SmarTire reports a $7.8 millon net loss in Q3 2008
SmarTire Systems Inc. posted a net loss of $7.8 million on revenue of $794,373 for its fiscal third quarter ended April 30, 2008. That compares to a net loss of $4 million on sales of $933,113 for the same period a year ago.
Compartive revenue for the first nine months of fiscal 2008 was down 10%.
In Q3 2008, SmarTire's net loss from operations increased from $1.2 million in Q2 2007 to $1.5 million. The net loss from operations for the first nine months decreased, from $5.6 million to $4 million.
"We continue to address our core operating costs and move toward implementation with our OEM customers, both in line with our goal of achieving profitability as quickly as possible," says CEO and President David Warkentin.
"Additionally, we were pleased to settle our patent infringement dispute with Siemens VDO during the quarter. We also continue to seek resolution of our pending case with Schrader Bridgeport International. The previously announced trial date has been delayed as we await rulings on summary judgment hearings from the court."
Detailed operating results are available in the Form 10-QSB, filed with the SEC, available online at: www.sec.gov.