Highlights
- Receipt of a commercial order from a major Alberta oil and gas
producer to supply its fiber optic pressure/temperature sensor
systems for 26 wells.
- Receipt of an order from a major oil producer to instrument an
observation well in a large CO2-enhanced oil recovery project.
- Revenue rose 75% to $1.1 million in the first quarter of 2010 from
$612,000 a year earlier.
- First-quarter loss amounted to $496,000 or 1 cent a share, compared
with a loss of $555,000 or 1 cent a share, a year earlier.
In the first quarter of fiscal 2010, Opsens received two important orders in the oil and gas sector. The first was to instrument 26 SAGD wells for a major oil and gas producer with our OPP-W sensors to measure pressure and temperature. This order, from an existing customer, confirms the value and efficacy of our product.
"We are very confident that this order will have a positive effect on other SAGD producers that are looking for means to control pressure to improve efficiency and reduce production costs in their operations," said
The November order to design and install pressure and temperature sensor systems for an observation well in a large CO2-enhanced oil recovery project, despite its small size, is also key. "It establishes Opsens as a provider of solutions for the oil and gas industry, in an area that is just taking off," Carrier said.
The scientific and military laboratories sector equally saw good growth in the first quarter.
Quarterly Results
The Company reported revenue of
--------------------------------------
(In thousands of Canadian dollars, Three-month Three-month
except for information per share) period ended period ended
November 30, 2009 November 30, 2008
--------------------------------------
$ $
--------------------------------------
Sales 1,070 612
Cost of revenues 621 422
--------------------------------------
Gross margin 449 190
Administrative expenses 401 314
Marketing expenses 205 194
R&D expenses 212 205
Financial expenses (income) 25 (76)
Stock option-based compensation 55 67
Amortization of property, plant
and equipment 42 36
Amortization of intangible assets 5 5
--------------------------------------
945 745
Loss before income taxes (496) (555)
Income taxes - -
--------------------------------------
Net loss (496) (555)
Net loss per share - Basic (0.01) (0.01)
Net loss per share - Diluted (0.01) (0.01)
About Opsens (www.opsens.com)
Opsens is a leading developer, manufacturer and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patented and patent pending technologies. Opsens' sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain and displacement to original equipment manufacturers (OEM) and end-users in the oil and gas, medical, high-power transformers, and laboratory fields. Opsens provides complete technical support, including installation, training, after-sales service, for its fiber optics systems that are regulated by the ISO 9001-2000 norm.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
For further information: Pierre Carrier, President and CEO, (418) 682-9996; Louis Laflamme, CA, CFO, (418) 682-9996
Share this article