Cygnal Technologies Corp., a communications network service provider, today issued fiscal guidance for the year and...
April 17, 2003
Cygnal Technologies Corp., a communications network service provider, today issued fiscal guidance for the year and announced details of a new and streamlined organization.
The Oshawa, Ont. company said revenues, for the year ending December 31, 2003, are expected to be in the range of $148 to $152 million, while earnings per share would range from $0.09 to $0.11. This guidance excludes revenues gained through acquisition activity during the year.
“We are confident in our ability to achieve our 2003 fiscal guidance while, at the same time, execute on our business streamlining plans as we position the company for future growth and improved profitability,” said Kieron Dowling, Cygnal’s president and CEO.
Cygnal also announced the following changes:
* Jacques Kirouac, President, Data Network Solutions Group (Quebec), will retire effective May 1;
* Cygnal’s Data Network Solutions Group and Telecom Networks Group in Quebec have been merged to form the Company’s Telecom and Data Network Solutions Group in that province.
* Dave Sherry, President, Telecom Networks Group, will assume executive responsibility for consolidating various Cygnal offices to house the streamlined organization;
“On behalf of Cygnal’s board of directors, its executive management team and employees, we wish to thank Jacques for his leadership and expertise over the last seven years,” said Dowling. “Through his management of Normex Telecom, the forerunner to Cygnal Technologies, (he) helped to build the company we have today.”