February 8, 2011 / 10:06 PM / 7 years ago

UPDATE 1-Smart Tech's Q3 profit slips on lower forex gain

* Q3 rev up 16 pct to $180.9 mln

* Sees FY11 adj EPS $0.69-$0.73

* Sees FY11 rev $775-$790 mln

Feb 8 (Reuters) - Canadian digital whiteboard maker Smart Technologies SMA.TO SMT.O posted a 37 percent decline in third-quarter net income, hurt primarily by lower foreign exchange gains.

The company, which debuted on the Toronto Stock Exchange and Nasdaq last July, said it expects 2011 adjusted earnings of 69-73 cents per share on revenue of $775-$790 million.

It posted third-quarter earnings of $12.5 million, or 10 cents per share, compared with $19.9 million, or 11 cents a share, a year ago.

Revenue rose 16 percent to $180.9 million.

Adjusted earnings came in at 13 cents per share, up from 7 cents apiece a year ago.

Smart said the quarter included a $3.2 million gain from foreign exchange, down from $8.7 million a year ago.

Analysts on an average expected earnings of 10 cents on revenue of $173.2 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$9.06 on Tuesday on the Toronto Stock Exchange. It’s Nasdaq listed shares were up 2 percent at $9.51 after the bell. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)

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