PORTLAND, Aug. 7 /PRNewswire-FirstCall/ -- Naturally Advanced Technologies Inc. (NAT, OTCBB: NADVF, TSXV: NAT), reported results for its second quarter ended June 30, 2009.
"We have achieved significant milestones to drive commercialization of our Crailar(R) Fiber Technology platform, including joint development agreements with Hanesbrands Inc. and Georgia-Pacific Consumer Products LP (GP), as well as a manufacturing agreement with G.J. Littlewoods Son and a spinning and trademark agreement with Patrick Yarns," stated Ken Barker, NAT's CEO. "As previously announced, we are shuttering our HTnaturals(TM) business, which impacted our cost of sales. We are also excited our research has advanced our enzymatic process. We believe we are now well positioned to pursue our goal of using hemp and other bast fibers to produce knit fabric, denim, work wear and related apparel markets, as well as the home furnishings, carpeting and industrial markets."
During the quarter the company deemed some existing equipment and inventory obsolete, writing down $163,000 and $110,000. The charge to inventory was recorded in cost of sales.
For the second quarter ended June 30, 2009, HTnaturals posted sales of approximately $401,000, compared to $580,000 in the second quarter of 2008. For the second quarter ended June 30, 2009, net loss was $967,000, which includes $88,500 of research and development for the CRAILAR technology platform and $87,000 of stock-based compensation, as compared to the 2008 second quarter net loss of $659,000, which included $121,000 of research and development for the CRAILAR technology platform and $91,200 of stock-based compensation. Net loss was $0.03 per share for the 2009 second quarter and $0.02 per share the second quarter of 2008.
The Company's unaudited consolidated financial statements for its second quarter ended June 30, 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 http://www.naturallyadvanced.com/.
Neither the TSX Venture Exchange nor any regulatory authority accepts responsibility for the adequacy or accuracy of this news release. 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 http://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.
Naturally Advanced Technologies Inc.
CONTACT: Investor Contact: Kirsten Chapman, Cathy Mattison,
Lippert/Heilshorn Associates, (415) 433-3777, ir@naturallyadvanced.com
