Strong Growth Fueled by Wal-Mart

Author: John Honovich, Published on Nov 26, 2010

March Networks turned in its best growth rate in a number of years, fueled by sales growth to Wal-Mart and another major customer. For calendar Q3 2010 (their fiscal year Q2 2011), March Network's revenue grew 32% year over year. However, March is forecasting a more modest 10% revenue growth over the next 6 months.

The source of the growth is almost entirely from 2 major accounts. This can be seen when reviewing their quarterly call slides. Wal-Mart sales were 25% of March Network's entire quarterly revenue. A second (undisclosed but likely banking) customer accounted for an additional 10% of total revenue. In the corresponding quarter from last year, Wal-Mart's percentage of revenue was only 16% and the undisclosed customer only 2%. These 2 customer's revenue contribution essentially doubled over the last year rising from $3.8M CAD to $9.9M CAD, or an increase of $6.1 Million CAD year over year. Compare this to March's overall year over year growth of $7 Million CAD.

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