Wednesday, November 4th, 2009
RuggedCom reports Q2 profit of US$1 million, down from US$3.2 million a year ago
CONCORD, Ont. - RuggedCom Inc. (TSX:RCM) reported Wednesday a profit of US$1 million in its latest quarter, hurt by strength in the Canadian dollar and increased operating expenses.
The networking equipment maker, which keeps its books in U.S. dollars, said the profit amounted to eight cents per diluted share for the quarter ended Sept. 30 compared with a profit of $3.2 million or 26 cents per diluted share a year ago.
Revenue for what was the company's second quarter totalled $16.7 million, up from $14.4 million.
"We're pleased to report another quarter in which we received record purchase orders, but for the second quarter in a row, revenues lagged orders due to timing," president and chief executive Marzio Pozzuoli said in a statement.
"Both gross and net profit margins continue to be impacted by the strengthening Canadian dollar and by increases in operating expenses to support our continued growth."
Shares in the company, which reported its results after the close of markets, were down 25 cents at $17.90 on the Toronto Stock Exchange on Wednesday.
