VANCOUVER – Absolute Software Corp. (TSX:ABT) says it fell to a net loss of $ 1.9 million in its fiscal 2012 first quarter due to foreign exchange costs.
The loss, equivalent to four cents a share, was down from a profit of $ 100,000, or less than a penny per share, in the comparable quarter of fiscal 2011.
Absolute said Thursday that the decline was due to a foreign exchange loss of $ 1.9 million on Canadian dollar asset balances, compared with a $ 1.6-million foreign exchange gain in the comparable quarter a year ago.
Meanwhile, revenue was up 12 per cent to $ 18.2 million from $ 16.3 million.
The company said it saw 20 per cent growth in sales contracts driven by strong commercial sales across its target markets of education, corporate, government and health-care.
“Our Q1 results reflect particularly strong commercial sales, which grew 36 per cent year-over-year,” said John Livingston, CEO of Absolute.
“In addition to our seasonally strong education sales, we experienced double-digit growth in all of our major commercial product lines, target market verticals and geographic regions,” he said.
Cash from operating activities increased 60 per cent to $ 5.5 million from $ 3.4 million.
“The increased cash flow reflects the company’s improved operational performance, which produced rapidly growing sales contracts and reduced operating expenses,” the company said in a statement.
Absolute Software makes firmware-embedded security and management devices that control computers and portable devices like tablets and netbooks.
Its clients include Acer, Dell, Fujitsu, HP, Lenovo, Motion, Panasonic, Samsung, and Toshiba.
Shares in the company, which reported its results after markets closed, fell 4.9 per cent or 24 cents to $ 4.65 Wednesday.
Local news from metronews.ca/vancouver
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