Layoffs and record revenue helped March Networks return to operating profitability for the first time in over a year, company executives said Thursday in releasing the latest quarterly results. However, the Ottawa-based maker of video security solutions still lost $1 million in the quarter ending Oct. 31. Still, that was an improvement over the $2.4 million it lost in the first quarter.
To help cut costs, March let about 20 people from its workforce of about 290 around the world. Another 20 will go shortly when the company closes its Scottsdale, Arizona facility.
Company president and CEO Peter Strom emphasized in a conference call with financial analysts that the improvement in finances was made by diversifying sales beyond Wal-Mart, its biggest customer. Excluding sales to Wal-Mart