Vancouver's Absolute Software Corp. (TSX:ABT) has signed a deal to sell its Computrace LoJack theft recovery program through Best Buy Canada.
Best Buy will sell subscriptions of the Computrace program at its stores across Canada and through its Geek Squad computer support service provider. The deal expands the market for subscriptions to Absolute's anti-theft program to Best Buy's 45 stores across Canada.
Absolute's Computrace program is built into the hardware of most laptops made by many of the world's leading computer manufacturers, including Lenovo, Toshiba, HP and Apple. The system can only be activated with the purchase of a subscription.
Absolute's revenue jumped 92% to $7.6 million for its first quarter ending September 30, 2007, compared with $3.9 million in the same period a year earlier. The company's net loss, however, doubled to $2.8 million from $1.4 million in the same two comparative quarters.
On December 14, Absolute's shareholders approved a 2-for-1 share split that will take place by the close of business on January 4, 2008.
Absolute's share price range during the past week: between $32.95 and $36; 52-week high: $40.65; 52-week low: $7.62.