TORONTO, Oct 19 (Reuters) - Business communications company Aastra Technologies Ltd posted a jump in quarterly profit on Monday as it slashed expenses and research and development spending to help it cope with slumping sales.
Aastra said it earned C$9.65 million ($9.4 million), or 71 Canadian cents a share, in the three months ended Sept. 30. That was up from a profit of C$2.6 million, or 17 Canadian cents a share, a year earlier.
The company said selling, general and administrative expenses were cut to C$49.6 million from C$58.8 million a year earlier.
Research and development costs dropped to C$18.8 million from C$29.7 million a year ago.
However, sales fell to C$198.7 million from C$224.5 million a year earlier. The Concord, Ontario-based company said the quarter is 'generally seasonally weaker in several of our major markets across Europe.'
Analysts had expected the company to earn 51 Canadian cents a share on revenue of C$195.5 million, according to Thomson Reuters I/B/E/S.
Aastra also said it plans to buy back up to about 5 percent of its stock and declared a quarterly cash dividend of 15 Canadian cents a share on its common stock.
The company reported results after markets closed. During the day, its shares dropped 10 Canadian cents to close at C$23.81 on the Toronto Stock Exchange.
($1=$1.03 Canadian)
(Reporting by Wojtek Dabrowski; editing by Rob Wilson) Keywords: AASTRA/ (wojtek.dabrowski@reuters.com; +1-416-941-8009; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Aastra said it earned C$9.65 million ($9.4 million), or 71 Canadian cents a share, in the three months ended Sept. 30. That was up from a profit of C$2.6 million, or 17 Canadian cents a share, a year earlier.
The company said selling, general and administrative expenses were cut to C$49.6 million from C$58.8 million a year earlier.
Research and development costs dropped to C$18.8 million from C$29.7 million a year ago.
However, sales fell to C$198.7 million from C$224.5 million a year earlier. The Concord, Ontario-based company said the quarter is 'generally seasonally weaker in several of our major markets across Europe.'
Analysts had expected the company to earn 51 Canadian cents a share on revenue of C$195.5 million, according to Thomson Reuters I/B/E/S.
Aastra also said it plans to buy back up to about 5 percent of its stock and declared a quarterly cash dividend of 15 Canadian cents a share on its common stock.
The company reported results after markets closed. During the day, its shares dropped 10 Canadian cents to close at C$23.81 on the Toronto Stock Exchange.
($1=$1.03 Canadian)
(Reporting by Wojtek Dabrowski; editing by Rob Wilson) Keywords: AASTRA/ (wojtek.dabrowski@reuters.com; +1-416-941-8009; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.