TORONTO – GuestLogix Inc. (TSX:GXI) said Monday it has completed a strategic review without a sale of the company or other large deal.
The company said the special committee of independent directors that conducted the review noted that job cuts, the cancellation of some projects and new partnerships were all key contributors to the decision.
GuestLogix announced the review on Oct. 9, 2012.
The company helps airlines and railways with onboard retail systems.
Last month, the company reported a first-quarter loss of $1.2 million or two cents per share in the period compared with a profit of $100,000 or less than a penny per share in the same 2012 quarter.
Revenue increased to $7 million from $5.6 million, however, quarterly operating expenses also rose, to $7.3 million from $5.7 million.