Copernic closes Montreal office, shifts operations to Quebec City
Published Tuesday November 11th, 2008
MONTREAL - Copernic Inc., (NASDAQ:CNIC), a software development company formerly known as Mamma.com, says it is closing its Montreal office and shifting sales, finance and administration operations to Quebec City.
The number of jobs affected by the streamlining, announced late Tuesday, were not revealed.
Montreal-based Copernic, which has 52 employees and specializes in internet, desktop and mobile search products, said the shifts will occur before the end of March next year.
"While we regret the termination of our Montreal based employees, centralizing our operations in Quebec City will result in cost improvements, enhance operating synergies and further the achievement of generating profits to our shareholders in the near term," said Marc Ferland, president and CEO of the company.
The streamlining came as the Montreal company cut its third quarter losses but reported lower revenues from last year.
Copernic said it lost US$0.6 million or four cents a share for the three months ended Sept. 30, down from a net loss of $1 million or seven cents per share for the 2007 third quarter.
Revenue fell to $1.7 million from $1.9 million, reported the company, which issues its finances in U.S. dollars.
Total expenses dropped to $1.8 million from $2.4 million.
In trading on the Nasdaq market, Copernic shares fell three cents to close at 19 cents US, a drop of 13.6 per cent.
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