SmarTire Reports Healthy Q1 Results

Canadian TPMS specialist SmarTire Systems Inc. has announced that its revenue for the first quarter of the 2007 fiscal year has increased by 44% to $851,770 (£436,476), up from $592,866 (£303,805) in the first quarter of the 2006 fiscal year. At the same time net loss for the quarter decreased to $5.3 million (£2.7 million), or $0,02 per share, for the fiscal year’s first quarter, down from $17.8 million (£9.1 million) or $0.06 a year earlier.

SmarTire President and CEO Dave Warkentin stated that, “Our first quarter results show a continuing trend of year-on-year revenue growth. I believe that our revenues will increase in the second half of our fiscal year.” He added that ‘major players’ in the commercial vehicle industry have advised Smartire of their plans to order products in the beginning of the 2007 calendar year.
SmarTire supplies its TMPS technology to a large number of customers in the automotive industry and has forged partnership agreements with other leading companies, including Hyundai Autonet, Pirelli and England’s Transense Technologies plc.