May 19, 2011 / 10:54 AM / 6 years ago

UPDATE 1-Hemisphere GPS swings to Q1 profit

* Q1 EPS $0.03 vs loss/shr $0.02 year-ago

* Q1 rev up 41 pct to $21.2 mln (Follows alerts)

May 19 (Reuters) - Hemisphere GPS Inc , which makes GPS products for agriculture, marine and other markets, swung to a profit, helped by a rise in revenue across its businesses.

The Canadian company posted a profit $1.8 million, or 3 cents per share for January-March, compared with a loss of $1.0 million, or 2 cents per share, a year ago.

Revenue rose 40 percent to $21.2 million. Revenue from agriculture, which contributes 83 percent of total revenue, rose 40 percent.

Shares of the Calgary, Alberta-based company closed at C$1.22 Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Don Sebastian)

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