Economy Batters Confederate Motors

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Birmingham, Ala.-based Confederate Motors Inc. reported a $1 million third quarter loss after shipments took a tumble.

Net losses skyrocketed $2.9 million the first nine months of 2009 compared to a net loss of $39,961 for the first nine months of 2008.

Net revenue year-to-date tumbled to $494,018 compared to $1.8 million the same period last year, according to the Birmingham Business Journal.

Confederate reported $333,108 in losses from operations and $757,500 in stock-based compensation for the three months ended Sept. 30. Revenue in the third quarter dropped to $150,633 compared to $659,357 for the third quarter of 2008.

Posted by Holly Wagner

The same period last year, Confederate Motors reported net losses of $41,379 and $3,559 in losses from operations.

The custom shop was founded in 2003 and moved from New Orleans to Birmingham in 2005.