Star Sales up But Losses Increased

Source from:  tr.itsmyiq.com Mar 19, 2008 03/20/2008

Star Scientific's gross sales of its dissolvable smokeless tobacco products, Ariva® and Stonewall® increased from $0.5 million during 2006 to $0.7 million during 2007, while net sales increased from $0.4 million to $0.5 million. The company on Monday reported a net loss of $41.5 million during 2007, which compares with a net loss of $12.3 million the previous year. Its net loss from continuing operations during 2007 was put at about $17.1 million, compared with a $13.8 million operating loss during the previous year. In addition, the company incurred a loss on the sale of the interest stream and reversionary interest in the Master Settlement Agreement (MSA) escrow accounts of $27.0 million, and a gain of $3.6 million from the sale of about 990 of its tobacco curing barns. There was a loss of $4.1 million from discontinued operations and $0.6 million from other one-time transactions. Enditem