For Immediate Release – April 27, 2001
Toronto, Ontario – Spectra Inc. (SSA: CDNX) reports the release of its financial results for the fiscal year ending December 31, 2000. For the twelve-month period revenues were $536,085, a decrease of 8.8 percent compared to $587,493 for the same period in 1999 after adjusting for non-recurring revenue from the sale of product rights in 1999 of $150,000.
A net loss of $553,067 was incurred during the twelve-month period ending December 31, 2000 compared to a net profit of $89,695 for the same period in 1999. The Corporation took a one time charge of $164,211 relating to the termination of Mexico distribution rights and amalgamation of subsidiary Bell Additives Canada Inc. with Spectra Products Inc.. Operating costs resulting from establishing an U.S. based sales presence in Atlanta, Georgia during fiscal 2000 contributed to the decrease in profits versus 1999. The Corporation has since restructured the Atlanta based sales operation with anticipated savings of $100,000 in 2001.
Andrew Malion, Chairman of Spectra Inc. stated, “During the past fiscal year, Canadian Brake Safe TM sales slowed due to the significant increase in fleet operating costs resulting from high fuel prices. Canadian sales have been slow to recover leading to an industry wide sales decline. We are confident that our strategic alliance with Honeywell’s Bendix Commercial Vehicle Systems and the pending launch of SureStrokeTM into the huge U.S. market and throughout Canada and Mexico will lead to a strong sales recovery and the return to profitability in fiscal 2001. The ongoing introduction of the Brake Inspector TM product line during 2001 should reinforce future profits.”
Spectra Inc. is a vertically integrated supplier of innovative products and services to the Commercial Transportation Industry and the Professional Trucker. Spectra’s product line increases productivity, reduces maintenance costs and improves fleet safety and includes Brake Inspector TM, an electronic brake diagnostic system, Brake Safe TM and SureStroke ,visual brake stroke indicators, and the Termin-8r TM line of anti-corrosion and extreme pressure lubricants. Spectra is positioned through its ISP portal, “Truckinguniverse.com”, to be a leading supplier of information to the transportation industry on the Information Superhighway.
Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Corporation’s customers. Actual results and developments may therefore differ materially from those described in this release.
On behalf of the Board of Directors,
Andrew J. Malion, Chairman, Spectra Inc. www.spectra-ssa.com
Investor Relations: 1-800-308-5255 E-Mail: ssa@spectra-ssa.com
The TSX VENTURE Exchange has neither approved nor disapproved the information contained herein |
