Star's Sales Down

Source from:  tr.itsmyiq.com Aug 11, 2008 08/12/2008

Star Scientific's gross sales for the second quarter ended June 30 totaled $167,483, down 23.6 per cent on those of the second quarter of 2007, $219,242. Net sales for the second quarter, down from $196,168 to $52,176, were said to have been impacted in part by a decrease in unit sales volume and an increase in product discounts, or placement fees. The company reported an operating loss of $6.29 million during the second quarter, compared with $3.85 million for the second quarter of 2007. The net loss for the second quarter of $6.4 million was said to have reflected a non-cash stock option expense of $2.2 million, while the second-quarter 2007 net loss of $3.2 million had reflected a $1.0 million gain on the disposition of Star Tobacco's cigarette operations. 'Excluding both of these non-cash events, net losses for the second quarters of 2007 and 2008 would have been equivalent at approximately $4.2 million,' the company reported. Enditem