SMARTIRE SYS INC (U-SMTR) - News Release SmarTire Q3 Revenue Up 262% to $1.2M
2006-06-15 15:21 ET - News Release
RICHMOND, British Columbia, June 15 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. announced today that revenue for the third quarter of fiscal year 2006 increased 262% to $1,195,136 from $330,406 in the third quarter of fiscal year 2005. The company said FQ3 sales represented a 42% gain over the second fiscal quarter of this year. For the nine months ended April 30, 2006, SmarTire's sales increased 157% to $2,627,617 from $1,022,484 for the nine months ended April 30, 2005.
SmarTire President and CEO Leif E. Pedersen said, "We continue to experience strong sales growth and achieved record sales in the recreational vehicle and bus markets. As evidenced by recent announcements, this momentum is definitely continuing. We are optimistic about our prospects for growth in the commercial, recreational and bus markets as well as the industrial vehicle market. In addition to the new vehicle or original equipment market (OEM), there are tremendous opportunities in the after-sales market which are substantially larger than the OEM market."
Net loss for the quarter decreased to $4.3 million, or $0.01 per share, for the third quarter of fiscal year 2006, from $7.1 million, or $0.03 per share, for the third quarter of fiscal year 2005. The net loss for the nine months ended April 30, 2006 was $26.3 million, or a loss per share of $0.09, compared to a net loss of $13.6 million, or loss per share of $0.07, for the same period last year. The substantial increase in the loss in the nine months ended April 30, 2006 was primarily due to non-cash interest and finance charges of $20.8 million of which approximately $16.1 million related to expenses incurred in connection with SmarTire's $100 million equity line of credit. The charge was taken as uncertainty exists as to when SmarTire will register its equity line of credit.
Chief Financial Officer Jeff Finkelstein said, "Cash used to fund operating activities for the nine months ended April 30, 2006 was $6.5 million, compared to $5 million during the same period of the prior year. The increase in cash used was mainly due to a $1 million interest payment on SmarTire's convertible debentures and $250,000 to settle litigation with a debt holder."
SmarTire's consolidated financial statements and all financial information contained in this release are stated in U.S. dollars and are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
About SmarTire Systems Inc.
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide under the SmartWave(TM) trademark. The company has developed numerous patent-protected wireless technologies and advanced tire monitoring solutions since it was founded in 1987. The company's proprietary SmartWave platform provides a foundation for the addition of multiple wireless sensing and control applications. The initial product release on the SmartWave platform is SmartWave TPMS, which leverages on the company's background and knowledge in tire monitoring solutions. SmarTire has offices in North America and Europe. For more information, visit http://www.smartire.com.
An investment profile, a comprehensive online investor relations kit, SEC filings and other useful investor information regarding SmarTire Systems Inc. can be found at http://www.hawkassociates.com/smartire and http://www.americanmicrocaps.com. In addition, this press release is available for investor commentary, questions, near real-time answers and monitored discussion in the SmarTire IR HUB at http://www.agoracom.com/IR/SmarTire. Alternatively, investors may contact Ken AuYeung or Frank Hawkins of Hawk Associates at (305) 451-1888, e-mail: info*hawkassociates.com, or e-mail questions to SMTR*agoracom.com.
Except for historical information contained herein, the matters discussed in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. When used in this news release, the words "expects," "may," "will" and similar expressions identify certain of such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward- looking statements contained herein. These forward-looking statements are based largely on the expectations of SmarTire and are subject to a number of risks and uncertainties that are subject to change based on factors, which are, in many instances, beyond SmarTire's control. These include, but are not limited to risk that SmarTire does not realize ongoing revenue growth in the coming year, risks and uncertainties associated with the effects of competitive pricing, SmarTire's dependence on the ability of third-party manufacturers to produce components on a basis that is cost-effective to SmarTire, market acceptance of SmarTire's products, SmarTire's ability to keep up with technological advances in the industry, the effect of competitive products and the effects of governmental regulations. SmarTire cautions that the foregoing factors are not exhaustive.
SMARTIRE SYSTEMS INC. Income Statement Summary Expressed in United States dollars
Three months Nine months ended April 30, ended April 30,
running .055 ... hope it closes at HOD for tomorrow....
Posted by kt325ci on :
Good luck getting shares. It was a pain to get my order filled. Placed it for 50K at .05 while ask was .0495 and eventually they gave me 42K over 4 partials.
Posted by Livinonklendathu on :
got in at .051 - this should fly
Posted by J_U_ICE on :
Good luck I tried couldn't get it not chasing. I hope it runs for all of you.
Posted by Prdponce on :
gapper for tomorrow
Posted by Jason0321 on :
GONNA RUN
Posted by Levon on :
Bell buy for sure
Posted by Doniboy on :
couldn't get filled. Tried at .0595 forever.
Posted by Jason0321 on :
got it at 6. good enough
Posted by Jason0321 on :
This sucka is gonna run tomorrow!!! whatch it gap.
Posted by Doniboy on :
You guys are lucky. If I had gotten in it would have tanked, but since I just missed it, you're all set, it will probably be a 250 bagger...lol
Nice catch PRDponce.
Posted by money 76 on :
this guy should run
bad luck couldnt get in this stock . tried to get in at 0.058 couldnt
Posted by Jason0321 on :
I am hoping to see a gap up in the morning. It's exciting to see somthing happening. It has been such a slow marktet the past few weeks.
Posted by Jason0321 on :
well....not much talk on this stock. Are we going to see a gap this morning? Doesnt look like it. But we should still move up a little.
Posted by uprightdeb on :
Great News!
