Just looking around and thought I might as well toss this up. Nobody mentioned the release and didn't know if you all saw.
HOLTSVILLE, N.Y.--(BUSINESS WIRE)--Feb. 21, 1997--EcoTyre
Technologies Inc. (NASDAQ:ETTI) Friday reported that for the nine
month period, ended Dec. 31, 1996, the company posted $1,598,351 in
net sales, a 630% increase over the $218,583 reported for the same
period in the previous year.
Net loss per share equalled $.83 per share for the nine month
period, as compared to $1.39 per share for the same period, ended
Dec. 31, 1995.
For the three month period, ended Dec. 31, 1996, the company
reported net sales of $797,013, a 1265% increase over the $58,402
reported for the same period in the previous year. Net loss per share
was $.24 per share for the current period, as compared to a net loss
per share of $.67 for the period, ended Dec. 31, 1995.
The substantial increases in net sales is due primarily to the
company commencing the manufacture of its own tires and curtailing
the distribution of tires manufactured by third party sources.
According to Vito Alongi, president and CEO of EcoTyre Technologies:
"In the past nine months, the company has enjoyed considerable
success in penetrating the foreign export markets while relentlessly
enhancing its domestic marketing efforts. The switch from being
strictly a distributor to a fully operational manufacturer and
distributor has posed multiple challenges for the company during the
past nine months. However, now that the retooling, staffing, and
training has been accomplished, we can now look forward to
aggressively pursuing increased sales and ultimate profitability."
At its Holtsville facility, EcoTyre Technologies Inc. utilizes
European remolding technology to manufacture and distribute a
comprehensive line of both replacement automobile and light truck
tires. Differing from the traditional retreading process in which
new tread is simply placed over the tread portion of a used casing,
EcoTyre applies new sidewall and tread rubber to a completely buffed
casing and permanently bonds the rubber to the casing from sidewall
to sidewall in high temperature vulcanizing presses. The result is
a superior quality tire which is virtually "indistinguishable" in
appearance and comparable in performance to a new tire, but sells
for as much as 30%-50% less than leading brands.
ECOTYRE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
For The For The
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
---------- ---------- ---------- ----------
Net Sales 797,013 58,402 1,598,351 218,583
Cost of Sales 1,432,992 85,100 3,121,370 237,827
Gross Profit
(loss) (635,979) (26,698) (1,523,019) (19,244)
Total Operating &
Other Expenses 484,949 1,068,994 1,383,162 1,930,548
Loss Before Taxes (1,120,928) (1,095,692) (2,906,181) (1,949,792)
Provision for
Taxes 1,046 12,052 4,243 22,231
Net Loss (1,121,974) (1,107,744) (2,910,424) (1,972,023)
Preferred Stock
Dividends 61,609 60,379 186,686 127,422
Net Loss Attributable
To Common
Shareholders (1,183,583) (1,168,123) (3,097,110) (2,099,445)
Net Loss Per Share $(.24) $(.67) $(.83) $(1.39)
Weighted Average
Common Shares
Outstanding 4,934,565 1,734,022 3,740,455 1,505,091 |
