Tyre pressure monitoring equipment maker SmarTire Systems’ recent decision to concentrate on sales to commercial vehicle makers rather than passenger car producers and the aftermarket appears to be paying off.
The company on Thursday announced revenue of US$594,000 for the first fiscal quarter ended October 31, 2005, up $292,000 or 97% from the same quarter of 2004.
Total sales to the original equipment manufacturer (OEM) market for the quarter ended October 31, 2005 were up $264,000 or 153% to $437,000.
In contrast, SmarTire reported revenue for the full ended 31 July 2005 of $1.46 million compared to revenue of $1.66 million in FY ’04. The net loss for the year totaled $14.3 million compared with a net loss of $11.0 million in FY ’04.
SmarTire president and CEO Al Kozak said at the time: “We [have] shifted our priorities from the extremely competitive passenger car market to the more attractive commercial vehicle market where we believe we have significant competitive advantages and much greater opportunities. In addition, we have focused on sales to original equipment manufacturers instead of the more diverse and less rewarding aftermarket.”