Revenues for the three months ended September 30, 2005 were $3,372,870, compared to $1,711,629 in the third quarter of 2004. Revenues increased as the Company saw gains in contract research revenue and development chemical revenue during the quarter. Continued revenue growth in development chemicals sales demonstrates increased ongoing pre-commercial activity in the development and commercialization of the Company’s OLED technologies.
The Company reported a net loss of $2,979,140 (or $0.10 per share) for the quarter ended September 30, 2005, compared to a net loss of $3,752,662 (or $0.14 per share) for the same quarter in 2004. The decreased loss was due primarily to increased revenues, offset to some extent by increased total operating expenses.
Revenues for the nine month period ended September 30, 2005 were $7,851,932, compared to $5,313,642 for the same period in 2004. The Company’s net loss for the nine-month period was $11,160,021 (or $0.39 per share), compared to a loss of $12,380,535 (or $0.47 per share) for the same nine months in 2004. Again, the decreased loss was due primarily to increased revenues, offset to some extent by increased total operating expenses.
The Company was cash flow positive from operations for the third quarter of 2005. Net cash provided from operating activities was $1,087,311 for the three months ended September 30, 2005, compared to cash used in operating activities of $1,653,539 for the same period in 2004. The positive cash flow position was a result of increased revenues, decreased operating losses, and the receipt of over $2.1 million of technology development fees during the quarter.
