ItN Nanovation with ongoing success after first nine months of 2007
November 30, 2007:
• Cooperation agreement with BASF a strategic milestone • CFM Systems successfully enters market • Nanocomp PP product line exceeds expectations • Revenues in Q3 climb to EUR 1.5 million • Net loss for the period substantially lower in the quarter
Saarbruecken. ItN Nanovation AG (ISIN DE000A0JL461) reached a significant milestone in the first nine months of 2007, preparing the ground for further boosting its market success.
In CFM Systems and Nanocomp AF, ItN Nanovation developed two more product lines to market maturity this year and successfully launched them within a very short period of time. The general agreement for Nanocomp AF that was concluded with BASF AG after the end of the quarter constitutes a significant milestone. The high-performance nanotechnology-based coating is to be used in the cooling circuit systems at BASF’s plants to stop “crystallisation fouling”, i.e. when dissolved substances are deposited on pipe surfaces. There are also plans to jointly develop the product line for another industry sector. International marketing of the CFM Systems product line is also encountering much success. The first few orders have already been received.
The Company’s own revenue expectations for the Nanocomp PP product line were substantially exceeded after only three quarters. Revenues for the line amounted to around EUR 0.6 million. ItN expects that another cooperation agreement for this line at the turn of the year is likely to provide substantial stimuli for further market development with a more visible impact on revenues. For Nanocat –ItN’s virtually self-cleaning household oven coatings – a new composition was developed with production costs that are almost 30% lower. It is already in use at a production facility of the customer BSH Bosch Siemens Hausgeräte. ItN instigated the withdrawal of exclusivity from BSH, which was linked to price reductions, in order to determine further sales opportunities.
Revenues in the third quarter climbed by around 8% year-on-year to EUR 1.5 million. This compensated for part of the losses in revenues suffered during the first six months of the year. Nevertheless, revenues were still down 12% on the previous year over the nine-month period at a total of EUR 3.8 million. The net loss before interest and taxes was significantly reduced in the third quarter to EUR -1.4 million (Q3 2006: EUR -1.7 million). In the nine-month period, EBIT totalled EUR -4.6 million compared with EUR -3.2 million in the same period of the previous year.
ItN Nanovation will continue its successful strategy in the launch of existing products and also develop promising product lines in the coming quarters. The Management Board is equally confident that ItN will be able to leverage its existing market potential, as planned.
The full nine-month report is available to download at www.itn-nanovation.com.