The net loss at tyre pressure monitor maker SmarTire for the nine months ended 30 April, 2006 almost doubled to $US26.3m, or a loss per share of $0.09, compared to a net loss of $13.6m, or $0.07, for the same period last year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Net loss for the quarter decreased to $4.3m, or $0.01 per share, for the third quarter of fiscal year 2006, from $7.1m, or $0.03, for the third quarter of fiscal year 2005.
The company said the substantial increase in the nine-month loss was primarily due to non-cash interest and finance charges of $20.8m of which approximately $16.1m related to expenses incurred in connection with SmarTire’s $100m equity line of credit.
The charge was taken as uncertainty exists as to when SmarTire will register its equity line of credit.
Q3 revenue rose 262% to $1,195,136 from $330,406 in the previous year. The company said Q3 sales represented a 42% gain over the second fiscal quarter of this year.
For the nine months, SmarTire’s sales increased 157% to $2,627,617 from $1,022,484 a year ago.
