KIK Tire six-month results
KIK Tire Technologies Inc
KIK
Shares issued 10,670,120
1999-10-05 close $0.22
Wednesday Oct 6 1999
Mr. Donald Dean reviews the company
The sales increase with strong sales in August and September keeps the company
on course toward the forecasted $5-million in sales revenues for 1999.
This is the second consecutive period in which KIK has reported a consolidated
profit directly from its operations, since the company was formed in 1987.
Current efforts to arrange financing to facilitate implementation of KIK's various
growth strategies will continue to be enhanced by this performance. Some work
has been started in the development of the company's newly engineered tire/wheel
assemblies designed to be more directly cost-competitive with cheaper pneumatic
tires in the market. Marketing agents continue to pressure management to develop
such prototype wheel assemblies, convinced that competitively priced KIK
products featuring their value-added (flat-proof, maintenance-free) characteristics
will result in significant incremental sales, particularly with large equipment
manufacturers.
CONSOLIDATED STATEMENT OF LOSS
Six months ended July 31
1999 1998
Sales $2,313,732 $1,702,308
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Expenses
Consulting fees 103,238 112,183
Cost of sales 1,908,605 1,440,963
Depreciation and
amortization 43,249 41,592
General and
admin 201,956 235,520
Management fees 33,075 49,612
Professional fees 5,706 5,866
---------- ----------
2,295,829 1,885,736
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Income (loss)
before other
revenue 17,903 (183,428)
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Other revenue
Sundry 76 -
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Net income
(loss) $ 17,979 $ (183,428)
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Income (loss)
per share 0 cents (2 cents) |
