VANCOUVER (CP) - Sierra Systems Group Inc. (TSX:SSG) had a lower fourth-quarter profit and revenue compared with a year ago due to "performance issues" at two of its offices, the company announced Wednesday. The technology and business consulting firm, which agreed last month to be bought by a U.
S. private equity firm, said Thursday it earned $1 million or 11 cents per share for the three months ended Sept. 30.
That compared with a profit of $1.8 million or 19 cents per share a year ago. Quarterly revenue fell to $33.
3 million, down from $37.6 million. Sierra Systems signed a deal to be bought by U.
S. private-equity firm Golden Gate Capital for $93.2 million in cash.
Under the deal, Golden Gate Capital will pay $9.25 a share for the consulting firm. Shares in the company were unchanged at $9.
11 on the Toronto Stock Exchange on Wednesday. Sierra has said its largest shareholder Crescendo Partners, which holds about 10 per cent of the company, has expressed its support for the deal and agreed to vote its one million shares in favour of the bid.
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