RICHMOND, B.C. — Over the course of one fiscal year, SmarTire Systems has increased its sales by nearly 265 per cent. The technology company released preliminary sales figures for the third fiscal quarter ended April 30, with reported sales of approximately $1.2 million.
The third quarter sales are a 262 per cent increase from the previous year’s third quarter and a 42 per cent gain from the second fiscal quarter this year. The results are unaudited and subject to a review, but the company is optimistic similar results will follow in the future.
“As the new president and CEO of SmarTire, I am extremely encouraged by these sales results for the third fiscal quarter,” stated Leif Pedersen. “They clearly demonstrate that our company is continuing to achieve solid top-line performance on both an annual and sequential basis.”
“I am particularly encouraged by our experience to date in the commercial vehicle sector, which represents an enormous opportunity involving heavy and medium-duty trucks, buses, recreational vehicles, and off-road construction and agricultural equipment,” he added.
Existing relationships with Dana Corporation, Vansco Electronics and Camping World are progressing very well, says the company, giving SmarTire a competitive advantage in the commercial vehicle, bus and RV markets.
“Another reason for my strong optimism is our long-term corporate vision. SmartWave, our technological platform, enables SmarTire to add multiple onboard wireless sensor applications to vehicles,” said Pedersen. “Building on our proven tire monitoring expertise and technologies, the SmartWave product offering is being designed to satisfy the increasing demands of the transportation industry for wireless remote vehicle diagnostics and fleet management.”
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