SmarTire Q1 results

SmarTire Systems has announced results for the first fiscal quarter ended October 31, 2003. Gross revenue for the first quarter totalled 427,526 US dollars, an increase of 29,937 US dollars over the same quarter in fiscal 2003. SmarTire recorded a quarterly net
loss of 3.26 million US dollars compared to a net loss of 2.07 million US dollars. “Our first quarter results were affected by an inventory shortage caused in part to transitioning the manufacturing of our products to Hyundai Autonet (HACO),” says Robert Rudman, President and Chief Executive Officer of SmarTire Systems. “HACO is quickly finalizing its production line and is preparing a build of SmarTire TPMS products to fill the backlog of orders booked but not shipped in Q1.”