March Networks, a global provider of intelligent IP video solutions, announced that it received orders totaling $16 million from an existing retail customer for hybrid network video recorders (NVRs) and associated extended warranty. The retailer selected the 4000 C Series NVRs as part of an ongoing NVR and software upgrade program in its U.S. stores and membership warehouses. The Company expects to ship all of the units and recognize approximately $14 million in revenue from these orders in its third fiscal quarter, which ends on January 31, 2012. These orders support the Company's growth outlook for the second half of fiscal 2012 as set out in our financial update release of today's date.
March Networks, a global provider of intelligent IP video solutions, announced that it received orders totaling $16 million from an existing retail customer for hybrid network video recorders (NVRs) and associated extended warranty. The retailer selected the NVRs as part of an ongoing NVR and software upgrade program in its U.S. stores and membership warehouses. The Company expects to ship all of the units and recognize approximately $14 million in revenue from these orders in its third fiscal quarter, which ends on January 31, 2012. These orders support the Company's growth outlook for the second half of fiscal 2012 as set out in our financial update release of today's date.
"We have been working with this customer over the past year on an upgrade program and we are excited to be moving forward,” said Peter Strom, President and CEO. “The magnitude of these orders demonstrates the confidence that our large enterprise customers continue to put in March Networks as a partner. With over 130,000 systems deployed worldwide, we continue to work with existing customers on upgrade programs by finding innovative ways to leverage their video systems to enhance in-store or branch operations."
The retailer is currently using 30,000 March Networks recording systems and Visual Intelligence software in its U.S. retail operations to enhance customer and employee safety and reduce losses from retail shrinkage. Fraud, theft and other shrinkage cost the retail industry an estimated $37.1 billion in 2010, up from $33.5 billion in 2009 (National Retail Security Survey, 2011).
The new hybrid NVRs will provide the retailer with access to significant software improvements, including a consolidated live monitoring and archive searching application, and higher-quality video evidence that can be accessed quickly from any networked location. They can also be rapidly installed and serviced due to compatibility with an innovative docking station design (watch the video) that has helped distinguish March Networks systems in the industry.