reduction in personal care ingredients revenue for 2019, when compared to 2018. These things necessitated that we raise capital this month to ensure that we can continue to execute on our growth strategy.”
“Our Solésence business just enjoyed another product launch through a leading natural skin and body care brand, resulting in low six-figure revenue for the first quarter of 2019. This product has already received recognition as being one of the best in its class, and we have received a reorder for this product, which we believe demonstrates its strong acceptance by consumers. By the end of the second quarter, we will have over a dozen different brands marketing products developed and manufactured through our Solésence business.”
Jankowski continued, “We feel that the financial results in over the past two reporting quarters do not reflect the commercial progress we’ve made in our Solésence-driven growth strategy. A series of costs related to bringing the assembly of the finished goods in house negatively impacted our bottom line. We expect to continually improve our effectiveness in this area throughout the year as we bring on additional manufacturing capability. In both our Personal Care Ingredients business and in our Solésence business, we are making exciting and life-enhancing products that are in high demand by the market. We particularly expect the continued growth of Solésence to demonstrate this in 2019.”
The Nanophase conference call, to be hosted by Jess Jankowski, the Company’s President & CEO, is scheduled for May 16, 2019, at 10:00 a.m. CDT, 11:00 a.m. EDT. The conference call dial-in number for U.S. callers is 877-312-8776 and for international callers is 408-774-4007. The conference ID is 5282146. Please dial in to the conference at least five minutes before the call is scheduled to begin.
The call may also be accessed through the company’s website, at www.nanophase.com, by clicking on Investor Relations, Investor News and the link in the conference call announcement release.
COMPANY CONTACTInvestor Relations630-771-6705
Globe Newswire: 21:00 GMT Wednesday 15th May 2019
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