I listened to the conference call recording for Hemisphere GPS‘s 3rd quarter results Sunday night. They announced that they are selling off everything BUT the Ag division, closing the Calgary office, keeping the Kansas office and doing what they do best (Ag Positioning.) After reading the notes, I am not sure if the Phoenix office is impacted.
I sure am glad that I don’t work for a publicly traded company. I thought the questioning at the end of the call was a bit pointed.
It is impressive that management is taking a road to profitability. I would like to see this same commitment in some of the other stocks that I hold (I do not have and HEM.TO shares, but have followed them for quite some time.)
This is only the first reduction in the Survey GPS market. Look for more consolidation going forward. I think European manufacturers are especially vulnerable.
It is going to be a tough Christmas for all my friends at Hemi, I wish them all the peace in the world as this barrel tips over.