Mr. Christopher Melnyk reports
CALIFORNIA NANOTECHNOLOGIES REPORTS FIRST QUARTER FINANCIAL RESULTS
California Nanotechnologies Corp. has provided financial results for the three months ended May 31, 2015. In the March to May period, revenues were $95,913 (U.S.) compared with $159,198 (U.S.) in 2014. This decrease in overall revenue was primarily due to decreased revenue in the oil and gas division. Revenues increased in most other divisions.
The company's cash utilized for operations (1) was $50,785 (U.S.) compared with $8,711 (U.S.) during the prior year period.
Cal Nano's net loss for the period was $68,490 (U.S.) or 0.2 cent per share, compared with a loss of $54,218 (U.S.) or 0.2 cent per share in the prior period. Overall operating expenses of $136,552 (U.S.) were lower by 25 per cent when compared with the prior period. These reduced expenses are primarily related to the reduction in labour, benefits and consulting costs necessitated by the decrease in activities in the oil and gas division of the company.
"In the first three months of fiscal 2016, the cash utilized for operations was less than $17,000 (U.S.) per month versus approximately $29,000 (U.S.) in fiscal 2015," stated Christopher Melnyk, chief executive officer. "This reflects the company's continued path towards sustainable growth and demonstrates the benefit of a broad diversification of revenues."
All figures in (U.S.) dollars
For the three For the three
months ended months ended
May 31, 2015 May 31, 2014
Revenue $95,913 $159,198
Cash flow provided by (used
for) operations(1) (50,785) (8,711)
Net earnings (loss) (68,490) (54,218)
EPS (LPS) (0.01) (0.01)
(1) Cash flow used for operations is a non-GAAP (generally
accepted accounting principles) term requested by the oil
and gas investment community that represents net earnings
adjusted for non-cash items including depreciation,
depletion and amortization, deferred taxes, asset
writedowns, and gains (losses) on sale of assets, if any.
We seek Safe Harbor.
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