Sector Update: Info Tech; BlackBerry Phones Prone to Attacks, Pure Technologies, GuestLogix Report Results
Information technology shares were generally lower in afternoon trading. The S&P/TSX Info Tech index was down by 0.7%.
BlackBerry (BB.TO): -1.9%
Pure Technologies (PUR.TO): -1.6%
Guestlogix (GXI.TO): -1.7%
Constellation Software (CSU.TO): -0.7%
Macdonald Dettwiler & Associates (MDA.TO): -0.6%
In company news, media reports said that BlackBerry smartphones are prone to hacking and to attacks that use Open Mobile Alliance Device Management protocol.
Pure Technologies reported net income of $454,000, or $0.01 per diluted share, for Q2 ended June 30, down from a net income of $2.2 million, or $0.04 per diluted share, in the same period last year. The decline in earnings came from the increase in operating expenses to $13.1 million from last year's $10.2 million. Profit was also impacted by foreign exchange losses as well as one-time management restructuring costs. Revenue stood at $20.5 million, up sharply from revenues of $16.1 million in 2013.
Meanwhile, Guestlogix swung to a net loss of US$1.7 million, or US$0.02 per share, in Q2 2014 from a net income of US$0.8 million, or US$0.01 per share, in the same period last year. This was the result of an increase in operating expenses to US$5.5 million from US$3.8 million in 2013. Revenue rose to $9 million from $7.2 million in the comparable period last year.
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