CALGARY, Alberta-Location services company Cell-Loc Inc.’s third-quarter results show that the company’s drastic cost-reduction measures are starting to take hold.
The company’s loss for the third quarter, ended March 31, was $4.1 million, way down from the company’s second-quarter loss of $7.9 million. Cell-Loc attributed its drop in losses to its restructuring plan, which included layoffs, consolidation of office space and the elimination of many of the company’s location-services projects.
“The restructuring plan is making an impact,” said Michel Fattouche, the company’s president and chief executive officer. “Cell-Loc delivered much improved performance in the quarter despite volatile financial markets.”