22nd Century Group's loss grows despite higher sales - The Buffalo News

Share this article

print logo

22nd Century Group's loss grows despite higher sales

22nd Century Group's third quarter loss widened as rising costs offset a 46 percent jump in the Clarence plant biotechnology company's sales.

22nd Century, which is developing technology to manipulate nicotine levels in tobacco, said it lost $3.3 million, or 3 cents per share, compared with a loss of $2.7 million, or 3 cents per share, a year ago.

Sales grew to $4.5 million from $3.1 million as the company added revenues from a May agreement to make filtered cigars for a customer at its North Carolina cigarette factory. The company has yet to receive revenue from its very low nicotine tobacco technology, which executives believe could be a strong seller in the future as part of a potential push by federal regulators to reduce levels of addictive nicotine in cigarettes as a way to reduce smoking.

 

There are no comments - be the first to comment