Star's Sales Up But Profits Down

Source from:  Tobacco Reporter 03/19/2010

Star Scientific on Tuesday reported net sales of $0.7 million during 2009, up from $0.5 million during the previous year. It reported a net loss last year of about $22.8 million compared with a net loss of $18.3 million the previous year. The increase in net loss between 2008 and 2009 was said to have been due in part to $3.8 million in costs associated with the jury trial of Star's patent infringement lawsuit against RJ Reynolds, and to research expenditures that rose to about $1.8 million during 2009 from about $0.3 million during 2008. The company also reported that after the close of trading on March 16 it received a letter from NASDAQ indicating that it had regained compliance with the NASDAQ minimum bid-price listing requirement since its stock had maintained a closing bid price above $1.00 for 10 consecutive trading days. Enditem