For the year ended December 31, 2011, Hemisphere GPS reported revenues of $67.8 million, a 21% increase from revenues of $56 million reported in 2010. Growth reported for the first three quarters of 2011 was followed by flat growth in the fourth quarter as market activity in Europe and South America, primarily from OEM’s, was below other regions. “Other than lower European and South American sales in the third and fourth quarters we have seen relative stability and strength in our global markets,” stated Steven Koles, President and CEO of Hemisphere GPS. “The United States contributed 44% of our total revenue in 2011, and 47% in the fourth quarter specifically. Due to the size of the US market, the recovery occurring in the US economy is still the largest relative driver of our growth. With higher levels of customer confidence and discretionary income, I am pleased to report that our US customer segment is indicating further improvement for 2012.” Read More
