Nimbus Group Announces Third Quarter 2002 Financial Results
In late November, Nimbus Group Inc. reported a narrower loss for the third quarter ending Sept. 30, 2002. The results of operations for the third quarters of 2002 and 2001 primarily reflect the results of operations of the company's wholly owned subsidiary Take to Auction ("TTA"). During January 2002, Nimbus Group's board adopted a formal plan of disposition of TTA, in connection with its overall strategic program designed to focus resources on Nimbus Jets and the development of a national air-taxi service. Nimbus Jets has not yet commenced any operational activities.
Revenues for the third quarter of 2002 remained flat at $2.4 million when compared to the third quarter of 2001. Gross margins improved during the third quarter of 2002 to 22% compared to 15% in the third quarter of 2001. Net loss for the third quarter of 2002 was $0.5 million, or $0.07 per diluted share compared with a net loss of $0.9 million or $0.12 per diluted share in the third quarter of 2001.