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Ottawa Business Journal - Technology

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March Networks posts profit in Q1

Darren Brown

Peter Strom, CEO of March Networks.

Published on August 26, 2010; Published on August 26, 2010
The Canadian Press ~ OBJ

March Networks (TSX:MN) posted a small profit in its fiscal first quarter, reversing a year-ago loss as demand improved.

Topics :: March Networks , North American , Toronto Stock Exchange , Ottawa

The provider of applications used for security surveillance said late Wednesday it earned $100,000 or one cent per share in the three-month period ended July 31, compared to a loss of $500,000 or three cents per share a year earlier.

Revenue was $26.3 million, up 10 per cent from $24.0 million in the same period of fiscal 2010.

"The first quarter of fiscal 2011 was very encouraging for the company as demand returned in the North American market after a tough fiscal 2010 to deliver revenue growth and a return to profitability,'' stated CEO Peter Strom.

"Recently announced retail and banking deals are expected to help drive continued revenue growth and profitability in the second quarter of fiscal 2011,'' he added.

Shares in the Ottawa-based company were unchanged at $4.10 in Wednesday trading on the Toronto Stock Exchange.

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