March Networks suffered another quarterly net loss of $1.3 million, the Ottawa IP video surveillance company said Wednesday. However, that included $1.2 million of restructuring charges – including layoffs – that took place during the quarter that ended Jan. 31. The company has been struggling for over a year to get solidly into the black.
Revenue for Q32009 was $23.6 million, an increase of 12 per cent compared to revenue in the third quarter of fiscal 2008. Revenue for the first nine months of fiscal 2009 totalled $79.7 million, up 9 per cent as compared to the first nine months of fiscal 2008. However, for the first nine months of fiscal 2009, March posted a loss of $4.7 million. By comparision, the company had a net loss of $3.4 million for the first nine months of 2008.
“Q3 results demonstrate continued progress towards achieving the company’s FY2009 strategic objectives in a challenging economic environment as evidenced by on-going revenue growth and diversification, a second consecutive quarter of positive operating earnings and strong positive cash flow” Peter Strom, president and CEO, said in a news release.
The company is maintaining its original guidance for the fiscal year ending April 30, 2009 of revenue in the range of $100 million to $115 million.