For Immediate Release – August 30, 2002
Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) reports the release of it’s financial results for the first six months of 2002. Revenues for the second quarter ending June 30, 2002 were $136,066 compared to $318,883 in 2001. The June 2001 revenues included a one time, $158,000 stocking order of SureStroke TM product. After adjusting 2001 revenues for this initial stocking order, revenues for the second quarter of 2002 decreased 15.4 percent compared to adjusted revenue of $160,883 for the second quarter of 2001. Revenues for the six-month period ending June 30, 2002 were $230,881 compared to $402,532 for the same period in 2001. After adjusting for the 2001 initial stocking order, revenues to June 30, 2002 decreased 5.6 percent compared to adjusted revenue of $244,532 for the same period in 2001.
A net loss of $259,854 was incurred during the six-month period ending June 30, 2002 compared to a net loss of $90,455 for the same period in 2001.
Andrew Malion, Chairman of Spectra stated, “Heavy duty parts sales to the transportation industry remain sluggish in the U.S. market due to the continuing industry downturn and higher costs of fleet operation, particularly insurance costs. A return to revenue growth for the Company is anticipated during 2002 as the North American economy strengthens, as the sale of the SureStrokeTM product line gains momentum in the U.S. market and the Brake Inspector TM product line is introduced to the transportation industry.”
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 Safe TM and SureStroke TM, visual brake stroke indicators, Brake InspectorTM a new, advanced electronic air brake diagnostic system and the Termin-8R TM line of anti-corrosion and extreme pressure lubricants.
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 Company’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 |
