<SEC-DOCUMENT>0001171843-21-002790.txt : 20210427
<SEC-HEADER>0001171843-21-002790.hdr.sgml : 20210427
<ACCEPTANCE-DATETIME>20210427103008
ACCESSION NUMBER:		0001171843-21-002790
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210427
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210427
DATE AS OF CHANGE:		20210427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NANOPHASE TECHNOLOGIES Corp
		CENTRAL INDEX KEY:			0000883107
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRIMARY METAL PRODUCTS [3390]
		IRS NUMBER:				363687863
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22333
		FILM NUMBER:		21856463

	BUSINESS ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446
		BUSINESS PHONE:		6303231200

	MAIL ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NANOPHASE TECHNOLOGIES CORPORATION
		DATE OF NAME CHANGE:	19970305
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_042721.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--April 27, 2021-->April 27, 2021 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>NANOPHASE TECHNOLOGIES CORPORATION </strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>0-22333</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>36-3687863</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">On April 27, 2021, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p><font><a href="exh_991.htm" rel="nofollow">Exhibit 99.1. Press release dated April 27, 2021</a></font></p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>NANOPHASE TECHNOLOGIES CORPORATION </strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: April 27, 2021</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Jess Jankowski&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Jess Jankowski</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Executive Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p /></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Nanophase Reports Record First Quarter Financial Results as Sol&#233;sence Beauty Science Leads Growth</strong></font></p><p style="text-align: center;"><strong>Announces 75+% YOY Growth and $7M in Quarterly Revenue</strong></p><p>
   <p align="justify">ROMEOVILLE, Ill., April  27, 2021  (GLOBE NEWSWIRE) -- Nanophase Technologies Corporation (OTCQB: NANX), a leader in minerals-based and scientifically driven health care solutions across various beauty and life science categories &#8212; with innovations that protect skin from environmental aggressors and aid in medical diagnostics &#8212; today reported record financial results for the first quarter ended March 31, 2021.&#160;<br ></p>    <p align="justify">Jess Jankowski, President and CEO, commented: &#8220;We continue to see growth in our Sol&#233;sence products and strong demand for our medical diagnostics materials. We believe overall Company growth will be sustainable through 2021 and in to 2022.</p>    <p>&#8220;After delivering $7M in product revenue in Q1, we already have more than $14M in purchase orders with the majority expected to ship in Q2 and Q3 of 2021.</p>    <p align="justify">&#8220;Through executing our growth strategy, we find ourselves in an excellent position to expand both our Sol&#233;sence beauty science business and our medical diagnostics materials business. Our other major business segment, personal care ingredients, has experienced a 28% downturn quarter over quarter, which we expect to improve as we get further into the current recovery and seasonal activities resume.&#8221;</p>    <p align="justify"><strong><u>First Quarter 2021 Financial Highlights</u></strong></p>    <p align="justify">Revenue for the first quarter was $7.1 million, vs. $4.0 million for the same period in 2020.</p>    <ul type="circle"><li style="text-align:justify;">Sol&#233;sence beauty science revenue was $4.3 million, <em>up 182% from $1.5 million in 2020. First quarter 2021 Sol&#233;sence beauty science revenue levels represent more than 60% of full year 2020 revenue.</em></li><li style="text-align:justify;">Advanced Materials revenue was $1.4 million, up 133% from $0.6 million in the same period of 2020.  <ul type="square"><li style="text-align:justify;">This was driven by growth in the life science space, specifically medical diagnostics materials, accounting for $1.1 million, or 78% of the total segment.</li></ul>  </li><li style="text-align:justify;">Personal Care Ingredients revenue was $1.4 million, down 28% from $1.9 million in 2020.</li></ul>    <p>&#183;&#160; Net income for the quarter was $0.4 million in 2021, compared to a net loss of $0.2 million, reflecting more than a $0.01 per share improvement over the same period in 2020.<br ></p>    <p>&#183;&#160; We note that the PPP funding we received in the second quarter of 2020 is recorded on the balance sheet as a liability and has not had any impact on our income statement to date.<br ></p>    <p>&#183;&#160; The Company finished the quarter with approximately $1.8 million in cash.