Naturally Advanced Technologies Inc., reported results for its third quarter ended September 30, 2009.
"During the third quarter, we made significant progress in bringing our Crailar(R) technology closer to market," stated Ken Barker, NAT's CEO. "In August, we signed a multi-phase joint development agreement with Hanesbrands, Inc. and a spinning and trademark licensing agreement with Patrick Yarns. In July, we entered a manufacturing agreement with G.J. Littlewoods & Son. We also raised $916,000 in gross proceeds through a private placement to support our commercialization activities in the coming months. We remain committed to our goal of delivering initial revenue from Crailar in the fourth quarter of this year and finalizing the distribution and marketing of Crailar with our industry-leading partners. We are excited about the near-term opportunities for both our technology and our company."
For the third quarter ended September 30, 2009, the company posted revenue of approximately $112,000 from winding down the last inventory of its HTnaturals(TM) apparel business. This compares to $655,000 in the third quarter of 2008. For the third quarter ended September 30, 2009, net loss was $1.0 million, which includes approximately $89,000 of research and development for the Crailar technology platform and $361,000 of stock-based compensation, as compared to the 2008 third quarter net loss of $1.1 million, which included approximately $111,000 of research and development for the Crailar technology platform and $485,000 of stock-based compensation. Net loss was $0.03 per share for the 2009 third quarter, as compared to $0.04 per share in the third quarter of 2008.
As of September 30, 2009, NAT had $1.1 million in cash and cash equivalents.
The company's unaudited consolidated financial statements for its third quarter ended September 30, 2009 were prepared in accordance with U.S. generally accepted accounting principles and all currency amounts are presented in U.S. dollars.
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the potential of renewable and environmentally sustainable biomass resources from hemp and other bast fibers. The company, through its wholly owned subsidiary, Crailar Fiber Technologies Inc., is developing proprietary technologies for production of bast fibers, cellulose pulp, and their resulting by-products, in collaboration with Canada's National Research Council and the Alberta Research Council. Crailar(R) technology offers cost-effective and environmentally sustainable processing and production of natural, bast fibers such as hemp and flax, resulting in increased performance characteristics for use in textile, industrial, energy, medical and composite material applications. The company was founded in 1998 as a provider of environmentally friendly, socially responsible clothing and adheres to a "triple bottom line" philosophy, respecting the human rights of employees, the environmental impact of the company's operations and fiscal responsibility to its shareholders. See www.naturallyadvanced.com
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