January 20, 2009 / 7:48 PM / 9 years ago

UPDATE 1-March Networks to cut 7 pct of global workforce

Jan 20 (Reuters) - March Networks Corp MN.TO said it will cut about 7 percent of its global workforce as it tries to reduce operating expenses amid growing economic uncertainty.

The intelligent IP video and business analysis applications provider also announced a 6 percent salary roll-back for all its North American executives and staff.

The company said it will record a charge of about C$900,000 in the third quarter. It expects a reduction in annual operating expenses of about C$3.2 million.

Shares of Ottawa-based March Networks were trading down 10 Canadian cents at C$1.95 in afternoon trade Tuesday on the Toronto Stock Exchange. ($1=1.261 Canadian Dollar) (Reporting by Richa Dubey in Bangalore; Editing by Anne Pallivathuckal)

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