Hemisphere Releases 2Q Results

Hemisphere reported second quarter results, showing that 2012 numbers reflected problems beyond the scope of its own control. The company’s revenue of $19.6-million was a 3% decrease from revenues of $20.1-million it reported in the same period last year. A closer look revealed the culprit was the massive drought in the U.S. Sales to the U.S. were down 14%, and increased sales to the Canadian market were not enough to offset the impact of the U.S. drought, which has been described as the worst in a half-century.

Hemisphere CEO Steven Koles characterized the situation: “Primarily due to these drought conditions we have tempered our growth expectations for the year down to 10 percent. However our mid-to long-term outlook remains attractive despite the unfavourable weather and crop conditions this year. Incentive remains with farmers to invest in productive technology, and we have made several product releases recently with a major product release slated for the autumn buying season.”

New filings suggest the optimistic depiction isn’t just idle chatter. On August 2nd, Koles bought 14,000 shares of Hemisphere GPS in the open market at $.68 cents. The buy followed a purchase he made in May. The Hemisphere GPS CEO was joined by the company’s VP Technology Michael Whitehead, who bought 6000 shares at $.663 cents yesterday.

Hemisphere GPS, Association Member since 2004; hemispheregps.com.