<br ></p>    <p align="justify">Kevin Cureton, Chief Operating Officer, commented: &#8220;The combination of the rise in clean beauty, the call for inclusive products across skin care and color cosmetic categories, and the increasing regulatory pressure on chemical sunscreen actives all contribute to positive momentum for our minerals-based skin health products. Sol&#233;sence beauty science product sales continue to grow and are expected to more than double between 2020 and 2021, after more than tripling between 2019 and 2020. Our growth rate far exceeds that of the industry, in part because we are well positioned to be a force in helping to define the rapidly growing clean beauty segment.&#8221;</p>    <p align="justify">Jankowski added: &#8220;The high demand for our medical diagnostics materials has helped us to identify life science as the third major component of our business strategy. We believe our novel materials technology enables enhanced performance, helping diagnosticians to more accurately identify COVID-19 and other viruses. Given our success here, we have expanded our business and technology development efforts in this segment to define a path for sustainable growth and market expansion for these and future advanced materials.</p>    <p align="justify">&#8220;Lastly, we are reminded daily of the responsibility we have to keep doing our part to improve our national public health through the materials we make for use in medical diagnostics. We have not forgotten the sacrifices being made by our fellow citizens under current conditions. We remain committed to protecting our employees, their families, and our communities, working to provide essential products for the health and safety of those we serve.&#8221;</p>    <p><strong><u>Use of Non-GAAP Financial Information</u></strong></p>    <p align="justify">Nanophase believes that the presentation of results excluding certain items, such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with GAAP.</p>    <p align="justify"><strong><u>About Nanophase Technologies</u></strong><br >Nanophase Technologies Corporation (NANX), www.nanophase.com, is a leading innovator in minerals-based and scientifically driven health care solutions across beauty and life science categories, as well as other legacy advanced materials applications. Leveraging a platform of integrated patented and proprietary technologies, the Company creates products with unique performance, enhancing consumers health and well-being. We deliver commercial quantity and quality engineered materials both as ingredients and as part of fully formulated products in a variety of formats.</p>    <p align="justify"><strong><u>Forward-Looking Statements</u></strong><br ><em>This press release contains words such as &#8220;expects,&#8221; shall,&#8221; &#8220;will,&#8221; &#8220;believes,&#8221; and similar expressions that are intended to identify forward-looking statements</em><em> within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company&#8217;s current beliefs, known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties that could cause the Company&#8217;s results of operations, performance, and achievements to differ materially from current expectations expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, without limitation, the following: a decision by a customer to cancel a purchase order or supply agreement in light of the Company&#8217;s dependence on a limited number of key customers; uncertain demand for, and acceptance of, the Company&#8217;s engineered materials, ingredients, and fully formulated products; the Company&#8217;s manufacturing capacity and product mix flexibility in light of customer demand; the Company&#8217;s limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the Company&#8217;s dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may become involved; the impact of any potential new government regulations that could be difficult to respond to or too costly to comply with while remaining financially viable; the ability of the Company to maintain an appropriate electronic trading venue; and other factors described in the Company&#8217;s Form 10-K filed March 26, 2021. In addition, the Company&#8217;s forward-looking statements could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties, or other contingencies.</em></p>    <p align="justify">COMPANY CONTACT<br >Investor Relations<br >630-771-6700</p>    <p align="justify"><br ></p>    <p align="justify"><br ></p>  <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="10" style="text-align: center ;  vertical-align: middle; "><strong>NANOPHASE TECHNOLOGIES CORPORATION</strong></td></tr><tr><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td class="hugin" colspan="3">&#160;</td><td class="hugin">&#160;</td><td class="hugin" colspan="3">&#160;</td></tr><tr><td colspan="10" style="text-align: center ;  vertical-align: middle; "><strong>CONSOLIDATED BALANCE SHEETS</strong></td></tr><tr><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td colspan="3" style="text-align: right ; 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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
