May 17, 2010 / 9:09 PM / 7 years ago

UPDATE 1-ISE's Q1 loss narrows on lower expenses

* Q1 loss/shr $0.93 vs loss/shr $11.30 year-ago

* Q1 rev triples

May 17 (Reuters) - ISE Ltd ISE.TO, a maker of heavy duty hybrid-electric drive systems, posted a narrower first-quarter loss helped by lower expenses.

Net loss for the quarter was $4.7 million, or 93 cents a share, compared with a loss of $5.8 million, or $11.30 a share, a year ago.

Revenue more than tripled to $11.04 million.

Analysts on average were expecting the company to post a loss of 22 cents a share on revenue of $11.7 million, according to Thomson Reuters I/B/E/S.

The number of outstanding shares rose to 6.7 million from 708,804 last year.

The company said operating expenses fell 16 percent to $3.6 million, while research and development expenses dropped 42 percent.

The company had said in March that its auditors had expressed substantial doubt about the company’s ability to continue as a going concern. [ID:nSGE62T0FE]

The company reaffirmed that it does not expect sales in the second half of 2010 to match the $35 million it recorded in the year-ago period, but sees sales in the first half increasing over the previous year.

Shares of the company closed C$2.60 Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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