OTTAWA , June 11 /PRNewswire-FirstCall/ - March Networks(TM) (TSX:MN; AIM:MNW), a leading provider of innovative video and data applications used for security surveillance, monitoring, analysis and business optimization, today announced financial results for the fourth quarter and fiscal year ended April 30, 2008 . All figures in Canadian dollars and in accordance with Canadian GAAP unless otherwise specified.
The Company recorded revenue of
The Company incurred a loss from continuing operations before income taxes
in the fourth quarter of fiscal 2008 of
The Company incurred a net loss from continuing operations in the fourth
quarter of fiscal 2008 of
"Fiscal 2008 was a year of investment and diversification for the Company that featured excellent revenue growth outside of our largest customer, the establishment of a strong European presence through the acquisition of Cieffe and enhancement of the Company's product portfolio through this acquisition and the Company's internal development initiatives. We expect 2009 to be an exciting year for the Company with a return to operating profitability, an industry leading product line and strong international growth" said Peter Strom , President and Chief Executive Officer.
"The Company undertook some important initiatives in the fourth quarter of fiscal 2008 to put it on course for operating profitability and strong revenue growth in fiscal 2009 including trimming of the Company's cost structure and expansion of the Company's product line and market presence as a result of the acquisition of Cieffe." , said Ken Taylor , CFO of March Networks. "The Company's recently announced normal course issuer bid confirms that the Company's Management and Board of Directors believe in the prospects for the Company and that the market price for the Company's shares may be such that the purchase of common shares by the Company would be in the best interests of the Company and its shareholders."