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Advance Nanotech Reports First Quarter 2008 Financial Results
Date:5/19/2008

Company reported a net loss of $1.1 million in the three months ended March 31, 2008 compared to a net loss of $2.4 million for the comparable period in 2007, representing a decrease of $1.3 million, or 55 percent. In 2008, the Company had a net loss of $0.03 cents per basic share, compared with a net loss of $0.07 cents per basic share for the same quarter in 2007. Revenue increased by $531,000 while operating expenses decreased by $300,000 and the Company had a gain of $534,000 from minority interest related to subsidiaries' losses.

Operating expenses during the first quarter of 2008 totaled approximately $2.8 million, a decrease of approximately 10 percent over the first quarter of 2007. The Company anticipates further cost reductions over the next several quarters as it completes the anticipated Owlstone exchange agreement that was previously announced and eliminates all redundant operational costs. Additional cost reductions may be achieved as the Company refocuses exclusively on the costs associated with operating its Owlstone business, and relieves itself of any future financial responsibilities associated with the current portfolio of nanotechnologies. As such, the Company anticipates a material operating cost reduction over the next several quarters.

Interest expense incurred during the first quarter of 2008 increased by approximately $146,000 over the first quarter of 2007 to $166,000. The increase in interest expense was due to the issuance of $6.7 million of 8% senior secured convertible notes in December 2007 and February 2008.

Total assets remained essentially unchanged from the prior quarter at $6.0 million as of March 31, 2008. Cash and equivalents on March 31, 2008 were $2.3 million, an increase of approximately $462,000 from December 31, 2007. Total liabilities increased from $11.9 million to $14.6 million during the first quarter of 2008 predominately due to the issuance of $2.7 million of convertible notes during the quarter.
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SOURCE Advance Nanotech, Inc.
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