SmarTire Systems Reports Second Quarter Results For Fiscal Year 2003

SmarTire Systems Inc., a leading developer of tire pressure and temperature monitoring technology, has announced results for the second quarter of its fiscal year 2003 ended January 31, 2003. SmarTire reports all results in U.S. dollars.
Gross revenue for the second quarter totaled $146,762, down from gross revenue of $192,665 for the same quarter in 2002. Year-to-date revenues for 2003 totaled $544,351 compared to $545,294 for 2002. SmarTire recorded a net loss of $2.13 million or loss per share of $0.10 for the quarter compared to a net loss of $2.10 million or loss per share of $0.13 for the same quarter last year.
"Historically the second quarter is our most challenging and this year was no exception," said Robert Rudman, President and Chief Executive Officer of SmarTire Systems. "However, since the end of the second quarter, our sales have increased substantially with actual and booked sales during this six week period representing approximately 85% of total sales for this fiscal year."
According to Rudman, "In addition to pursuing passenger car opportunities with a wide range of original equipment manufacturers in North America, Europe and Asia, SmarTire is also introducing new products and expanding our international channels of distribution. We are launching a new recreational vehicle tire monitoring system this week at a major tradeshow in California and have recently signed National Cycle as the exclusive U.S. distributor for our new motorcycle product. We are working with our Asian strategic partner, Hyundai Autonet, to expand distribution into Korea, and we are delivering product to a distributor that provides access to the emerging Chinese automotive marketplace. During this current fiscal quarter, we are beginning to realize positive results from our expanded product line and distribution network."