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The Canadian Press - ONLINE EDITION

Hartco swings to Q4 net loss of $1M as revenue dips $12M on softer demand

By: The Canadian Press

Friday, Feb. 22, 2013 at 3:17 PM | Comments: 0

MONTREAL - Information technology retailer Hartco Inc. (TSX:HCI) swung to a net loss in the fourth quarter as revenue dipped more than $12 million on softer demand.

The Quebec-based company says 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.

"Softer than anticipated demand for personal computers, enterprise systems and related offerings during the fourth quarter of 2012 contributed to disappointing revenues and earnings," said president and chief operating officer Pat Waid in releasing the results Friday.

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.

The year's results also showed the negative impact of impairment charges of $9.7 million, including $4.9 million pertaining to an internal business transformation project and $4.8 million pertaining to Hartco's investment in ScreenScape.

Through its various operating divisions, which together include 49 locations across Canada, Hartco Inc. delivers information technology solutions to private and public sector organizations of every size.

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