Opsens reports first quarter 2010 results

QUEBEC CITY, Jan. 20 /CNW Telbec/ - Opsens Inc. (TSX VENTURE EXCHANGE: OPS) ("Opsens") today released its results for the first quarter ended November 30, 2009.

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 Pierre Carrier, President and CEO.

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 $1,070,000 for the three-month period ended November 30, 2009, compared with $612,000 in the comparative period, an increase of 75%. The growth includes a sales increase of more than $250,000 in the scientific and military laboratories markets.

    
                                       --------------------------------------
    (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.

SOURCE Opsens Inc.

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


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