News

Spectre announces second-quarter results

August 21, 2002

VANCOUVER, British Columbia -- Spectre Industries Inc. (OTCBB:STND), which owns a German-based deployer of automated photo kiosks, recorded a slight decrease in revenues but a marginally improved bottom line during the second quarter of fiscal year 2002, ending June 30.

For the three-month period, the Vancouver, British Columbia-based company reported revenues of $309,099, down 4 percent over last year's second-quarter revenue of $321,898. But the company's net loss dipped from $122,950 to $118,119, a 3.9 percent improvement.

Spectre, for the six months ending June 30, recorded a 2.5 percent increase in revenue (from $611,446 in 2001 to $626,908) and a 3.6 percent decrease in net losses (from $240,557 last year to $231,882).

The company, which focuses on the automotive aftermarket, reported that its photo kiosk unit, Auto Photo Kiosk GmbH, has generated revenues of $34,433 and losses (before tax effect) of $50,800 for the six months ending June 30.

Spectre officials, in the company's second-quarter report, said its inability to obtain additional funding and expand its revenue base threatens its continuing operations.

"During the quarter ended June 30, 2002 we continued our attempts to secure additional financing for our company. Unfortunately market conditions remained negative," the report stated. "As a result, we maintained our operations at existing levels and focusing primarily on our ongoing operations."