Hemisphere GPS Reports 1st Qtr. 2010 Financial Results

Hemisphere GPS, a designer and manufacturer of GPS products, reported financial results for the first quarter ended March 31, 2010. The company reported a 16% decrease in revenues to $15.1 million, versus $18.0 million in the first quarter of 2009. Hemisphere reported a net loss of $1.7 million in the first quarter of 2010, compared to net earnings of $1.6 million in the first quarter of 2009.

Agriculture segment revenues decreased by 21% as a result of weakened agricultural equipment spending in North America, Europe and Australia. The company’s North American agriculture sales were 22% lower in the first quarter of 2010 compared to the first quarter of 2009. Similarly, European and Australian sales were 32% and 38% lower respectively.

Ag sales in other regions of the world showed very strong growth being up by 165% driven by sales in South America and China — both up in excess of 200%. Revenues from the company’s Precision Products segment grew by 18% in the first quarter, lead by increased sales of Vector heading sensor products, as well as GPS boards to OEM customers.