March Networks anticipates revenue drop
Video surveillance firm March Networks warned Tuesday it expects its second-quarter revenue to be nearly 20 per cent below last year's level due to the turmoil in the global economy and its affect on the banking sector.
November 9, 2011 By The Canadian Press
The Ottawa-based company, which makes equipment that provides Internet-based surveillance, is estimating it will get about US$22 million for the three months ended Oct. 31, down from US$27.5 million a year ago
“We expect this situation to improve in the second half of the year based on our growing pipeline of activity and improved visibility with some of our largest customers,’” president and chief executive Peter Strom said in a statement.
However, the company noted that it may not grow its revenue for its 2012 financial year compared with its 2011 financial year due to the slow start.
The company also no longer anticipates generating net earnings in its 2012 financial year due to lower expectations for revenue and gross margin.
March Networks expects to release its full financial results for its second quarter on Dec. 8.
Also Tuesday, March Networks announced a $16-million order from an existing global retail customer for hybrid network video recorders as part of an upgrade program in the U.S.
The company expects to ship all of the units and recognize approximately $14 million in revenue from the orders in its third quarter, which ends on Jan. 31.
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