Opsens reports 2Q results, including a record backlog



    QUEBEC CITY, April 22 /CNW Telbec/ - Opsens Inc. (TSX VENTURE EXCHANGE:
OPS) ("Opsens") today released its financial results for the three- and
six-month periods ended February 28, 2009.

    
    Highlights

    - Second order to install OPP-W optical sensors for a major oil and gas
      company.
    - Order of 60 PowerSens II systems from a power company.
    - Second quarter loss of $682,000 or 2 Canadian cents a share.
    

    Opsens saw many important developments in the latest quarter, most
significantly a second order to install OPP-W optical sensors for a major oil
sands operator. The sensors installed for that client from the first order
have now been operating for 11 months. The follow-up order validates the
performance of the Company's technology in the field.
    "The outlook for the coming quarters is extremely promising, with our
backlog exceeding record $1.1 million, spread across all our divisions," said
Pierre Carrier, President and CEO.

    Second-quarter Results

    The Company generated $606,000 in revenues in the three months ended
February 28, 2009, compared with $637,000 a year earlier. The laboratory
sector generated the best performance, with sales of more than $290,000. At a
client's request, two installations for the OPP-W optical sensors were
postponed by a week, from the second to the third quarter of 2009.
    The quarterly loss was $682,000, compared with a loss of $403,000 a year
earlier. The increase resulted from a narrower gross margin and higher
marketing costs.
    Sales and marketing expenses increased to $243,000 from $135,000 in the
quarter, mainly due to an increased sales force.
    R&D expenses increased to $205,000 from $186,000, reflecting an increase
in the number of employees.
    Quarterly administrative expenses totalled $316,000, compared with
$244,000 a year earlier, due to the growth in the activities of Opsens
Solutions and an increase in the number of employees.

    Six-month Results

    Sales totalled $1,218,000 in the six months ended February 28, 2009,
compared with $1,206,000 a year earlier. The loss increased to $1,237,000 from
$750,000.

    
                                 --------------------------------------------
    (In thousands of Canadian         Three-     Three-
    dollars, except data per          month      month  Six-month  Six-month
    share)                           period     period     period     period
                                      ended      ended      ended      ended
                                   February   February   February   February
                                   28, 2009   29, 2008   28, 2009   29, 2008
                                 --------------------------------------------
                                          $          $          $          $
                                 --------------------------------------------
    Sales                               606        637      1,218      1,206

    Cost of sales                       464        395        886        663
                                 --------------------------------------------
    Gross margin                        142        242        332        543

    Administrative expenses             316        244        631        446
    Marketing expenses                  243        135        437        330
    Research and development expenses   205        186        410        349
    Stock option based compensation      60         43        127         93
    Amortization of property, plant
     and equipment                       39         21         75         40
    Amortization of intangible assets     6         14         11         19
    Financial (income) expenses         (45)         2       (122)        16
                                 --------------------------------------------
                                        824        645      1,569      1,293

    Loss before income taxes           (682)      (403)    (1,237)      (750)
    Income taxes                          -          -          -          -
                                 --------------------------------------------
    Net loss                           (682)      (403)    (1,237)      (750)

    Basic loss per share              (0.02)     (0.01)     (0.03)     (0.02)
    Diluted loss per share            (0.02)     (0.01)     (0.03)     (0.02)
                                 --------------------------------------------
    

    Grant of stock options

    Opsens' Board of Directors also authorized yesterday the grant of a total
of 305,000 stock options, of which 170,000 were granted to certain directors
and officers, as provided in the Opsens' stock option plan adopted by the
shareholders on January 20, 2009.
    Under the provisions of Opsens' stock option plan, each stock option
granted entitles the holder to subscribe for one Opsens' common share at the
latest on April 20, 2014 and at a price equal to the highest of closing price
prior to grant and average closing price of the Opsens' common shares traded
on the TSX Venture Exchange inc. for five trading days following the date of
this press release. The stock options granted to the directors entitle the
holders to subscribe immediately for Opsens' common share whereas the stock
options granted to the employees will be vested over a period of four years at
a rate of 25 % per year, the first tranche being vested at the end of the
first year following the granting of the stock options.

    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 and after-sales service.

    
    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:

For further information: Pierre Carrier, President and CEO, Opsens Inc.,
(418) 682-9996; Louis Laflamme, CA, CFO, Opsens Inc., (418) 682-9996

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