March Networks is cutting 7 per cent of its workforce and all executives and staff of the Internet video and business analysis technology firm will take a 6 per cent pay cut.
The company said Tuesday the moves, which follow earlier cost-cutting measures, will "reduce operating expenses in order to mitigate the risks associated with the current economic environment."
The Ottawa-based firm, which had 304 employees and contractors as of April, 2008, said it the moves will reduce annual operating expenses by about $3.2-million.
It will also take a third-quarter 2009 restructuring charge of about $900,000.
"The company continues to remain focused on the execution of its strategic"
objectives of global growth and improving its operating profitability," said president and CEO Peter Strom.
"These measures will provide the company with greater flexibility to achieve those objectives within the context of a challenging economic environment."
In November, the company reported a second-quarter loss of $1-million, compared with a loss of $700,000 or four cents a share a year earlier.
March Networks shares were down 10 cents at $1.95 in afternoon trading at the Toronto Stock Exchange.