HPS Announces Q2 2011 Financial Results
Posted: Jul 21,2011
Investor Relations
Guelph, Ontario, – Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry type transformers and magnetic, today announced its financial results for the second quarter of 2011.
“Hammond Power Solutions Inc. has come through a more challenging quarter than expected due to severe spring weather which delayed over $3,000 in Canadian sales, which now will be shipped later in 2011. Our vastly improved booking and backlog performance bodes well for the remainder of the year. We have implemented market specific price increases in the United States which will improve our profit performance going forward.” commented Bill Hammond, Chairman & Chief Executive Officer of Hammond Power Solutions Inc.
Highlights
- Revenue growth of $1,510
- Order bookings increase of 20%
- Order backlog increase of 21%