OTTAWA , Aug. 29 /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 first quarter of fiscal 2008 ended July 31, 2007 . All figures in Canadian dollars and in accordance with Canadian GAAP unless otherwise specified.
Revenue for the fiscal quarter ended July 31, 2007 was
Net earnings from continuing operations before income taxes for the first
quarter of fiscal 2008 were
"Q1 represented an outstanding quarter for the Company as we continued to execute on our plan to become a global leader in the IP video marketplace. The results of the first quarter are a confirmation that the investments of the past year are contributing to strong organic growth and a diversifying revenue base. I am pleased with our success in winning new business and look forward to building on this success throughout the fiscal year" said Peter Strom , President and CEO of March Networks.
"The Company demonstrated in the first quarter of fiscal 2008 that it is on track to achieving its fiscal 2008 revenue and profitability objectives. The Company's strong balance sheet will support the Company's strategy of enhancing its competitive position by more aggressively expanding its sales and marketing presence and accelerating its product development initiatives in fiscal 2008" said Ken Taylor , CFO of March Networks.
March Networks maintains its focus on long-term growth objectives and will continue to provide only full year guidance. The Company is maintaining the revised fiscal 2008 annual guidance ranges that were published in its preliminary first quarter results release on August 7, 2007 .
Revenue for the fiscal year ending April 30, 2008 is expected to be in the
Net earnings before income taxes for the fiscal year ending April 30, 2008
are expected to be in the range of
The Company believes it will achieve results toward the top end of its fiscal 2008 guidance based upon revenue and order intake levels achieved to date.
The Company will discuss the results on a conference call and webcast on August 30, 2007 at 8:30 a.m. EDT ( 1:30 p.m. BST ). The conference call may be accessed by dialing 1-800-733-7560 ( North America ) or 00 800 2288 3501 ( Europe ).
The conference call webcast can be accessed at http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1971860.
A replay of the conference call will be available from August 30, 2007 at 10:30 a.m. EDT until September 6, 2007 . The replay can be accessed at 1-877-289-8525. The passcode for the replay is 21243347#.
About March Networks
March Networks(TM) (TSX:MN; AIM:MNW) is a leading provider of intelligent IP video and business analysis applications that enable organizations to reduce losses, mitigate risks and improve security and operational efficiency. The company's advanced software suite includes enterprise-class video management, powerful analytics and comprehensive managed and professional services. Our software and systems are used by leading financial institutions, retailers, transportation authorities and other organizations in more than 50 countries. For more information, please visit www.marchnetworks.com.
Certain statements included in this release constitute forward-looking statements, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect the Company's current assumptions and expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current assumptions and expectations.
Assumptions made in preparing the forward-looking statements and financial guidance contained in this release include, but are not limited to, the following:
Factors that could cause actual results to differ materially from expected results include, but are not limited to, the following:
Additional risks are discussed herein and under "Risk Factors" in the Company's Annual Information Form available online at www.sedar.com.
SOURCE MARCH NETWORKS CORPORATION