Director of sales operations Ray “Buzz” Alexander shows off one of the electric vehicles.

The Providence Journal / Frieda Squires

Vectrix, the Middletown company that makes high-end electric scooters, ended its fiscal year with sales of $6.7 million, up from $800,000 in fiscal 2007, the company said in an “update” to its financial results.

The company has not yet released its income statement for the fiscal year, which ended Sept. 30, but will do so when it releases its final, audited numbers within a matter of months, according to John McGuinness, chief accounting officer.

Asked whether the company was profitable yet, he said: “We’re still a growing company and the cost structure is still out ahead of the sales function.”

Vectrix’s sole product is a sleek, geometrically designed two-wheel vehicle that resembles a motorcycle. It weighs 462 pounds, can accelerate to 50 mph in 6.8 seconds and has a wide seat that can accommodate a rider and passenger. It retails for $8,500. The company opened its first retail store in the United States in Newport about 14 months ago.

The scooters are manufactured in Poland and the company has a testing and research and development facility in New Bedford, Mass.

Vectrix’s common shares trade on the London Stock Exchange Alternative Investment Market.

The sales boost was driven primarily by sales made through a new dealer network that Vectrix has established in North America, the company said.

By the end of the year, Vectrix had signed up 160 dealers to sell its vehicles, up from 38 dealers at the end of fiscal 2007.

During the 2008 fiscal year, Vectrix said it sold 1,184 bikes to dealers, an increase of 156 percent from 462 bikes sold to dealers in the 2007 fiscal year.

But the revenue figures released by the company reflect the number of bikes actually sold to customers by those dealers, said McGuinness. Even though the company is paid by the dealers upon delivery of the bikes, Vectrix records the revenue gain only when they are sold to customers because the company is still considered a new business.

“We hope during fiscal year 2009 to record revenue when we sell it to the dealer,” he said.

The total number of scooters sold to customers during the year was 754, compared with 68 last year, McGuinness said. The total revenue from those sales was $6.7 million, a 738-percent increase.

Sales were also helped by a drop in the price of the vehicles, he said. The Vectrix scooter originally sold for $12,000 to $13,000, but can now be purchased for about $8,500, McGuinness said.

The company also announced it will broaden its offerings next year. It plans to sell two new models that will have less power than its current model, but will also cost less, McGuiness said.

One of the two new models will have the same platform and drive train as its flagship product, but with slightly less acceleration and top speed, Vectrix said.

Next summer, the company plans to sell an “entry-level” model that will be smaller and more compact. The electric motor will have the equivalent power of a 50cc internal-combustion engine. The model will also be available in more-powerful versions up to the equivalent of a 150cc motorbike.

McGuinness said pricing of the new products has not yet been determined.

Vectrix hired a new chief executive officer this spring. Michael Boyle, who had been a board member, became CEO in May, McGuiness said. He declined to say why Andrew J. MacGowan, the previous CEO and company founder, left the company.

tbarmann@projo.com