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Spectra earns $111,571 before taxes in Q2 2021
2021-07-26 10:11 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS PRESS RELEASE REPORT 29TH QUARTER OF OPERATIONAL PROFIT
Spectra Products Inc. has released its financial results for the six months ended June 30, 2021.
Revenues for the six-month period ending June 30, 2021, were $880,941 compared with $841,277 for the same period in 2020. Revenues for the second quarter ending June 30, 2021, were $391,237 compared with $305,351 for the same period in 2020.
In the six-month period ended June 30, 2021, net income before taxes of $190,260 was earned compared with net income before taxes of $251,375 for the same period in 2020. In the second quarter ended June 30, 2021, net income before taxes of $111,571 was earned compared with net income before taxes of $74,862 for the same period in 2020.
The main factors that contributed to the $61,115 decrease in six-month net income was an $83,980 expense in 2021 as a result of the issuance of director and employee stock options. There was no comparable expense in 2020.
As at June 30, 2021, cumulative other comprehensive income, representing the after-tax realized and unrealized gains on investments, totaled $65,797.
Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize Cotter Pin as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
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posted
Spectra Products to offer Optimum Fleet program
2021-08-18 10:47 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS INC. ANNOUNCES SIGNING RESELLER AGREEMENT WITH OPTIMUM FLEET HEALTH
Spectra Products Inc. has signed a reseller agreement with Optimum Fleet Health, the leader in predictive maintenance solutions using artificial intelligence to reduce or eliminate unplanned repairs and unscheduled downtime in the transportation industry in North America.
Under this agreement Spectra Products Inc. will offer the Optimum Fleet Health program to its existing Fleet customers and potential prospects in Canada and the United States through direct contact with senior management at these fleets.
"We are very excited about our new partnership with Spectra. This will allow Spectra's existing fleet customers to harness the full capabilities of Optimum Fleet Health's predictive maintenance software. Maintenance teams can now analyze their fleet using a real-time predictive system rather than time or calendar-based maintenance. The solution provides the client with the opportunity to reduce unscheduled downtime and eliminate inefficient processes of overstocking parts and double scheduling of assets. From the technician's perspective, diagnostics time for troubleshooting can be reduced by as much as 80%." says Optimum's CEO Bob Moran.
This is a mutually beneficial agreement that will allow Optimum Fleet Health to present Spectra Products' wheel end safety products to their existing customer base of over 100,000 vehicles.
Optimum Fleet Health's predictive maintenance solution helps businesses detect unforeseen vehicle issues, diagnose the cause, predict relative time to failure, and prescribe a detailed resolution path up to four weeks in advance. Optimum uses data transmitted from telematics devices to analyze thousands of key performance indicators, allowing maintenance managers to monitor the health of assets in real-time. Any anomalies of system components will trigger maintenance events to be prioritized, scheduled, and corrected before they lead to unplanned downtime.
"We have already had very positive response from an initial group of customers that are excited about starting trials with the Predictive AI technology of Optimum Fleet Health" said Andrew Malion President of Spectra Products Inc." "With on the road repairs costing on the average of four times as much as a repair in the shop, fleets are looking for ways to reduce unnecessary maintenance costs and Optimum Fleet Health can reduce these costs dramatically" Spectra Products will receive a recurring monthly fee for each vehicle on the Optimum Fleet Health program introduced by Spectra Products Inc.
Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO,the Termin-8RO line of Electric Vehicle protection for charging ports and charging stations, anti-corrosion, extreme pressure lubricants, Hub Alert, and the Anti-Seize Cotter Pin(TM). Learn more at www.spectraproducts.ca
Optimum Fleet Health is a leader in predictive maintenance analytics for diesel-powered fleets. Our mission is to help clients improve the overall safety, efficiency, and functionality of operational assets. We focus on adding instant value for each company we support by helping fleets immediately reduce operational costs and disruptions from unplanned maintenance activities. Simply put - Optimum Drives Uptime by anticipating breakdowns weeks in advance. We achieve this by using predictive analytics to leverage a vehicle's historical data profile, and couple it with our industry-leading in-depth technical knowledge to deliver accurate and early identification of mechanical issues. This intelligence is driven by our proprietary Optimum VRx engine, which uses our Enginetics(TM) database to analyze more than 8,000 key performance indicators. Optimum VRx analysis changes hindsight to foresight by enabling your maintenance organization to predict system failures or quality issues before they happen. On top of our artificial intelligence learning models, Optimum Fleet Health has industry-leading mechanics on staff that analyze and validate each diagnostic event. Our mechanics ensure the notifications your managers receive are relevant and critical to operational success. Learn more at www.optimumfleethealth.com
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Spectra Products Inc. has released its financial results for the nine months ended Sept. 30, 2021.
