The Calgary-based firm announced Thursday it would slash its annual cash operating expenses by cutting discretionary spending and reducing its workforce by an undisclosed amount.
In Ottawa, where SMART employs 120, the announcement will have "minimal impact", said company spokesperson Marina Geronazzo in an e-mail to OBJ.
Smart expects to incur a $5 million in one-time charges during fiscal 2013 as a result of the changes.
The news comes just weeks after the Calgary-based smartboard maker saw its net income fall 94.5 per cent year-over-year to $1.5 million in the first quarter of fiscal 2013. Last year in the same period, it was $23 million.
The company stated North American sales have plunged due to restricted education budgets in the United States.
Smart’s CEO and executive chair, who were both co-founders, resigned from their positions earlier this year.
Smart laid off two-thirds of its Kanata workforce of 300 people recently as all digital whiteboard assembly shifted to contract manufacturers.
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