1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000 Commission File Number 0-22333
NANOPHASE TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 36-3687863
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
1319 MARQUETTE DRIVE, ROMEOVILLE, ILLINOIS 60446
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (630) 323-1200
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, PAR VALUE $.01 PER SHARE
PREFERRED STOCK PURCHASE RIGHTS
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. Yes No X
--- ---
The aggregate market value of the registrant's voting stock held by
non-affiliates of the registrant, based upon the last reported sale price of the
registrant's Common Stock on March 20, 2001 was $84,709,008.
The number of shares outstanding of the registrant's Common Stock, par
value $.01, as of March 20, 2001 was 13,621,549.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's Definitive Proxy Statement in connection
with the registrant's 2001 Annual Meeting of Stockholders to be held on June 5,
2001 are incorporated by reference into Part III of this Report on Form 10-K, as
amended hereby.
================================================================================
2
We are filing this amendment to our Annual Report of Form 10-K to correct
a typographical error in Item 6 of Part II. In the previous filing, the year
2000 net loss number was stated as $4,518,327 in the selected financial data
schedule in Item 6. The correct number as properly reported elsewhere in the
previous filing is ($4,518,327), as set forth below.
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data is qualified by reference to, and
should be read in conjunction with, the financial statements and related notes
thereto appearing elsewhere in this Form 10-K and "Item 7. Management's
Discussion and Analysis of Financial Condition and Results of Operations." The
selected financial data set forth below as of, and for, each of the years in the
five-year period ended December 31, 2000 have been derived from the audited
financial statements of the Company.
YEARS ENDED DECEMBER 31,
-------------------------------------------------------------------
2000 1999 1998 1997 1996
-------------------------------------------------------------------
STATEMENT OF OPERATIONS DATA:
Product revenue............................ $ 3,824,159 $ 1,128,861 $ 1,140,845 $ 924,763 $ 249,017
Other revenue.............................. 449,194 295,986 162,944 2,798,729 236,019
Governmental research contracts............ -- -- -- -- 110,770
----------- ----------- ----------- ----------- -----------
Total revenue.............................. 4,273,353 1,424,847 1,303,789 3,723,492 595,806
Cost of revenue............................ 4,754,485 2,610,667 3,221,996 3,935,766 4,019,484
Research and development expense........... 1,837,036 1,456,126 1,504,127 990,331 677,284
Selling, general and administrative expense 3,388,758 3,641,736 3,594,946 2,074,728 1,661,504
----------- ----------- ----------- ----------- ----------
Total operating expense.................... 9,980,279 7,708,529 8,321,069 7,000,825 6,358,272
----------- ----------- ----------- ----------- ----------
Operating loss............................. (5,706,926) (6,283,682) (7,017,280) (3,277,333) (5,762,466)
Interest income............................ 1,188,599 1,166,615 1,539,400 204,863 184,778
Provision for income taxes................. -- -- (156,000) -- --
----------- ----------- ----------- ----------- -----------
Net loss................................... $(4,518,327) $(5,117,067) $(5,633,880) $(3,072,470) $(5,577,688)
=========== =========== =========== =========== ===========
Net loss per share-basic and diluted....... $ (0.34) $ (0.40) $ (0.45)
=========== =========== ===========
Shares used in computing the net loss per
share...................................... 13,390,741 12,690,483 12,416,305
----------------------------------------------------------------------
AS OF DECEMBER 31,
----------------------------------------------------------------------
2000 1999 1998 1997 1996
----------------------------------------------------------------------
BALANCE SHEET DATA:
Cash and cash equivalents.................. $ 473,036 $ 624,509 $ 363,394 $ 3,988,368 $ 617,204
Working capital............................ 18,356,349 21,831,264 26,535,018 32,038,915 3,070,789
Total assets............................... 23,830,163 25,677,539 30,453,988 36,196,569 5,539,634
Total stockholders' equity................. 21,007,745 24,161,323 29,107,590 34,651,334 5,110,450
3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized, on the 11th day of
April, 2001.
NANOPHASE TECHNOLOGIES CORPORATION
By: /s/ Joseph Cross
----------------------------------------
Joseph Cross
President and Chief Executive Officer