PORTLAND, April 13 /CNW/ - Naturally Advanced Technologies Inc. (NAT, OTCBB: NADVF, TSXV: NAT), reported results for its fourth quarter and year ended December 31, 2009.
"We are excited about our progress with Hanesbrands, Inc. following our August 2009 joint development agreement," stated Ken Barker, NAT's CEO. "First, we completed a series of small scale spinning tests that delivered very positive results. Next, we secured an initial purchase order from Hanesbrands for 10,000 lbs. of CRAiLAR(R). For the past three months, we have been working closely with our partners on a full-scale trial in Germany using our proposed manufacturing equipment supplier. Upon successful conclusion of the trials and evaluation of the results, NAT will be in a position to arrive at commercialization terms. We are committed to achieving full blown production of CRAiLAR in 2010."
In 2009, the company shuttered its non-core apparel business. On October 1, 2009, NAT became classified as a development stage company for accounting purposes. As such, in the company's consolidated financial statements, revenue from CRAiLAR is accounted for as other income net cost of goods sold and the apparel business is classified as discontinued operations. The closing of the apparel business has reduced overall operating expenses.
For the year ended December 31, 2009, net loss was $3.9 million, of which $3.2 million was attributed to continuing operations and $660,000 was from discontinued operations. The 2009 net loss included $163,000 for equipment write down, $482,000 of research and development for CRAiLAR, and $816,865 of stock-based compensation. This compared to 2008 net loss of $3.4 million, of which $3.1 million was attributed to continuing operations and $252,000 was from discontinued operations, including $548,000 of research and development for CRAiLAR, $155,000 of listing expenses, and $672,000 of stock-based compensation. 2009 net loss per share was $0.12, compared to a $0.12 net loss per share for 2008.
As of December 31, 2009, NAT had $421,000 in cash and cash equivalents.
The company's unaudited consolidated financial statements for its fourth quarter ended December 31, 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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Forward Looking Statement Disclaimer
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, are forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information and including, without limitation, risks and uncertainties relating to: any market interruptions that may delay the trading of the Company's shares, technological and operational challenges, needs for additional capital, changes in consumer preferences, market acceptance and technological changes, dependence on manufacturing and material supplies providers, international operations, competition, regulatory restrictions and the loss of key employees. In addition, the Company's business and operations are subject to the risks set forth in the Company's most recent Form 10-K, Form 10-Q and other SEC filings which are available through EDGAR at www.sec.gov. These are among the primary risks we foresee at the present time. The Company assumes no obligation to update the forward-looking statements.
SOURCE CRAiLAR Technologies Inc.
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