March Networks, a provider of innovative video and data applications used for security surveillance, monitoring, analysis and business optimization, announced financial results for the third quarter and nine months ended Jan 31, 2009.
The company's third quarter fiscal 2009 revenue was US$18.44 million representing an increase of 12 percent as compared to revenue of $16.47 million in the third quarter of fiscal 2008. Revenue for the first nine months of fiscal 2009 of $62.22 million increased by 9 percent as compared to the first nine months of fiscal 2008. The company recorded non-GAAP operating earnings of $0.47 million in the third quarter of fiscal 2009 which compares to a loss of $2.5 million in the third quarter of fiscal 2008. Non-GAAP operating earnings for the first nine months of fiscal 2009 of $301,420 have improved by $2.9 million as compared to a loss of $2.58 million in the first nine months of fiscal 2008.
The company incurred a net loss in the third quarter of fiscal 2009 of $1.02 million or $0.06 per share, including the impact of $0.94 million of restructuring charges mainly associated with staff reductions during the quarter, as compared to a net loss of $2.42 million, or $0.14 per share, in the third quarter of fiscal 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" said Peter Strom, President and CEO.
Third Quarter 2009 Financial Highlights
- Revenue up 12 percent from the same quarter a year ago.
- Operating earnings up $2.97 million from third quarter of last year.
- Generated $4.3 million in cash flow from operating activities.
- Third quarter net loss improved by $1.5 million or $0.09 per share from last year.
"The company's investments over the past year and half have positioned the company for growth with new products and an expanded market presence," said Ken Taylor, CFO of March Networks. "The company's recent restructuring activity has reduced operating expenses to a level that will allow the Company to profit from these investments while mitigating the risks associated with an uncertain economic environment."
About March Networks
March Networks is a 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.