For the first quarter ended March 31, 2011, Hemisphere GPS achieved revenue growth of 41%, reporting $21.2 million in revenues, compared to $15.1 million in the first quarter of 2010. Revenues from all market segments increased in the first quarter. "The recovery in our business that began in the back half of last year continued and strengthened in the first quarter of 2011 with a return to profitability," stated Steven Koles, President and CEO of Hemisphere GPS.

"Traction from new products, stronger grain prices and signs of global economic recovery contributed to stronger growth in every geographic market, and all of our product lines."

Gross margins were relatively consistent year over year at 48.5% compared to 49.2% for the first quarter of 2010, which have been revised based upon the conversion from Canadian to US functional currency under IFRS. Revised gross margins for 2010 are higher than originally reported under Canadian generally accepted accounting principles as a result of the impact of a strengthening Canadian dollar on the weighted average costing of Canadian inventories when using the US dollar as functional currency. Read More