Tom Sweeney

It's a coming of age tale….

Posts Tagged ‘North American’

March Networks posts profit in Q1

Posted by sweens on August 26, 2010

Published on August 26th, 2010
Canadian Press

March Networks (TSX:MN) posted a small profit in its fiscal first quarter, reversing a year-ago loss as demand improved.

The provider of applications used for security surveillance said late Wednesday it earned $100,000 or one cent per share in the three-month period ended July 31, compared to a loss of $500,000 or three cents per share a year earlier.

Revenue was $26.3 million, up 10 per cent from $24.0 million in the same period of fiscal 2010.

“The first quarter of fiscal 2011 was very encouraging for the company as demand returned in the North American market after a tough fiscal 2010 to deliver revenue growth and a return to profitability,” stated CEO Peter Strom.

“Recently announced retail and banking deals are expected to help drive continued revenue growth and profitability in the second quarter of fiscal 2011,” he added.Shares in the Ottawa-based company were unchanged at $4.10 in Wednesday trading on the Toronto Stock Exchange.

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Ottawa small-business owners third happiest in Canada: TD survey

Posted by sweens on July 26, 2010

Published on July 26th, 2010
OBJ Staff
Ottawa Business Journal

Around 84 per cent of small-business owners in Ottawa are happier owning and running their own business than being an employee, according to numbers released by the TD Small Business Happiness Index on Monday.

Overall happiness ranked at 27 per cent, placing owners in the city at the third-happiest in Canada — just behind Calgary (30 per cent) and Montreal (29 per cent).

“What the TD Small Business Happiness Index demonstrates is that small business owners enjoy a sense of control and freedom that they don’t generally realize when working for someone else,” stated Alec Morley, senior vice-president of small business banking at TD Canada Trust.

“Despite the recent economic downturn and the ongoing challenges of managing and growing a business, the personal satisfaction small business owners report illustrates one of the key advantages of owning your own company.”

According to TD, the following factors contributed to small-business hapiness:

– Pride and accomplishment from owning your own business (93 per cent);
– Volunteering or donating money to local charities or sports teams (93 per cent);
– Feeling a “deep personal connection” to employees and customers (85 per cent).

Other benefits included being your own boss and setting your own schedule, although long hours were a staple of business — at an average of 50.4 hours a week, among the top three in North American cities surveyed. Forty-three per cent of owners worked more than 60 hours a week.

“Small business owners tell us that owning a business has many advantages, despite the day-to-day challenges that come with running a company like red tape, property taxes and attracting and retaining talent,” stated Morley. 

The survey was conducted by Environics Research, and polled 1,213 small-business owners across the continent between May 13 and June 15. That included 101 small business owners in Ottawa.

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UPDATE: Nortel opts out of auction for carrier business, works on $182M direct sale to GENBAND

Posted by sweens on March 2, 2010

Published on February 24th, 2010
Krystle Chow
Ottawa Business Journal

Nortel Networks Corp. has decided not to auction off its carrier voice-over-Internet protocol and application solutions business and is instead selling the division directly to Texas-based GENBAND Inc. for US$182 million, with more than three-quarters of the division’s staff expected to keep their jobs.

The former telecom giant, which is currently working through bankruptcy proceedings, said Wednesday that it’s working toward a second-quarter closing for the sale of the telecom carrier technology business’s assets, which include its softswitching, gateways, session initiation protocol – or SIP – applications and time-division multiplexing products and services.

 “Uniting our two businesses will create one of the industry’s strongest carrier VoIP players, in terms of market share, customer base and portfolio,” said Samih Elhage, president of the carrier business, in a statement. “Joining forces with GENBAND will allow us to continue to provide a highly reliable solution and service offering to service providers and enterprises across the globe.”

 Mr. Elhage added that “a significant majority” of the division’s employees would be offered jobs at GENBAND. The company noted that group will include certain employees in some jurisdictions in the Europe, Middle East and Africa region that will transfer automatically to GENBAND by operation of law.

 A company spokesperson noted in an e-mail that about 1,638 of the division’s staff, or 78 per cent, will have the opportunity to continue working with GENBAND, although the latter won’t be able to extend offers until it’s received court approval for the deal.

 The business employs approximately 2,100 people in total, with 80 per cent of that number located in North America. Thirty per cent of the North American staff are in Canada, the company said in an earlier interview with OBJ.

 GENBAND, which has teamed up with private equity firm One Equity Partners and other existing shareholders to secure the carrier division’s assets, had initially offered US$282 million. However, Nortel has agreed to make balance sheet and other adjustments to reduce the purchase price by US$100 million.

 Nortel first announced in December that GENBAND had put in a bid that was supposed to kick off a competitive bidding process, culminating in an auction that would have started on Thursday.

 At the time, Mr. Elhage told OBJ that the sale would represent one of the final steps in its insolvency proceedings.

 The Toronto-based company had sold off a number of its businesses through the auction process, including its wireless division, enterprise unit and optical business.

However, company spokesperson Jamie Moody said Nortel chose not to go with the auction route for the carrier business as it didn’t receive any other qualified bids, despite interest from other parties.

 When asked if Mr. Elhage would continue on at GENBAND following the completion of the deal, Ms. Moody reiterated the fact that GENBAND isn’t allowed to enter into discussions or extend offers to any employees until the transaction is finalized.

 The sale will now await U.S. and Canadian court approvals at a joint hearing on March 3.

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