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Earnings reports for Aug. 11
Jump to full article: Richmond (VA) Times-Dispatch, 2009-08-11
Author: Staff Reports
Intro: Star Scientific Inc.'s loss widened in the second quarter, despite higher sales, as the company's legal expenses rose.
The Petersburg-based company also reported yesterday that it is in "active discussions with another tobacco company" to expand the distribution and marketing of its smokeless tobacco products.
Star Scientific reported a loss of $7.02 million, or 7 cents per share, for the second quarter, compared with a loss of $6.38 million, or 7 cents per share, in the same period in 2008.
The company attributed the wider loss mostly to higher expenses, primarily a $2.7 million increase in legal costs resulting from the company's patent-infringement lawsuit against cigarette maker R.J. Reynolds Tobacco Co.
Star said its revenue rose in the second quarter to $238,205, from $52,176 in the same period of 2008.
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