February 25, 2010 / 4:55 PM / in 8 years

March Networks shares slump on poor results, weak outlook

Feb 25 (Reuters) - Shares of March Networks Corp MN.TO fell more than 12 percent on Thursday, a day after the Canadian video security surveillance maker posted disappointing quarterly results and warned of poorer full-year results blaming low demand.

The company said the weak economic conditions had curbed spending among its customers, especially in markets such as the United States and Dubai.

Shares of the Ottawa-based company were trading down 47 Canadian cents at C$3.90 in late morning trade on the Toronto Stock Exchange. Its shares have risen more than 173 percent over the past year, before Thursday’s losses.

“Due to weak sales visibility attributable to the impact of the economic downturn in markets such as the U.S. and Dubai, as well as the strength of the Canadian dollar, the company has not met its expectations,” Chief Financial Officer Ken Taylor said in a statement.

The company said it expects modest sequential revenue growth in the fourth quarter.

Third-quarter net loss widened to C$3.5 million, or 20 Canadian cents a share, from C$1.3 million, or 7 Canadian cents a share, last year. [ID:nWNAB1555] (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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