November 1, 2010 / 8:45 PM / in 7 years

UPDATE 1-Absolute Software Q1 loss narrows on sales contracts

* Q1 loss/shr C$0.03 vs loss/shr C$0.04

* Revenue up 15 percent

Nov 1 (Reuters) - Canada’s Absolute Software Corp ABT.TO posted a narrower quarterly loss, helped by higher sales contracts.

The company, which provides security software, said July-September net loss was C$1.3 million, or 3 Canadian cents a share, compared with net loss of C$2.0 million, or 4 Canadian cents a share a year ago.

Sales rose 15 percent to C$17.3 million.

Analysts on average were expecting the company to post a loss of 2 Canadian cents a share on revenue of C$16.9 million, according to Thomson Reuters I/B/E/S.

Absolute’s subscriber base rose to 6.3 million by the end of the quarter, up from 4.3 million a year ago.

However, cash from operating activities fell by C$1.3 million to C$3 million.

But the company reiterated that fiscal 2011 sales contracts and annual cash from operating activities will grow more than fiscal 2010.

Vancouver-based Absolute Software’s shares, which have lost 17 percent of its value since August when it posted a wider-than-expected loss, closed at C$3.96 on Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (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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