May 26, 2011 / 12:37 PM / 7 years ago

UPDATE 2-Garda shares slip on lower Q1 profit

* Q1 EPS C$0.14 vs C$0.20 yr ago

* Q1 rev up 5 pct at C$286 mln

* Shrs fall 8 pct (Adds CEO comment in para 4, shares)

May 26 (Reuters) - Canada’s Garda World Security Corp posted a lower first-quarter profit, hurt by higher costs, sending its shares down as much as 8 percent on Thursday.

The company, which provides armored cars, cash-handling services and automated teller machine maintenance, posted a net income of C$4.5 million ($4.6 million), or 14 Canadian cents per share, compared with C$6.3 million, or 20 Canadian cents per share, a year earlier.

Revenue rose 5 percent to C$286.0 million, helped partly by the acquisition of security company Kolossal in the quarter for $6.95 million.

“Considering that Q1 is historically our weakest quarter, we are optimistic for the future, given the level of growth we achieved in the first quarter,” Chief Executive Stephan Cretier said, adding the company’s pipeline remained strong.

Shares of Garda, one of the top percentage losers on the Toronto Stock Exchange, recouped some losses to trade at C$10.45. They had touched a low of C$10.29 earlier in the session.

$1 = 0.978 Canadian Dollars Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel, Prem Udayabhanu

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