SmarTire Full-Year Revenue up 136 per cent
SmarTire reported record revenue in 2006 of $3.5 million, compared to $1.46 million in 2005. Net loss for the year totalled $29.4 million, compared with $16.1 million a year ago. Losses for the year increased significantly primarily due to non-cash interest charges of $23.2 million in 2006, compared to $3.6 million in 2005.
SmarTire president and CEO Dave Warkentin said: “We made progress this year on several fronts. Our partnership with Dana Corporation has propelled our company to a promising new level. Since signing our marketing and distribution agreement last October, Dana has represented SmarTire at numerous conferences and helped us expand our sales and distribution channels. New customers include companies such as Prevost, Camping World, Medtec, Pierce, Van Hool, Fleetwood, ABC and others. This played an important role in the 136 per cent increase in revenue. The result is a strengthened business model that makes us optimistic about the years ahead.
“Our current plan for fiscal year 2007 is to continue to expand sales into the commercial vehicle market and achieve another year of revenue growth. As the new president and CEO, I believe the company has a bright future. We have an outstanding management team that is dedicated to building a successful business for our shareholders. Our technologies, such as the SmartWave product offerings, have been validated by a number of vehicle companies that rely on SmarTire to satisfy safety concerns and the increasing demands for wireless remote vehicle diagnostics and fleet management. I look forward to reporting future progress.”