November 10, 2010 / 11:43 PM / in 7 years

CORRECTED - CORRECTED-(Nov 9)-UPDATE 1-Softchoice Q3 profit halves

(Corrects headline and paragraph 1 in Nov. 9 story to remove reference to higher expenses)

* Q3 EPS $0.11 vs $0.28 last year

* Q3 rev up 17 percent

Nov 9 (Reuters) - Canadian technology services provider Softchoice Corp’s SO.TO quarterly profit more than halved, hurt by lower foreign exchange gains.

Foreign exchange gain was $1.6 million, compared with $6.2 million for the same period last year.

For the third-quarter, the company reported net income of $2.1 million, or 11 cents a share, compared with $4.9 million, or 28 cents a share, last year.

The company’s vendor partners include Microsoft (MSFT.O), HP (HPQ.N), IBM (IBM.N) Cisco (CSCO.O) and VMware (VMW.N). Microsoft is its largest software partner.

Revenue rose 17 percent to $255.2 million, driven by 22 percent rise in hardware sales, while Microsoft licensing and other software grew by 17 percent and 10 percent, respectively.

Adjusted earnings for the quarter was 4 cents a share.

Analysts on average were expecting the company to earn 2 cents a share, on revenue of $239 million, according to Thomson Reuters I/B/E/S.

Toronto-based company shares, which have gained 18 percent in value year-to-date, closed at C$8.34 Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore) (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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