August 2, 2012 / 8:40 PM / 5 years ago

Smart Technologies profit falls on weak education market

Aug 2 (Reuters) - Smart Technologies Inc’s first-quarter profit plunged 93 percent on a weak education market in North America and Europe.

The company, which makes digital whiteboards, said profit fell to $1.5 million, or 1 cent per share, from $23.0 million, or 19 cents per share, a year earlier.

Revenue fell 14 percent to $174.5 million.

On an adjusted basis, the company earned 10 cents per share.

Average selling price of interactive displays fell 8 percent in the first quarter to $1,415 per unit.

Shares of the Calgary-based company closed at C$1.57 on Thursday on the Toronto Stock Exchange and at $1.56 on the Nasdaq.

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