Welcome!

News Feed Item

Hartco Announces 2012 Third Quarter Results

MONTREAL, QUEBEC -- (Marketwire) -- 11/08/12 -- Hartco Inc. (TSX:HCI) today announced its financial results for the three and nine month periods ended September 30, 2012.

Consolidated results for the three months ended September 30, 2012

Hartco Inc. ("Hartco") posted consolidated revenues of $89.8 million for the three months ended September 30, 2012, compared to $99.3 million last year, and a net loss of $0.3 million, or -$0.02 per share on a diluted basis compared to net earnings of $2.0 million, or $0.14 per share on a diluted basis, for the corresponding period in 2011.

"A significant slowdown in demand for personal systems and related offerings during the quarter ended September 30th, 2012 had an adverse impact on our revenues and earnings," said Pat Waid, Hartco's President and Chief Operating Officer. "In spite of difficult conditions, effective management of working capital enabled us to maintain a healthy financial position."

Consolidated results for the nine months ended September 30, 2012

For the nine months ended September 30, 2012, Hartco's net loss was $7.9 million, or -$0.60 per share on a diluted basis, on consolidated revenues of $299.3 million, compared to net earnings of $3.2 million, or $0.23 per share on a diluted basis, on consolidated revenues of $330.1 million for the same period last year. Consolidated Adjusted EBITDA was $1.3 million in 2012 compared to $3.8 million for the corresponding period in 2011.

The financial results for the nine months ended September 30, 2012 were negatively impacted by impairment charges of $9.0 million, including $4.9 million pertaining to an internal business transformation project and $4.1 million pertaining to Hartco's investment in ScreenScape. Excluding the impact of these non-recurring items, earnings for the nine months ended September 30, 2012 were almost at breakeven.

Financial Position

Hartco ended the third quarter of 2012 with a cash position of $20.6 million and no debt.

Hartco Outlook

Hartco expects challenging business conditions to persist throughout the remainder of 2012, and the company will focus on improving operational execution and maximizing operating results.

Detailed Financial Information

Detailed financial information pertaining to Hartco's quarterly and annual results can be accessed at www.sedar.com or at www.hartco.com. The third quarter and annual financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS").

About Hartco Inc.

Hartco Inc. (TSX:HCI) has been a leader in the Canadian information technology business for more than thirty years. Through its operating divisions, which together include 49 locations across Canada, Hartco Inc. delivers information technology solutions to private and public sector organizations of every size. For more information, please visit www.hartco.com.

Forward-Looking Statements

This news release contains forward-looking information. Except for historical information contained herein, the statements in this document are forward-looking. Forward-looking statements involve known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from forecasted results. Those risks include, among others, changes in customer demand for information technology products or services, changes in supplier pricing actions or terms, customer orders, pricing actions by competitors, changes in laws and regulations and general changes in economic conditions. Risks that could cause our results to differ materially from our expectations are discussed in our Annual Management's Discussion & Analysis.


FINANCIAL HIGHLIGHTS                                                        
(In thousands of dollars, except per share amounts)                         
                                                                            
                                Three months ended       Nine months ended  
                                       September 30            September 30 
                                  2012         2011       2012         2011 
                           -------------------------------------------------
                                     $            $          $            $ 
Revenues                        89,808       99,315    299,285      330,124 
Adjusted EBITDA (1)                 53        2,938      1,340        3,809 
                                                                            
Net (loss) earnings               (320)       2,000     (7,948)       3,240 
                                                                            
Diluted (loss) earnings per                                                 
 share                           (0.02)        0.14      (0.60)        0.23 
Free cash flow (deficiency)                                                 
 (2)                             1,163       11,789     (2,379)      (4,001)
Adjusted free cash flow                                                     
 (deficiency) (3)                1,945        6,039       (230)      (8,621)
                                                                            
Cash position                   20,613       15,363     20,613       15,363 

(1) Adjusted EBITDA is defined as net earnings (loss) excluding financial costs, depreciation and amortization, income tax expense, non-recurring gains or losses, impairment charges, and share of results of equity investments. Adjusted EBITDA is a non-IFRS measure as defined in the MD&A.

(2) Cash flow from continuing and discontinued operating activities less capital expenditures. Free Cash Flow is a non-IFRS measure as defined in the MD&A.

(3) Cash flow from continuing and discontinued operating activities, less capital expenditures, net of proceeds from disposal of assets, plus net investing activities, plus net collection of loans and other assets. Adjusted Free Cash Flow is a non-IFRS measure as defined in the MD&A.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...