MONTREAL, CANADA--(Marketwire - November 13, 2008) - ART Advanced Research Technologies Inc. (ART) (TSX: ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, announces its financial results for the third quarter ended September 30, 2008. ART reported revenues of $1,354,365 for the three-month period ended September 30, 2008, compared to $267,741 for the same quarter in 2007. For the nine-month period ended September 30, 2008, revenues were $3,809,146, compared to $703,907 for the same period in 2007. For the 2008 third quarter, the operating loss decreased by $364,326, or 17%, to $1,725,482, from $2,089,808 for the same period a year ago. For the nine-month period ended September 30, 2008, the operating loss was $4,150,766, compared to $7,566,216, for the nine-month period ended September 30, 2007. ART incurred a net loss for the three-month period ended September 30, 2008, of $1,545,940 or $0.02 per share, compared to $2,200,777 or $0.04 per share for the same quarter in 2007. For the nine-month period ended September 30, 2008, the net loss was $3,926,616 or $0.04 per share, compared to $6,939,854 or $0.12 per share, for the nine-month period ended September 30, 2007. All dollar amounts referenced herein are in U.S. dollars, unless otherwise stated.
