RICHMOND, British Columbia (Oct. 17, 2003) — Even though revenues climbed 78 percent for its 2003 fiscal year, SmarTire Systems Inc. still reported a net loss of $9.91 million.
Revenues for the fiscal year ending July 31 were $1.8 million, up from $1.0 million in 2002. The net loss deepened from $6.83 million last year.
“SmarTire's financial performance during this past fiscal year reflects solid progress in the company's transition from research and development to full commercialization of its proprietary technologies,” said Robert Rudman, president and CEO of the Richmond-based maker of tire pressure monitoring systems.
Mr. Rudman said 2003 revenues increased in all major product categories and included sales to new markets, such as China. “In addition, revenue growth, market expansion and additions to our product line were all achieved without increasing operating expenses,” he added.