MONTREAL, QUEBEC — (Marketwired) — 11/07/13 — Hartco Inc. (TSX: HCI) today announced its financial results for the three and nine months ended September 30, 2013.
Consolidated results for the three months ended September 30, 2013
Hartco Inc. (“Hartco”) posted consolidated revenues of $77.3 million for the three months ended September 30, 2013, compared to $89.8 million for the same period last year, and a net loss of $2.0 million or -$0.16 per share on a diluted basis compared to a net loss of $0.3 million or -$0.02 per share on a diluted basis, for the corresponding period in 2012.
“Weaker than anticipated demand for servers, enterprise storage solutions and related services negatively impacted results for the third quarter.” said Pat Waid, Hartco-s President and Chief Operating Officer.
Consolidated results for the nine months ended September 30, 2013
Hartco posted consolidated revenues of $265.8 million for the nine months ended September 30, 2013, compared to $299.3 million for the same period last year, and a net loss of $3.6 million, or -$0.28 per share on a diluted basis, compared to a net loss of $7.9 million, or -$0.60 per share on a diluted basis, for the corresponding period in 2012.
Financial Position
Hartco ended the third quarter of 2013 with a cash position of $18.8 million and no debt.
Hartco Outlook
“We expect challenging business conditions to continue throughout the remainder of the year,” said Pat Waid. “We are actively working on changes to our business model to more effectively address emerging trends and improve our operating performance.”
Detailed Financial Information
Detailed financial information pertaining to Hartco-s third quarter and annual results can be accessed at or at . 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 48 locations across Canada, Hartco Inc. delivers information technology solutions to private and public sector organizations of every size. For more information, please visit .
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 (“MD&A”).
Contacts:
For Investor Relations:
Michael Lemieux
Chief Financial Officer
514-354-3810
514-354-8989 (FAX)
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