SmarTire Systems Inc. said its gross revenue was up for the third quarter and year to date, though its net loss was higher in the third quarter than the same quarter last year.
Gross revenue for the third quarter of 2002 totaled $234,393, up from gross revenue of $171,709 for the same period in 2001. SmarTire recorded a net loss of $1.5 million for the third quarter, compared to a net loss of $1.4 million or loss per share in the same quarter last year.
For the first nine months of fiscal 2002, SmarTire recorded gross revenue of $779,687, compared to gross revenue of $567,191 for the same period a year earlier. The net loss for the first nine months of this fiscal year totaled $5.2 million, compared to a net loss of $4.2 million for the first nine months of fiscal 2001.
"The delay by the U.S. government in finalizing the regulations under the Transportation Recall Enhancement Accountability and Documentation (TREAD) Act negatively impacted sales in the last two quarters," said president & CEO Robert Rudman. "Now that NHTSA has published its rulemaking requiring tire monitoring systems be installed in all cars sold in the U.S. by 2006, auto manufacturers must proceed with the granting of supply contracts in order to achieve the NHTSA implementation schedule."