February 2, 2012 / 10:10 PM / in 6 years

UPDATE 1-Smart Tech Q3 earnings fall on costs, lower margins

(Eucan)

Feb 2 (Reuters) - Smart Technologies Inc’s quarterly net profit dipped 13 percent as the digital whiteboard maker recorded lower gross margins and incurred costs from moving its Ottawa assembly operations.

The company expects adjusted net income for 2012 to decrease 10 percent and revenue to be near the low end of its guidance of flat to down 5 percent.

The third-quarter net income was $10.9 million, or 9 cents per share, down from $12.5 million, or 10 cents a piece, from a year ago.

Adjusted net income was 14 cents a share.

Revenue rose 2 percent to $185.1 million, helped by a 49 percent increase in sales outside the North America and Europe, the Middle East and Africa (EMEA) regions.

For the quarter, analysts on average had expected earnings of 13 cents per share on revenue of $178.7 million, according to Thomson Reuters I/B/E/S.

Gross margin for the quarter was 43 percent, down from 48 percent from last year.

Shares of the dual-listed company closed at $4.16 on the Nasdaq and C$4.16 on the Toronto Stock Exchange on Thursday. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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