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SERENIC WIDENS SEARCH FOR ITS FUTURE
Serenic, the nonprofit software vendor in the Dynamics NAV world, says it has broadened its search for maximizing stakeholder value. The company also ended its exclusive agreement with PricewaterhouseCoopers as its exclusive financial advisor. That agreement began on February 8. Serenic continued to say avenues under consideration could include a capital structure review, strategic partnerships and/or merger and acquisition "alternatives."
The latter, I guess, translates as buy or be bought. That follows the release recently of results for the quarter ended August 31 which wasn't the greatest. Net income dropped to $2,495, down sharply from $412.6 million a year earlier. Revenue fell to $2.5 million, down 15.1 percent from just under $3 million in last year's corresponding period. All figures are in Canadian dollars and that meant the weakening U.S. dollar had a negative impact, and was responsible for one third of the drop in net income. Serenic also said several deals that were expected to close had slipped out of the quarter.
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