CALGARY, May 6 /CNW/ - (TSX: HEM) Hemisphere GPS today provided preliminary revenues and a conference
call notice for its 2011 first quarter financial results. Preliminary
revenues for the first quarter of 2011 are approximately $21M,
representing a year-over-year increase of approximately 40% over
revenues of $15M for the first quarter of 2010.
In compliance with the Canadian Accounting Standards Board (AcSB) for
all Canadian Publicly Accountable Enterprises in 2011, beginning in the
first quarter, Hemisphere GPS adopts International Financial Reporting
Standards (IFRS). Growing numbers of countries are adopting IFRS.
Benefits of the new standards include improved transparency of
financial reporting, and international consistency. To accommodate the
changeover, the Canadian Securities Administrators (CSA) has provided a
30-day extension for Publicly Accountable Entities to file their first
IFRS interim financial report.
The Company will release financial results prior to the open of trading
on the Toronto Stock Exchange on Thursday, May 19, 2011. A conference
call and Web cast 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 updates 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.
Please note that a live Web cast of the call will be available on the
Hemisphere GPS Web site at http://www.hemispheregps.com. The Web cast will be archived there for later review.
A recording of the call will be available through May 26. Please dial 1-
416-849-0833 or 1-800-642-1687 and enter password 65875615 to listen to
About Hemisphere GPS
Hemisphere GPS designs and manufactures innovative, cost-effective GPS
products for positioning, guidance, and machine control applications in
agriculture, marine, 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.
SOURCE Hemisphere GPS Inc.
For further information:
| Cory Pala |
| Investor Relations |
| E.vestor Communications Inc. |
| Phone: (416) 657-2400 |
| E-mail: Cpala@evestor.com |