|
Colorado and Oz | Hemisphere GPS reported a 59 percent increase in revenues year over year in the second quarter (Q2) of this year for a company record $23 million, compared to $14.5 million in Q2 2007.
For the first six months of 2008, the company reported record revenues of $49 million, a 57 percent increase year over year, and also a record. As a result of the revenue growth it posted Q2 net income of $3.2 million, or 6 cents per share, an increase from $200,000, essentially flat on a per share basis, in Q2 2007.
Hemisphere GPS said it saw significant revenue growth in all product lines and regions for its ground agriculture, air agriculture, and precision products -- which includes marine GPS Compass applications. Revenue growth continues to be driven by strong fundamentals in the agriculture market where record grain prices are resulting in higher farm incomes, according to Hemisphere. It further said that its Crescent Vector GPS Compass technology has also experienced strong growth in marine applications.
"We have seen a significant increase in revenues since the North American harvest began in the third quarter of 2007, and the acceptance of GPS and auto-steering within precision agriculture is at an all time high," said Steven Koles, Hemisphere GPS president and CEO. "Our total revenues for the trailing twelve months have reached $71 million, which represents growth of 66 percent over the prior year comparable twelve month period."
Hemisphere GPS saw year-over-year growth of approximately 48 percent in North American revenues in the quarter and 91 percent growth in non-North American revenues. Revenues from its Precision Products line, which are focused on non-agriculture markets, grew 71 percent in Q2 and 75 percent from the beginning of the year. The growth in this product line has been driven by strong demand for its Vector GPS Compass sensor products, differential GPS receivers, and GPS components sold to OEM and system integrators, according to the company.
| |
|
Hemisphere GPS reports Record Q2 Sales of $23 million
