Altair Nanotechnologies Inc. (Altairnano) reported financial results for the third quarter ended September 30, 2011. For the 2011 third quarter, Altairnano reported revenues of $0.9 million, down from $2.0 million in the third quarter of 2010. The overwhelming driver for this reduction was the termination of our military business at the end of 2010 in order to close the Canon transaction. Additionally sales to Proterra were down from the prior year comparable quarter due to Proterra’s ramping back up their electric bus operations from a temporary shutdown earlier in 2011.
Net loss was $5.9 million, or $0.10 per share, compared to a net loss of $5.3 million, or $0.20 per share, for the third quarter of 2010. The basic and diluted weighted average shares outstanding for the quarter were 60.2 million, compared to 26.8 million for the same period in 2010.
