Somebody Goofed!!! HEM results on Sedar tonight! Must be a total SNAFU! Who still doesn't think we need new IR leadership?
* Sales $16.6mm, down 12.7% YoY
* Revenue had a big hit in North America, similar to Trimble. Unfortunatly HEM is very levered to the US whereas Trimble is much more international. Thank goodness the non-core divison was sold! (it had a terrible quarter)
* GM 46.6%
* Net income $1.47mm
* IFRS EPS 0.07 per share
* Continuing Operations EPS 0.02 per share
* Cash on balance sheet $13.6mm
MD&A Comments
* Company Management continues to view the fundamentals of its global agriculture markets to be positive in the near to mid-term
* Strong OEM and Cloud results for the quarter were offset by reduced sales in our Outback and Air product lines compared to the same quarter in 2012
* North American revenues were down by 24% from the first quarter of 2012 primarily the result of a two-month delay in the launch of the Company’s new Outback STX Guidance System as poor weather conditions delayed field-test completion in early 2013. Management estimates that this delay accounted for approximately $3M in lost 1st quarter revenues, and a significant portion will not be realized in subsequent quarters during 2013
* Not sure why but they are saying net cash recieved from the Non-core sale was $13.8mm vs. $14.3mm previously mentioned. Will look for some colour as to why the difference!?