RICHMOND, British Columbia (June 17, 2003)— As it continues to improve its distribution network, SmarTire Systems Inc. reported revenues 52 percent higher than last year in its third fiscal quarter.
For the quarter ending April 30, the Richmond-based maker of tire pressure and temperature monitoring technology posted revenues of $1.2 million, compared to $779,687 in the same period in 2002. The company recorded a net loss of $1.54 million for the quarter, compared to a net loss of $1.51 million for the same period last year.
“The positive revenue results achieved during the third fiscal quarter reflect SmarTire's continued success in establishing a distribution network that penetrates global markets at the original equipment manufacturing and aftermarket levels with new and exciting products,” Robert Rudman, president and CEO, said in a statement.
Mr. Rudman said the company also plans to market its products to North American, European and to Asian customers that are not bound by the U.S. TREAD Act. The company said it also plans to market its tire pressure monitoring systems for motorcycles to both OE and the aftermarket.