March Networks, a provider of intelligent IP video and business analysis applications, says the company will suffer a pre-tax loss of $7 million for fiscal 2008. The tax loss is due to lower fourth quarter revenue and higher costs.
The Ottawa-based company pulled in $21 million by the end of its forth quarter, bringing revenue for the year to $94 million — the bottom of its anticipated revenue range.
March Network’s loss from continuing operations for the fourth quarter is anticipated to be approximately $4 million. Its pre-tax loss for 2008 is expected to exceed the company’s guidance range of $3 million to $5 million.
Earlier in the year, the company had to absorb a one-time $2.4 million charge for having to retrofit systems on transportation fleets. The company also suffered from a $2.3 million lawsuit settlement. However, the company expects to see positive results in 2009 with revenues landing in the range of $100 million to $115 million.
“We expect 2009 to be an exciting year for the company with a return to profitability, an industry leading product line and strong international growth,” says Peter Strom, president and CEO, March Networks.
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