Opsens publishes its annual results for the fiscal year ended August 31, 2007 and sees record level order backlog



    QUEBEC CITY, Nov. 28 /CNW Telbec/ - Opsens Inc. (TSX VENTURE EXCHANGE:
OPS) ("Opsens") has released its annual financial results for the fiscal year
ended August 31, 2007.
    According to Pierre Carrier, president and chief executive officer,
"Fiscal year 2007 was marked by several significant developments, such as the
receipt of an initial order in the oil and gas sector from a major oil sands
producer in Alberta and the successful evaluation of our signal conditioners
intended for the medical instrument market by a medical customer with high
potential.
    Fiscal year 2008 is also off to a very good start with the recent
announcement of orders for our high-frequency fiber optic sensors from several
companies in the military and aviation industries, such as BAE Systems, and
European and Japanese medical device manufacturers, bringing order backlog to
$1,200,000, an amount which exceeds 2007 revenue. In 2008, Opsens intends to
increase its market share within each of its markets driven by the strength of
its sales team, which includes Ridha Abid, vice president of sales and
marketing for oil and gas, and Yves Plamondon, vice president of sales and
marketing for the medical instruments, laboratory, and transformer sectors."

    Financial results - fiscal year ended August 31, 2007

    The Company generated $813,000 in revenue for the fiscal year ended
August 31, 2007, compared to $922,000 for the fiscal year ended August 31,
2006. During the fiscal year ended August 31, 2007, the Company continued to
deploy its strategy geared towards product sales, which increased by 17.7% to
$813,000 compared to $691,000 for the fiscal year ended August 31, 2006.
    The net loss for the fiscal year ended August 31, 2007, was $2,313,000,
compared to $1,043,000 for the fiscal year ended August 31, 2006. This
increased net loss reflects the intensified marketing activities, decreased
R&D tax credits, stock-based compensation expenses, as well as the
establishment of a new corporate structure. On the other hand, the change in
net results was decreased by recording an expense for the year ended August
31, 2006 related to the increased value of previously issued redeemable
shares. The redemption right for these shares was cancelled on October 3,
2006.
    Marketing expenses increased by $391,000 to $825,000 for the fiscal year
ended August 31, 2007 compared to $434,000 for the fiscal year ended August
31, 2006. During fiscal year 2007, Opsens expanded its sales force and stepped
up its presence at conventions in order to capitalize on its unique product
line and the recognized expertise of its research and development team.
    R&D expenses totaled $591,000 for fiscal year 2007 compared to $363,000
for 2006. During the fiscal year ended August 31, 2007, the Company focused on
continuously improving its product line as well as its products intended for
the oil and gas market. The variation in R&D expenses was generated mainly by
a lower reimbursement rate for tax credits now that Opsens is a public
company.
    Administrative expenses increased by $659,000 to $968,000 for the fiscal
year ended August 31, 2007, compared to $309,000 as of August 31, 2006. Within
administrative expenses, stock-based compensation was $345,000 and $ 0 for the
fiscal years ended 2007 and 2006 respectively, which explains much of this
change. Aside from stock-based compensation, administrative expenses increased
by $314,000, reflecting the establishment of the corporate structure necessary
for supporting the anticipated increased sales and providing the Company with
the appropriate governance for public companies.
    As of August 31, 2007, Opsens held cash assets of $1,839,379 compared to
$323,420 as of August 31, 2006.


    
    (In thousands of dollars,          Fiscal year ended   Fiscal year ended
     except data per share)              August 31, 2007     August 31, 2006
                                      ---------------------------------------
                                                       $                   $
                                      ---------------------------------------

    Sales                                            813                 691
    Partnership revenues                               -                 231
                                      ---------------------------------------
    Revenues                                         813                 922

    Cost of sales                                    639                 362
                                      ---------------------------------------
    Gross margin                                     174                 560

    Administrative expenses                          968                 309
    Marketing expenses                               825                 434
    Research and development expenses                591                 363
    Financial expenses (income)                       (9)                143
    Amortization of property, plant,
     and equipment                                    72                  63
    Amortization of intangible assets                 18                  13
    Write-off of intangible assets                    12                   -
    Amortization of deferred
     Financing fees                                   10                   5
    Class A retractable shares increase                -                 273
                                      ---------------------------------------
                                                   2,487               1,603

    Loss before income taxes                      (2,313)             (1,043)
    Income taxes                                       -                   -
                                      ---------------------------------------
    Net loss                                      (2,313)             (1,043)

    Basic loss per share                           (0.08)              (0.05)
    Diluted loss per share                         (0.08)              (0.05)
    

    About Opsens

    Opsens is a leading developer, manufacturer and supplier of a wide range
of fiber optic sensors and associated signal conditioners based on proprietary
patent 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,
energy, scientific and military laboratory fields. Opsens offers technical
services, such as on site installation, training and turnkey fiber optic
systems.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this press 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:

For further information: Pierre Carrier, President and Chief Executive
Officer, (418) 682-9996; Louis Laflamme, CA, Chief Financial Officer, (418)
682-9996


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