UPDATE 1-Softchoice posts Q3 profit on foreign exchange gains - News

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UPDATE 1-Softchoice posts Q3 profit on foreign exchange gains

By: AFX | 10 Nov 2009 | 05:08 PM ET

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* Q3 EPS $0.28 vs loss/shr $0.09 yr ago * Revenue falls 21 pct Nov 10 (Reuters) - Canadian technology services provider Softchoice Corp posted a quarterly profit on Tuesday, helped by lower expenses and an unrealized foreign exchange gain due to the appreciation of the Canadian dollar. For the third quarter, the company reported net income of $4.9 million, or 28 cents a share, compared with a net loss of $1.7 million, or 9 cents a share, a year earlier. Revenue fell 21 percent to $218.7 million. Adjusted earnings for the quarter was 3 cents per basic share, the company said. Analysts on average were expecting earnings of 3 cents a share, before special items, on revenue of $236.0 million, according to Thomson Reuters I/B/E/S. The company had a foreign exchange gain of $6.2 million in the quarter.

Expenses fell 17 percent to $28.7 million. "Management believes that the declines in the company's revenue and gross profit resulting from the economic downturn began to stabilize in the third quarter," Softchoice said. Shares of the Toronto-based company closed at C$8.65 Tuesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Anne Pallivathuckal) Keywords: SOFTCHOICE/ (koustav.samanta@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S.

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