For Immediate Release – November 29, 2002
Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) reports the release of it’s financial results for the first nine months of 2002. Revenues for the third quarter ending September 30, 2002 were $110,576 compared to $28,612 in 2001. Revenues for the nine-month period ending September 30, 2002 were $341,457 compared to $431,144 for the same period in 2001. The 2001 revenues included a one time $158,000 stocking order of SureStroke TM product. After adjusting for the 2001 initial stocking order, revenues to September 30, 2002 have increased 25.0 percent compared to adjusted revenue of $273,144 for the same period in 2001.
A net loss of $362,269 was incurred during the nine-month period ending September 30, 2002 compared to a net loss of $291,728 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 2003 as the North American economy strengthens and truck safety enforcement in the United States increases and creates momentum for sales growth of the SureStrokeTM product line. The current introduction of the Brake Inspector TM product line to the Transportation industry will have a positive impact on revenue growth.”
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 |
