The Canadian Press
OTTAWA - Calian Technologies Ltd. (TSX:CTY) announced the retirement of president and chief executive Ray Basler on Wednesday as it reported a decrease in its fourth-quarter revenue and earnings, citing a continuing contraction in government spending.
The company, which provides business and technology services to governments and the private sector, said Basler will retire effective March 31, 2015.
He will be replaced by Kevin Ford, head of the company's BTS division.
The change at the top came as Calian reported a profit of $2.6 million or 35 per diluted share for the quarter ended Sept. 30 compared with $3 million or 41 cents in the same year-earlier period.
Revenue for the quarter totalled $54.4 million, down from $57.5 million.
For its full financial year, the company said it earned $10.6 million or $1.44 per diluted share on $211.6 million in revenue. That compared with a net profit of $13.1 million or $1.73 per share on $232.5 million in revenue in the previous year.
"The results released today once again reflect continued contraction in government spending in both of our divisions," Basler said in statement.
"Program delays and activity rescheduling within DND and other government departments have resulted in reduced take-up on existing contract vehicles and postponed revenue realization on new ones."