Hemisphere GPS Issues Q2 Preliminary Results and Conference Call Notice, Lowers Guidance due to US Drought Conditions
CALGARY, July 18, 2012 /CNW/ - (TSX:HEM) Hemisphere GPS today issued preliminary second quarter financial results along with its second quarter reporting date and conference call details. The Company also provided updated guidance for 2012.
Q2 Preliminary Results and 2012 Guidance
For its second quarter ended June 30, 2012, Hemisphere GPS expects to report revenues of approximately US$19.5M. Stronger year-over-year revenue growth in the second quarter in Canada and Asia were tempered by slower sales in the US as a result of the significant drought conditions impacting the US corn belt, Hemisphere GPS' largest sales region. Ongoing political and economic issues in Europe and South America also impaired year-over-year growth during the quarter.
Based on the impact of these conditions, Hemisphere GPS has lowered is guidance for revenue growth in 2012 to 10%.
Q2 Conference Call Notice
Hemisphere GPS will release its second quarter financial results prior to the open of trading on the Toronto Stock Exchange on August 1st 2012. A conference call and webcast for shareholders, analysts and other members of the investment community has been scheduled the same day at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) to discuss the financial results and provide an update on operations.
To participate in the conference call, please dial 1-647-427-7450 or 1-888-231-8191 approximately 10 minutes before the conference call and provide conference ID 12337426. Please note that a live webcast of the call will be available on the Hemisphere GPS Web site at http://www.hemispheregps.com. The webcast will be archived for later review.
A recording of the call will be available through August 8. Please dial 1-416-849-0833 or 1-855-859-2056 and enter passcode 12337426 to listen to the rebroadcast.
About Hemisphere GPS
Hemisphere GPS designs and manufactures innovative, cost-effective GPS (GNSS) products for positioning, guidance, and machine control applications in agriculture, marine, survey, construction, and other markets. The Company holds numerous patents and other intellectual property and owns several leading brand names, including Outback Guidance®, a leading brand in precision GPS for agriculture. The Company is headquartered in Calgary, Alberta, with major product development, sales, and marketing facilities in Arizona, Kansas, and Australia. Hemisphere GPS is listed on the Toronto Stock Exchange (TSX) trading under the symbol "HEM" and is one of the TSX Cleantech designated companies. For more information about Hemisphere GPS, please go to www.hemispheregps.com.
The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Hemisphere GPS' control, including: the impact of general economic conditions, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to the announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Hemisphere GPS' actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceed, that Hemisphere GPS will derive there from.For further information:
Chief Financial Officer
Hemisphere GPS Inc.
e.vestor Communications Inc.