Spectra earns $123,215 before taxes in Q3 2021

2021-10-26 10:04 ET - News Release

Mr. Andrew Malion reports

SPECTRA PRODUCTS 3RD QUARTER FINANCIALS PRESS RELEASE

Spectra Products Inc. has released its financial results for the nine months ended Sept. 30, 2021.

Revenues for the nine-month period ending Sept. 30, 2021, were $1,302,789 compared with $1,185,159 for the same period in 2020. Revenues for the third quarter ending Sept. 30, 2021, were $421,848 compared with $343,882 for the same period in 2020.

In the nine-month period ended Sept. 30, 2021, net income before taxes of $313,475 was earned compared with net income before taxes of $373,285 for the same period in 2020. In the third quarter ended Sept. 30, 2021, net income before taxes of $123,215 was earned compared with net income before taxes of $121,910 for the same period in 2020.

The main factors that contributed to the $59,810 decrease in nine-month net income was an $83,980 expense in 2021 as a result of the issuance of director and employee stock options. There was no comparable expense in 2020.

As at Sept. 30, 2021, cumulative other comprehensive income, representing the after-tax realized and unrealized gains on investments, totalled $28,901.

Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize Cotter Pin as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.

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