VANCOUVER (CP) - Sierra Systems Group Inc. (TSX:SSG) said Thursday that its third-quarter profit was cut in half compared to a year ago, hurt by the cancellation of a contract in the U.S., severance costs and contract implementation delays.

The company reported a profit of $1.3 million or 14 cents per share for the three months ended June 30. That compared to a profit of $2.7 million or 28 cents per share a year earlier.

Quarterly revenue slipped to $35.4 million, down from $40.4 million.

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