OSI Geospatial Inc. Reports 2010 Third Quarter Results
OTTAWA, Oct. 14 /CNW/ - OSI Geospatial Inc. (TSX: OSI) today announced its financial results for the third quarter of fiscal year 2010 ending August 31, 2010, reported in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP).
For the third quarter of 2010, OSI Geospatial Inc. reported consolidated revenue of $3.3 million compared to $6.2 million reported in the third quarter of 2009. The Company reported a net loss of $1.3 million before taxes and a net loss after taxes of $1.0 million compared with a net loss of $293,000 before taxes and a net loss after taxes of $263,000 in the third quarter of 2009.
For the third quarter of 2010, the net loss attributable to common shareholders was $1.1 million or $0.02 per share, compared to a net loss of $410,000 or $0.01 per share in the third quarter of 2009.
About OSI Geospatial
OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared real-time situational awareness for military, safety and security applications. Our products and services enable our customers to integrate and visualize live data with any combination of sensor data, imagery, maps and charts. This capability provides our customers with enhanced operational performance, safety and security through shared real-time situational awareness. OSI Geospatial systems and software are in use by military, government, and commercial customers around the world. The Company is publicly traded on the Toronto Stock Exchange. For additional information please visit www.osigeospatial.com.
Forward-Looking Statements
This press release contains forward-looking statements and information which reflect the current view of OSI Geospatial Inc. ("OSI") with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties, and OSI's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect OSI's financial results are detailed in disclosure documents filed from time to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
Copyright (C) 2010 OSI Geospatial Inc. and its affiliated or related companies. ECPINS and COP-IDS are registered trademarks of Offshore Systems Ltd., an OSI Geospatial company. iGEN is a registered trademark of CHI Systems Inc., an OSI Geospatial company. Other company brand, product and service names are for identification purposes only and may be either trademarks, service marks or registered trademarks of their respective owners. Data subject to change without notice.
OSI Geospatial Inc.
Interim Condensed Consolidated
Balance Sheets (Unaudited) August 31, November 30,
In thousands of Canadian dollars 2010 2009
-------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 1,020 $ 315
Non-cash current assets 6,992 8,435
--------------------------
8,012 8,750
Fixed assets 1,315 1,473
Other long term assets 905 766
Goodwill and intangible assets 4,802 4,770
--------------------------
$ 15,034 $ 15,759
--------------------------
--------------------------
Liabilities
Current liabilities $ 3,737 $ 5,304
Long term liabilities 766 492
--------------------------
4,503 5,796
--------------------------
Shareholders' Equity
Capital stock and warrants 33,599 39,835
Contributed surplus 9,722 3,322
Accumulated deficit (31,520) (31,838)
Accumulated other comprehensive loss (1,270) (1,356)
--------------------------
10,531 9,963
--------------------------
$ 15,034 $ 15,759
--------------------------
--------------------------
-------------------------------------------------------------------------
Interim Condensed Consolidated Statements of Income (Loss) and Deficit
(Unaudited)
In thousands of Canadian Three months ended Nine months ended
dollars, except share August 31, August 31,
related data 2010 2009 2010 2009
-------------------------------------------------------------------------
Revenue $ 3,302 $ 6,212 $ 11,858 $ 18,252
-------------------------------------------
Gross profit 754 2,362 3,566 6,016
-------------------------------------------
Expenses
Sales, engineering, general
and administrative 1,918 2,526 6,761 7,766
Amortization 88 106 259 329
Interest expense 4 23 49 74
-------------------------------------------
2,010 2,655 7,069 8,169
-------------------------------------------
Net loss before other items (1,256) (293) (3,503) (2,153)
Gain on sale of
intellectual property - - 5,227 -
-------------------------------------------
Net income (loss) before
income taxes (1,256) (293) 1,724 (2,153)
Income tax expense (recovery) (247) (30) 1,401 (155)
-------------------------------------------
Net income (loss) $ (1,009) $ (263) $ 323 $ (1,998)
-------------------------------------------
-------------------------------------------
Earnings (loss) per share
- Basic and diluted $ (0.02) $ (0.01) $ 0.00 $ (0.05)
-------------------------------------------
-------------------------------------------
-------------------------------------------------------------------------
Interim Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months ended Nine months ended
In thousands of Canadian August 31, August 31,
dollars 2010 2009 2010 2009
-------------------------------------------------------------------------
Cash flows from (used in)
operating activities
Net income (loss) for
the period $ (1,009) $ (263) $ 323 $ (1,998)
Items not affecting cash 468 156 (3,406) 384
-------------------------------------------
(541) (107) (3,083) (1,614)
Changes in non-cash working
capital items (91) (423) 122 3,182
-------------------------------------------
(632) (530) (2,961) 1,568
Cash flows from (used in)
investing activities (66) (193) 4,502 (356)
Cash flows used in
financing activities 4 718 (875) (729)
Effect of foreign exchange
on cash balances 4 20 39 45
-------------------------------------------
Increase (decrease) in cash (690) 15 705 528
Cash - beginning of period 1,710 513 315 -
-------------------------------------------
Cash - end of period $ 1,020 $ 528 $ 1,020 $ 528
-------------------------------------------
-------------------------------------------
-------------------------------------------------------------------------
For further information: Sandy Oneschuk, Investor Relations, +1 613 287 8004 or +1 888 880 9797, +1 613 287 0466 (FAX), [email protected]
Share this article