August 10, 2010 / 11:25 AM / 8 years ago

UPDATE 1-Hemisphere GPS posts wider loss on weaker grain prices

* Rev up 8 pct

* Gross margins $6.6 mln vs $7.3 mln yr ago

Aug 10 (Reuters) - Hemisphere GPS Inc HEM.TO, a Canadian maker of GPS products for agriculture, marine and other markets, posted a wider quarterly loss, mainly due to negative foreign exchange volatility and tepid grain prices.

For the second quarter, net loss was $1.9 million, or 3 cents a share, compared with a loss of $1.3 million, or 2 cents a share, a year ago.

Revenue for the company rose 8 percent to $15.6 million. Sales of ground agriculture products were up 10 percent.

Analysts on average were expecting a profit of 1 cent a share, on revenue of $17.3 million, according to Thomson Reuters I/B/E/S.

Hemisphere GPS, which competes with companies like Trimble Navigation Ltd (TRMB.O) and Canada-based NovAtel Inc, said margins fell year over year mainly as a result of the impact of the weakening of the U.S. dollar and program-related pricing discount.

The latest quarter gross margins of $6.6 million were down from $7.3 million, last year.

Shares of the Calgary, Alberta-based company, which have lost nearly 28 percent of their value in the last one year, closed at 74 Canadian cents Monday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Prem Udayabhanu)

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