March 12, 2009 / 7:02 PM / 9 years ago

UPDATE 1-AlarmForce Q1 profit tops estimates

* Q1 EPS C$0.08, beats estimates by 3 cents

* Revenue up 17 pct, tops estimate

* Subscriber growth boosts results

March 12 (Reuters) - Canadian home alarms systems maker AlarmForce Industries Inc AF.TO reported better-than expected quarterly profit as subscriber growth bolstered revenue.

For the first quarter, net income grew 36 percent to C$0.9 million ($0.7 million) from C$0.7 million in the year-earlier quarter.

On a per share basis, net income rose 33 percent to 8 Canadian cents, which came in above the analysts’ consensus view of 5 Canadian cents, according to Reuters Estimates.

AlarmForce, which closed the first quarter of 2009 with a subscriber base of 93,500, expects growth to continue in both homealarm and AlarmCare subscribers, fueling incremental revenue growth in all its Canadian and U.S. markets.

Shares of the company rose more than 4 percent to C$4.18 on the Toronto Stock Exchange.

$1=1.281 Canadian Dollar Reporting by R. Manikandan in Bangalore; Editing by Anil D'Silva

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