10 Nov 2005
Richmond, British Columbia, -- SmarTire Systems Inc. announced today gross revenue of approximately $594,000 for the quarter ended October 31, 2005, an increase of approximately $292,000 or 97% from the same quarter of 2004. The company makes automotive sensors, including tyre pressure monitoring systems.
Total sales to the original equipment manufacturer (OEM) market for the quarter ended October 31, 2005 were approximately $437,000, an increase of approximately $264,000 or 153% from the same quarter of 2004.
Al Kozak, president and CEO of SmarTire, said, "We are beginning to see results from our shift in focus toward value-added systems for the OEM market. We are very encouraged by these results. Although they are well below where we expect to be in the coming quarters and years, it is clear we are moving in the right direction."
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