SmarTire Reports Continued Losses
SmarTire Systems’ results for the quarter ended 30 April show a slight increase in losses. SmarTire recorded a quarterly net loss of $5.31 million compared to a net loss of $2.95 million for the same quarter last year. The net loss for the nine month period ended 30 April, was $11.79 million compared to a net loss of $8.12 million last year.
Revenues for the third quarter totalled $330,406, a decrease of $71,017 over the same quarter in fiscal 2004. Year-to-date revenues for the first nine months of the 2005 financial year 2005 were $1,022,484, a decrease of $236,656 over the same period last year.
In response Robert Rudman, president and CEO stated: “As reported in March, SmarTire has shifted its strategy to accommodate the realities of the marketplace. While still actively pursuing business in the passenger car market, our primary interests are in the commercial vehicle, motorcycle, bus and recreational vehicle segments. This shift in sales and marketing priorities has required the establishment of new distribution channels involving some of the largest players in their respective markets.”