May 18, 2011 / 9:24 PM / 7 years ago

UPDATE 2-SMART Technologies Q4 profit misses estimates, shares down

* Q4 adj EPS $0.01 vs est $0.08

* Q4 rev up 8 pct

* Shares down 13 pct (Adds Q1 outlook from conference call in para 3)

May 18 (Reuters) - SMART Technologies Inc’s quarterly profit missed estimates widely and the Canadian digital whiteboard maker said it continues to be impacted by budgetary issues in the education sector in North America.

Shares of the company fell 13 percent to $8.44 on Wednesday on Nasdaq in trading after the bell.

SMART expects Q1 revenue to be lower by as much as 10 percent compared with last year as it continues to be hit by budget pressures in the North American education sector , chief financial officer Drew Fitch said on a conference call .

The company said it expects revenue in 2012 to be flat to five percent lower , while analysts were expecting a seven percent rise according to Thomson Reuters I/B/E/S .

January-March net income was $7.6 million, or 6 cents per share, compared with $10.6 million, or 6 cents per share, a year ago. Revenue rose 8 percent to $167.3 million.

Adjusted net income was 1 cent per share, way behind analysts’ average estimates of 8 cents per share, according to Thomson Reuters I/B/E/S.

Analysts on average were expecting the company to post revenue of $163 million.

Shares of SMART, which went public in July 2010, closed at closed at $9.72 on Nasdaq. They closed at C$9.41 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Prem Udayabhanu)

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