Frisby Technologies Inc said reduced demand for its Comfortemp materials in the apparel and sporting goods markets contributed to a $1.18 million drop in its third quarter revenues. For the three months ended 30 September 2002, revenues were $1.50 million, down from $2.69 million for the same period of 2001.

Also outstanding are around $790,000 in reduced sales of end-use products related to the timing of orders from a significant customer, which are expected to ship during the fourth quarter of 2002.

The net loss for the three month period increased $853,919 to $1.64 million from $792,034 for the same period in 2001.

Total revenues for the nine-month period decreased $1.05 million to $5.06 million from $6.12 million last year. Net loss increased $1.08 million to $3.99 million from $2.91 million for the comparable 2001 period.