RICHMOND, B.C. — SmarTire Systems has enjoyed an increase in revenue of 114 per cent for the second quarter of fiscal year 2006 at $839,615, compared with the $390,909 the company pulled in in the second quarter of fiscal year 2005.
SmarTire also reported that sales increased to $1,432,481 for the six months ended January 31, 2006 from $692,078 for the six months ended January 31, 2005.
“Our sales are increasing steadily. We are encouraged by our revenue growth in the second quarter from last quarter and from year over year,” said chief financial officer, Jeff Finkelstein. “This increase in revenue is primarily from OEM sales and we expect this sector to experience continued growth. During the past few months, several major companies including Pierce and Provost have selected our company to supply tire pressure monitoring system (TPMS). We are also making good progress with aftermarket sales as evidenced by Camping World’s initial stocking order. In addition, Dana Corporation officially launched our SmartWave TPMS product last quarter. Based on these important developments, we are confident that our company will experience ongoing revenue growth during the coming year.”
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