HPS Announces Q2 2009 Financial Results
Posted: Jul 16,2009
Guelph, Ontario – Hammond Power Solutions Inc., (HPS) (TSX: HPS.A) today announced results for the Second Quarter 2009.
Sales for the quarter ended June 27, 2009, were $48,203 down $6,733 or 12.3% from the comparative quarter last year, and were $6,642 or 12.1% lower than Quarter 1, 2009, and were slightly lower by $244 or 0.2% year-to-date, finishing at $103,048 compared to $103,292 last year.
“The second quarter was also slower than expected as both the U.S. and Canadian economies continued to decelerate. A number of projects booked for the quarter were pushed out due to the tight availability of credit and financing. We also saw a slowdown in spending in the oil and gas sector given the drop in both commodity prices and demand as compared to earlier in the year, all of which contributed to the year-over-year drop in bookings. Even though we have seen a fall in sales rates, we are gaining market share in many market segments in this recession.” said Bill Hammond, Chairman & Chief Executive Officer of Hammond Power Solutions Inc.