SmarTire to Provide Tire Pressure Monitoring System for Installation on Fleetwood Motorhomes
June 19, 2006 09:26:27 (ET)
RICHMOND, British Columbia, June 19, 2006 /PRNewswire-FirstCall via COMTEX/ -- SmarTire Systems Inc. (SMTR, Trade) announced that Fleetwood Enterprises, Inc., one of the largest RV manufacturers in North America, will install SmarTire's SmartWave(TM) tire pressure monitoring system (TPMS) as standard equipment on its high-end Heritage line of American Coach brand motorhomes.
"Tire care and maintenance is critical to the safety of our motorhome customers," said John Millis, American Coach product manager of Fleetwood, "and at American Coach, we want to provide them with the most advanced, effective solution available in the RV industry today. We believe SmarTire's TPMS solution meets that goal."
Dave Warkentin, vice president sales and marketing of SmarTire Systems, said, "Fleetwood is a market leader, not only in the number of RVs sold, but in vehicle standards, quality and innovation. We are pleased to be working together to offer its customers the finest TPMS in the marketplace."
SmarTire's SmartWave(TM) TPMS improves vehicle safety and performance by providing drivers with real-time tire information while their vehicles are in motion. At the push of a button, the SmarTire system displays each tire's pressure and temperature information. If the system detects a loss of air pressure or abnormally high tire temperature, the driver is immediately alerted by a bright warning light and an audible alarm.
About Fleetwood
Fleetwood Enterprises, Inc., a Fortune 1000 company, headquartered in Riverside, Calif., is dedicated to providing quality, innovative products that offer exceptional value to its customers. Fleetwood operates facilities strategically located throughout the nation, including recreational vehicle, manufactured housing and supply subsidiary plants. For more information, visit http://www.fleetwood.com .
About SmarTire Systems Inc.
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide under the SmartWave(TM) trademark. The company has developed numerous patent-protected wireless technologies and advanced tire monitoring solutions since it was founded in 1987. The company's proprietary SmartWave platform provides a foundation for the addition of multiple wireless sensing and control applications. The initial product release on the SmartWave platform is SmartWave TPMS, which leverages on the company's background and knowledge in tire monitoring solutions. SmarTire has offices in North America and Europe. For more information about SmarTire Systems Inc., visit http://www.smartire.com .
Posted by uprightdeb on :
Anyone interested in this one? Seems to be moving.
Posted by ruthie on :
I have a few shares. I hope to make a little profit off of this.....
Posted by AtHomeDad on :
Good News! What the H*ll is keeping this stock down?
Updated:2006-06-19 12:19:04 SmarTire to Provide Tire Pressure Monitoring System for Installation on Fleetwood Motorhomes PR NEWSWIRE RICHMOND, British Columbia, June 19 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR) announced that Fleetwood Enterprises, Inc., one of the largest RV manufacturers in North America, will install SmarTire's SmartWave(TM) tire pressure monitoring system (TPMS) as standard equipment on its high-end Heritage line of American Coach brand motorhomes.
"Tire care and maintenance is critical to the safety of our motorhome customers," said John Millis, American Coach product manager of Fleetwood, "and at American Coach, we want to provide them with the most advanced, effective solution available in the RV industry today. We believe SmarTire's TPMS solution meets that goal."
Dave Warkentin, vice president sales and marketing of SmarTire Systems, said, "Fleetwood is a market leader, not only in the number of RVs sold, but in vehicle standards, quality and innovation. We are pleased to be working together to offer its customers the finest TPMS in the marketplace."
SmarTire's SmartWave(TM) TPMS improves vehicle safety and performance by providing drivers with real-time tire information while their vehicles are in motion. At the push of a button, the SmarTire system displays each tire's pressure and temperature information. If the system detects a loss of air pressure or abnormally high tire temperature, the driver is immediately alerted by a bright warning light and an audible alarm.
About Fleetwood
Fleetwood Enterprises, Inc., a Fortune 1000 company, headquartered in Riverside, Calif., is dedicated to providing quality, innovative products that offer exceptional value to its customers. Fleetwood operates facilities strategically located throughout the nation, including recreational vehicle, manufactured housing and supply subsidiary plants. For more information, visit http://www.fleetwood.com Posted by ruthie on :
I am with you AtHomeDad. I certainly hope this will move tomorrow...
Posted by uprightdeb on :
News today! This has got to move soon. So much good news lately.
ell Equipment Selects SmarTire Products for its Industrial and Construction Equipment
July 10, 2006 09:26:46 (ET)
RICHMOND, British Columbia, July 10, 2006 /PRNewswire-FirstCall via COMTEX/ -- SmarTire Systems Inc. (SMTR, Trade) announced today that Bell Equipment Limited has selected SmarTire to provide its SmartWave(TM) tire pressure monitoring system (TPMS) for installation on its industrial and construction equipment. Bell is a global South African supplier of heavy-duty equipment and articulated vehicles.
Timothy Ellis, product designer of Bell Equipment, said, "At Bell, we aim to offer our customers innovative equipment designed to the highest technical and operational standards. Ever improving vehicle safety is important to many of our customers, and SmarTire's innovative TPMS will help us meet that objective."
Nigel Hammond, managing director of SmarTire Europe Ltd., said, "Last year Bell Equipment successfully conducted rigorous testing of our product with more than 10,000 hours of field trials. Bell is taking the lead in its industry by installing TPMS on its equipment. We are pleased to assist Bell in meeting its customers' needs and to become a supplier for such a forward- thinking organization."
SmartWave TPMS provides significant value to customers in off-the-road (OTR) markets due to the high cost and limited availability of specialist tires. In addition, minimization of downtime by improving vehicle safety and performance is a critical consideration for all users of OTR equipment.