2008 year-to-date revenues reach $62.1 million on 55% growth
Calgary, AB — November 4, 2008 — (TSX: HEM) Hemisphere GPS, a designer and manufacturer of advanced GPS products, today reported financial results for the third quarter and first nine months of 2008. All amounts in this news release are in US dollars.
For the third quarter ended September 30, 2008, Hemisphere GPS reported a 46% increase in revenues to a third quarter record of $13.2 million, versus $9.1 million in the third quarter of 2007. Significant revenue growth was realized on the Company’s Ground Agriculture products which increased 62% year-over-year. Growth in the third quarter was driven by strong agriculture market fundamentals leading into the quarter including higher farm incomes. Outback Guidance® product sales showed strong growth from 2007, particularly the Company’s Outback S-Lite™ and S3™ products, which were introduced in the fourth quarter of 2007 and the first quarter of 2008 respectively, as well as the Outback eDriveTC™, the Company’s largest revenue producing product. On a twelve-month rolling basis for the period ended September 30, 2008, Hemisphere GPS has delivered growth of 61%, on revenues of $75.6 million.
International sales continued to accelerate with a 107% increase. International revenues were 46% of total revenues in the quarter, an increase from 32% in 2007. International revenues continue to grow as a percentage of total revenues, with such sales representing 30% of 2008 year-to-date revenues compared to 26% in the similar year-to-date period for 2007. “International sales have been very robust again this quarter as the acceptance of GPS and auto-steering within precision agriculture is at an all time high,” stated Steven Koles, President & CEO of Hemisphere GPS. “Increasing international sales growth reflects the impact of strong 2007 and 2008 global farm incomes. Worldwide adoption of GPS and auto-steering is further being driven by a growing recognition of the need for improved efficiency and productivity in the face of increasing input costs. Our products help to reduce input costs, such as fuel, seed, fertilizer and labour in order to increase efficiency in agricultural operations.”
A PDF of the full report can be found HERE.