Mr. Andrew Malion reports

SPECTRA PRODUCTS INC. REPORTS THIRD QUARTER 2023 RESULTS

Spectra Products Inc. has released its financial results for the three and nine months ended Sept. 30, 2023.

Continued operational profitability in 2023 has allowed the company to maintain its cash reserves at over $1.1-million as at Sept. 30, 2023, with an additional $95,000 of liquid investments.

Revenues for the nine-month period ended Sept. 30, 2023, were $1,710,460 compared with $1,152,532 for the same period in 2022, an increase of 48 per cent. Revenues for the three months ended Sept. 30, 2023, were $521,791 compared with $461,995 for the same period in 2022, an increase of 13 per cent.

In the nine-month period ended Sept. 30, 2023, net income before taxes of $378,536 was earned compared with net income before taxes of $223,630 for the same period in 2022, an increase of 69 per cent. Net income before taxes for the three months ended Sept. 30, 2023, was $108,428 compared with $117,469 for the same period in 2022, a decrease of 8 per cent.

"We are excited to report a strong nine-month period of continued profitability, cash generation and disciplined capital allocation," said Andrew Malion, chief executive officer of Spectra Products.

About Spectra Products Inc.

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

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