HPS Announces Q3 2009 Financial Results
Posted: Oct 16,2009
Guelph, Ontario -Hammond Power Solutions Inc., (HPS) (TSX: HPS.A) today announced results for the Third Quarter 2009.
Hammond Power Solutions Inc. Quarter 3, 2009 results were negatively impacted by global economic conditions as well as foreign exchange losses. The majority of the foreign exchange gains and losses were a result of realized and unrealized gains and losses from U.S. Balance Sheet translation which was $2,087 for Quarter 3 2009 and $3,321 YTD 2009.
“When reviewing the results of HPS, the non-operational foreign exchange hit reduced our bottom line substantially. Had it not been for this, our adjusted basic earnings per share would have been 19 cents in the quarter and 70 cents year to date.” Bill Hammond, Chairman & Chief Executive Officer of Hammond Power Solutions Inc stated.