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Network Camera, SMART IP VIDEO, Video Surveillance

March Networks shows financial results

March Networks(R) (TSX:MN), a global provider of intelligent IP video solutions, today announced financial results for the quarter and fiscal year ended April 30, 2010. All figures are in Canadian dollars and in accordance with Canadian GAAP unless otherwise specified.

The Company’s fourth quarter fiscal 2010 revenue was $21.2 million, representing a decrease of 1% as compared to revenue of $21.5 million in the fourth quarter of fiscal 2009. The Company’s fiscal 2010 revenue of $86.6 million declined by 14% as compared to revenue of $101.2 million in fiscal 2009.

The Company recorded a non-GAAP operating loss of $4.6 million in the fourth quarter of fiscal 2010, representing an increase of $3.2 million relative to the non-GAAP operating loss of $1.4 million in the fourth quarter of fiscal 2009. Non-GAAP operating losses increased by $6.3 million in fiscal 2010 to a loss of $7.3 million as compared to a non-GAAP operating loss of $1.0 million in fiscal 2009.

The Company recorded write-downs totaling $21.3 million, or $1.23 per share, against the Company’s future income tax assets and investment tax credits in the fourth quarter of fiscal 2010. Including the impact of the write-downs, the Company incurred a net loss in the fourth quarter of fiscal 2010 of $27.5 million, or $1.58per share, and a net loss of $32.5 million, or $1.88 per share, for the fiscal year ended April 30, 2010 which compares to a loss of $1.9 million or $0.11 per share in the fourth quarter of fiscal 2009 and a loss of $6.6 million, or $0.38 per share, in the fiscal year ended April 30, 2009.

Website March Networks: www.marchnetworks.com

Thanks: Pr Newswire

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