Altair Nanotechnologies lost more money than expected in FY07
Several factors hurt Altair Nanotechnologies' fiscal results in FY07: warranty replacement costs and higher research and development expenses have made the company report a wider loss despite higher revenues. $6.78m worth of warranty expenses and inventory impairment were related to the first-generation battery packs that were sold to Phoenix Motor Cars. As for R&D, costs rose to $15.4m compared to $10.1m in 2006.Altair has lost $31.5 million, which is more than the $17.2 million reported in 2006. On a per share basis, the loss was $0.45, compared to a loss of $0.29 last year.
[Source: RTT News]
Reader Comments (Page 1 of 1)
Mike Z 9:33AM (3/13/2008)
"$6.78m worth of warranty expenses"
That scares the crap out of me. I need to read the 10-K ASAP.
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Kardax 12:24PM (3/13/2008)
Apparently, it's a design flaw in the way the cells are organized into packs that could lead to overheating. AltairNano is replacing all the packs delivered to Phoenix with a redesign that should fix the problem.
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ug 5:32PM (3/13/2008)
A123 is kicking their asses. They don't have forever to sit on their hands.
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Eric C 7:17PM (3/31/2008)
The losses are no surprise. Look at the way the company is structured; it's unlikely to ever post a profit, or pay a dividend, for that matter.
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