September 8, 2010 / 8:35 PM / 8 years ago

UPDATE 1-Evertz Technologies Q1 net beats estimates

* Q1 EPS C$0.28 vs est C$0.25

* Q1 sales up 2 pct to C$73.8 mln

* Q1 expenses fell 34 pct to C$14.9 mln

Sept 8 (Reuters) - Canadian broadcast equipment company Evertz Technologies Ltd (ET.TO) posted a quarterly profit that beat market estimates on lower expenses.

For the first quarter ended July 31, the Burlington, Ontario-based company’s net income was C$20.6 million, or 28 Canadian cents a share, compared with C$17 million, or 23 Canadian cents a share, a year earlier.

Sales rose 2 percent to C$73.8 million.

Analysts on average were expecting earnings of 25 Canadian cents a share on revenue of C$74.2 million, according to Thomson Reuters I/B/E/S.

Total expenses for the quarter fell about 34 percent to C$14.9 million, the company said.

Purchase order backlog at the end of August was in excess of C$32 million, the company said.

Shares of the company, which have gained about 28 percent in value in the past three months, closed at C$16.74 Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu)

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