UPDATE 2-Hemisphere Q1 profit falls on slower farm spending

* Q1 EPS $0.03 vs. $0.11 last year

* Revenue drop 31 pct

* Sees full-year revenue of at least $60 mln

* Shares down 3 pct (Recasts, adds analyst comments)

By R. Manikandan

BANGALORE, April 23 (Reuters) - Canada's Hemisphere GPS Inc (HEM.TO: Quote, Profile, Research), a maker of global positioning systems, posted a 72 percent drop in the first-quarter profit and expects an overall revenue decline for 2009 as the ongoing economic slowdown hurt demand for its GPS products.

"Despite good sector fundamentals and initiatives to stimulate demand, the current global economic climate has reduced discretionary spending and we now expect an overall revenue decline for 2009," CEO Steven Koles said in a statement.

The company forecasts full-year revenue of at least $60 million and expects the second half of 2009, in particular, to compare much more favourably year-over-year. In 2008, Hemisphere generated revenue of $72.7 million that was a 35 percent increase from 2007.

Despite the good sector fundamentals and financial health of farmers, spending remained cautious in the early part of the North American selling season, the maker of GPS products for agriculture, marine and other markets, said in a statement.