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IRVINE, CA, 11/16/05 / MARKET WIRE/ -- Sensor System Solutions, Inc. (OTC BB: SSYO), a manufacturer of (MEMS) sensors, intelligent sensor interface electronics and intelligent embedded control systems, today announced its financial results for the third quarter ended September 30, 2005.
Revenues for the quarter ended September 30, 2005 grew to $347.1 thousand, an increase of 115% over revenues of $161.7 thousand in the third quarter of 2004. Revenues for the nine months ended September 30, 2005 increased 84% over the same period last year to $855.3 thousand. Revenues increased due to a continuing effort to expand the Company's product offerings and the addition of new sales representatives.
Net loss for the third quarter of 2005 declined to $337.1 thousand compared to a net loss of $602.7 thousand in the third quarter of 2004. For the nine months ended September 30, 2005, net loss was $1,158.4 thousand, compared to $1,134.8 thousand for the same period last year.
"Our financial results this quarter are starting to reflect, through the sales increase, our strategic efforts," said Michael Young, CEO of Sensor System Solutions. "However, despite the increase in revenues, we recorded a net loss for the quarter due primarily to our continued expansion of research and development, marketing and sales programs, and the expenses associated with the new personnel needed for this expansion."
Gross profit for the third quarter of 2005 was $155.5 thousand or 44.8% of revenues, compared to a gross loss of $50.0 thousand for the third quarter last year. For the nine months ended September 30, 2005, gross profit grew to $290.0 thousand, or 33.9% of revenues, compared to $41.7 thousand or 9.0% of revenues, for the same period last year. Increased sales levels and the resultant increase in production capacity utilization were the causes of the increase in gross profit.