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The Canadian Press - ONLINE EDITION

Chief financial officer from Quebec-based IT retailer Hartco is departing

By: The Canadian Press

Monday, Feb. 25, 2013 at 6:32 PM | Comments: 0

MONTREAL - Hartco Inc. (TSX:HCI) announced Monday its vice-president and chief financial officer is leaving the company.

The Quebec-based information technology retailer says the departure of Harold Gervais is effective immediately.

It says Gervais' responsibilities will be assumed by the company's secretary treasurer, Michael Lemieux, until a permanent replacement is found.

Last week, Hartco reported that it swung to a net loss in the fourth quarter as revenue dipped more than $12 million on softer demand.

Its net loss was $1 million or eight cents per diluted share in the three months ended Dec. 31, compared with a profit of $500,000 or three cents per share in the same 2011 period. Consolidated revenue fell to $94.8 million from $107.2 million.

For the year ended Dec. 31, Hartco's net loss was $9 million or 68 cents per share on consolidated revenues of $394.1 million. That's compared with net earnings of $3.7 million or 26 cents per share on revenues of $437.3 million in 2011.

Hartco Inc. delivers information technology solutions to private and public sector organizations through 49 locations across Canada.

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