May 11, 2010 / 10:53 AM / in 8 years

UPDATE 1-Canada's Hemishere GPS posts surprise Q1 loss

* Q1 loss/shr $0.03 vs est EPS $0.03

* Q1 rev $15.1 mln vs est $21.2 mln

* Says hurt by weak demand in its key agriculture sector

* Sees relatively stronger seasonal revenue in second half

May 11 (Reuters) - Hemisphere GPS Inc HEM.TO, which makes GPS products for agriculture, marine and other markets, posted a surprise quarterly loss, hurt by weak demand in its key agriculture sector in various markets.

The Canadian company, which has started commercial shipping of several key new products, said it sees relatively stronger seasonal revenue in the second half of the year.

For the quarter ended March 31, Hemisphere posted a net loss of $1.7 million, or 3 cents a share, compared with net earnings of $1.6 million, or 3 cents a share, a year ago.

Revenue for the quarter fell 16 percent to $15.1 million.

Analysts on average were expecting earnings of 3 cents a share on revenue of $21.2 million, according to Thomson Reuters I/B/E/S.

Agriculture segment revenue decreased by 21 percent as a result of weakened agricultural equipment spending in North America, Europe and Australia, the company said in a statement.

Shares of the company closed at 87 Canadian cents Monday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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