Revenues for the nine-month period ending Sept. 30, 2021, were $1,302,789 compared with $1,185,159 for the same period in 2020. Revenues for the third quarter ending Sept. 30, 2021, were $421,848 compared with $343,882 for the same period in 2020.
In the nine-month period ended Sept. 30, 2021, net income before taxes of $313,475 was earned compared with net income before taxes of $373,285 for the same period in 2020. In the third quarter ended Sept. 30, 2021, net income before taxes of $123,215 was earned compared with net income before taxes of $121,910 for the same period in 2020.
The main factors that contributed to the $59,810 decrease in nine-month net income was an $83,980 expense in 2021 as a result of the issuance of director and employee stock options. There was no comparable expense in 2020.
As at Sept. 30, 2021, cumulative other comprehensive income, representing the after-tax realized and unrealized gains on investments, totalled $28,901.
Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize Cotter Pin as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
We seek Safe Harbor.
-------------------- Top picks: Visionstate - VIS Fintect - FTEC East West - EW
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posted
Spectra Products to buy back up to 3.85 million shares
2022-03-07 10:25 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS INC. ANNOUNCES NORMAL COURSE ISSUER BID.
The TSX Venture Exchange has accepted Spectra Products Inc.'s notice of intention to make a normal course issuer bid to purchase for cancellation, from time to time, as Spectra considers advisable, up to a maximum of 3,855,500 common shares in the capital of the company. The maximum number of common shares to be purchased pursuant to the bid represents 5 per cent of the company's 77,109,971 common shares outstanding as at the date hereof.
Purchases of common shares will be made on the open market through the facilities of the TSX Venture Exchange and/or permitted alternative trading systems. The price that Spectra will pay for any common shares purchased by it will be the prevailing market price of the common shares at the time of such purchase. The actual number of common shares that may be purchased for cancellation and the timing of any such purchases will be determined by the company.
The bid will commence on March 15, 2022, and will terminate on March 15, 2023, or at such earlier time as the bid is completed or terminated at the option of Spectra. The company has retained Canaccord Genuity Corp. as its broker to conduct the bid on its behalf.
Management of the company is of the view that at times the trading price of the common shares may not fully reflect the underlying value of the company's business. The ability of the company to repurchase its common shares for cancellation may at times represent an attractive opportunity to enhance the company's per common share metrics and thereby increase the underlying value of the common shares for all shareholders. In addition, the bid may increase liquidity for shareholders who wish to sell their common shares.
Spectra Products is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize Cotter Pin, as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
We seek Safe Harbor.
-------------------- Top picks: Visionstate - VIS Fintect - FTEC East West - EW
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posted
Spectra Products earns $387,721 before taxes in 2021
2022-03-31 14:55 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS INC. REPORTS 4TH QUARTER 2021 RESULTS
Spectra Products Inc. has released its financial results for the year ended Dec. 31, 2021.
Continued operational profitability in 2021 has allowed the company to increase its cash reserves by over $300,000 to $877,547 at Dec. 31, 2021.
Revenues for the year ended Dec. 31, 2021, were $1,692,872 compared with $1,594,025 for the same period in 2020. Revenues for the fourth quarter ended Dec. 31, 2021, were $390,083 compared with $408,868 for the same period in 2020.
In the year ended Dec. 31, 2021, net income before taxes of $387,721 was earned compared with net income before taxes of $486,528 for the same period in 2020. In the fourth quarter ended Dec. 31, 2021, net income before taxes of $74,246 was earned compared with net income before taxes of $113,243 for the same period in 2020.
The main factors that contributed to the $98,807 decrease in annual net income was an $83,980 expense in 2021 as a result of the issuance of director and employee stock options. There was no comparable expense in 2020.
Spectra Products is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize cotter pin, as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
We seek Safe Harbor.
-------------------- Top picks: Visionstate - VIS Fintect - FTEC East West - EW
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