September 15, 2009 / 12:02 PM / in 8 years

UPDATE 1-Canada's Garda World swings to Q2 profit

* Q2 EPS C$0.13 vs loss C$0.04/shr last year

* Revenue rises 1.5 pct

Sept 15 (Reuters) - Canada’s Garda World Security Corp GW.TO swung to a second-quarter profit, helped by improved performance in two of its segments as a result of strong operating performance and expense efficiencies.

The company, which operates across three segments -- Cash Logistics, Physical Security and Global Risk Consulting -- posted net income of C$4 million, or 13 Canadian cents a share, compared with a loss of C$1.2 million, or a loss of 4 Canadian cents a share, in the year-ago quarter.

Garda said its gross profit rose 12 percent to C$70,794 for the quarter ended July 31, attributing the increase to improved performance of its Global Risk Consulting group and in its Cash Logistics segment.

Cash flow from operations for the company rose 98 percent to C$16.9 million.

“Overall strong efforts in operational efficiencies resulted in higher margins and good cash generation despite overall weak economic activities in the United States,” the company said in a statement.

Revenue rose 1.5 percent to C$273,020. The company said revenue was helped in part by the net impact of the strengthening of the US dollar compared with the Canadian dollar.

“We remain prudent but as business conditions improve, Garda’s operational business units are well positioned to capitalize on market opportunities,” Chief Executive Stephan Cretier said in a statement.

Shares of the Montreal-based company closed at C$5.54 Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below