Now public March Networks releases quarterly results
By SSN Staff
Updated Thu June 16, 2005
OTTAWA, Ontario--Only two months after going public, March Networks released financial numbers that show it experienced more than 200 percent growth in its fourth quarter and year end results.
March Networks reported $13.5 million (CDN) in revenue for the fourth quarter of fiscal year 2005, which ended April 30, 2005, compared with $4.2 million for the same period in 2004. Revenue for fiscal 2005 was $42.7 million, compared with $11.8 million for fiscal 2004, an increase of 262 percent.
The additional business came from the company's IP-based digital video surveillance solutions being selected by several retailers and banks for projects in excess of $5 million each.
According to Peter Strom, president and chief executive officer of March Networks, the past year has been a good growth year for the company. He cited in a prepared statement that the market has accepted the company's new products and its efforts to work with integrators in key vertical markets, such as banking and transportation.
In its initial public offering in April, March Networks raised $56.4 million when it became listed on the Toronto and AIM, a market operated by the London Stock Exchange. Company officials plan to use the funds to fuel future growth.
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