For Immediate Release – May 2, 2003
Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) reports the release of it’s financial results for the twelve month period ending December 31, 2002. Revenues for the fourth quarter ending December 31, 2002 were $93,427 compared to $111,121 in 2001. Revenues for the twelve-month period ending December 31, 2002 were $434,884 compared to $542,265 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 December 31, 2002 increased 13.2 percent compared to adjusted revenue of $384,265 for the same period in 2001.
A net loss of $677,105 was incurred during the twelve-month period ending December 31, 2002 compared to a net loss of $727,377 for the same period in 2001.
Andrew Malion, Chairman of Spectra stated, “The past year represented a challenge for Spectra as heavy duty parts sales to the U.S. Transportation Industry remained sluggish due to an ongoing Industry downturn and higher costs of fleet operation. A return to revenue growth for the Company is anticipated during 2003 as the North American economy strengthens and the recent introduction of the new Brake Inspector TM product line to the Transportation Industry gains momentum.”
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 |
