March Networks revenues now anticipated to exceed $100 million in fiscal 2011
OTTAWA, April 13 /PRNewswire/ - March Networks® (TSX: MN), a global provider of intelligent IP video solutions, today announced that it has received orders totaling $2.4 million from an existing retail customer for the Company's Visual Intelligence software and professional Managed Services. More than half of the value of these orders is expected to contribute to fourth quarter fiscal 2011 revenue, pushing the Company's fiscal 2011 revenue expectations beyond $100 million.
The retailer will deploy the Company's scalable software in 2011 to better manage more than 30,000 March Networks hybrid recording systems currently installed in the retailer's U.S. stores and membership warehouses. The software will provide the retailer with improved video compression, advanced software investigation tools, retail video analytics and future IP camera integration while equipping store managers and loss prevention investigators with high-quality video that can be accessed quickly from any networked location. The Visual Intelligence software is a key component of the organization's complete March Networks Retail Solution, which enables retailers to enhance customer and employee safety and reduce losses from retail shrink. In the U.S. alone, losses from theft and fraud cost the industry more than $30 billion annually.
The retailer is also expanding its Managed Video Network Services contract through which experienced March Networks professionals monitor the health of the surveillance systems remotely and dispatch technicians on behalf of the retailer when required. In addition, the offering includes scheduled maintenance upgrades conducted over the network. The managed service provides retailers with a cost-effective means to ensure optimum system performance and leaves internal staff free to focus on the company's core business operations.
"These new software and service orders confirm our ability to meet the needs of one of the world's largest and most demanding customers, and exemplifies the ease with which customers can deploy the latest software and its new functionality," said Net Payne, Chief Marketing Officer, March Networks. "Our complete solutions also include professional services that relieve customers of day-to-day system management, making it even easier for them to work efficiently and extract valuable business intelligence from their systems."
"We are encouraged by the market's continued adoption of our newest technology and services, and the expected growth in the Company's revenue to more than $100 million for fiscal year 2011," stated Peter Strom, President and Chief Executive Officer, March Networks.
About March Networks
March Networks® (TSX:MN) is a leading provider of intelligent IP video solutions. For more than a decade, the company has helped some of the world's largest commercial and government organizations transition from traditional CCTV to advanced surveillance technologies used for security, loss prevention, risk mitigation and operational efficiency. Its highly scalable and easy to use Command™ video management platform incorporates a web-based client interface to enable rapid system deployment and complete system control. It is complemented by the company's portfolio of high-definition IP cameras, encoders, video analytics and hybrid recorders, as well as outstanding professional and managed services. March Networks systems are delivered through an extensive distribution and partner network in more than 50 countries. For more information, please visit www.marchnetworks.com.
This release contains certain forward-looking information, including expectations of future business. This information is based on the Company's current expectations and assumptions that are subject to a variety of risks and uncertainties that are difficult to predict and that may be beyond March Networks' control. Actual results could differ materially from those expressed in any forward-looking statements due to factors such as customer demand and timing of purchasing decisions which may delay the recognition of revenue, changes in the budgets for, and timing of security and IT-related purchases, delays, reductions in the amount or cancellations of customer purchases, including delays caused by customer credit issues, the Company's ability to maintain existing relationships and to create new relationships with channel partners, increased levels of competition, including strategic initiatives by the Company's competitors, new products or services, product or service announcements and changes in pricing policy by the Company's competitors, technological changes and the successful development of new products, dependence on third-party manufacturers and the availability of products and components, risks relating to intellectual property infringement claims, and other risks and factors identified in March Networks' public filings with regulatory authorities in Canada. March Networks assumes no obligation to update these forward-looking statements as a result of new information or future events.
*MARCH NETWORKS and the MARCH NETWORKS logo are trademarks of March Networks Corporation. All other trademarks are the property of their respective owners.
SOURCE MARCH NETWORKS CORPORATION