Hemisphere GPS’ net loss at $2.5 mn

By : |March 2, 2010 0

NEW YORK, USA: Canada’s Hemisphere GPS Inc posted a wider-than-expected quarterly loss, partly due to higher operating costs and lower gross margins.

The company, which makes GPS products for agriculture, marine and other markets, posted a net loss of $2.5 million, or 4 cents per share, compared with a net loss of $2.6 million, or 5 cents per share, a year ago.

Revenue rose 16 per cent to $12.1 million.

                                 

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Analysts on average were expecting the company to report a loss of 3 cents a share, before items, on revenue of $10.4 million, according to Thomson Reuters I/B/E/S.

Operating expenses rose 2 per cent to $7.4 million, while gross margins fell to 43.3 per cent from 45.9 per cent, hurt primarily by a weakened U.S. dollar.

Shares of the Calgary, Alberta-based company closed at 84 Canadian cents Monday on the Toronto Stock Exchange.

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