The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Spectre Reports Third Quarter Results

19 December 2000

Spectre Reports Third Quarter Results

    VANCOUVER, British Columbia--Dec. 18, 2000--Spectre Industries, Inc. (OTCBB:STND), announced today its results for the nine months ended September 30, 2000.
    The Company's principal operating subsidiary is a manufacturers' representative in the North American automotive aftermarket. The Company's primary business objective is to develop a North American distribution network by concentrating on agency consolidation and e-commerce.
    For the nine month period ended September 30, 2000, the Company reported $984,567 in revenues, primarily from commissions earned by its operating subsidiary on sales of approximately $25,000,000 of its principals' automotive and heavy-duty parts products in the North American automotive aftermarket. The Company had no revenues in the prior year.
    Net loss for the nine month period ending September 30, 2000 was $439,225 or $.03 per share. This compares to a net loss of $1,235,656 or $.11 per share for the same period in the prior year. Net loss for the nine month period ending September 30, 2000 excluding $198,400 of non-cash expenses was $240,825 or $.02 per share. This compares to a net loss of $229,337 or $.02 per share for the same period in the prior year, excluding $728,580 of non-cash expenses.
    During the nine-month period ending September 30, 2000, the Company incurred interest expense of $104,899 pursuant to convertible debentures in the aggregate principal amount of $1,521,100. Effective September 1, 2000, the Company converted all of its convertible debentures into common stock of the Company's shares. This will eliminate $152,100 in recurring annual interest expense.
    "As shown by our latest announcements, the Company is making great strides in implementing our business plan," stated Ian Grant, Spectre's President & CEO. "We are debt-free and have a good working capital position. Our principal operating subsidiary is generating a profit that assists in offsetting the overall corporate expenses. Our e-commerce efforts to build an internet-based enterprise for the automotive aftermarket is on-going. We continue to develop that side of our business so that it, along with our traditional manufacturers representation business, will contribute to our corporate growth."