Federal government cuts bite into Calian’s Q1 results

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Shares in Calian Technologies slid more than eight per cent Wednesday after the Ottawa firm revealed a deeper-than-expected cut in first quarter revenues. CEO Ray Basler blamed the poor result on declines in federal government spending. Calian generates much of its revenue by providing the federal government with skilled labour under longer-term contracts. “While we did expect a contraction in revenues, the extent of curtailment in government spending was more than anticipated,” Basler said. “Certain programs have been delayed while others were cancelled.”

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