OSI Geospatial Inc. Reports 2010 Second Quarter Results

OTTAWA, July 13 /CNW Telbec/ - OSI Geospatial Inc. (TSX: OSI) today announced its financial results for the second quarter of fiscal year 2010 ending May 31, 2010, reported in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP).

For the second quarter of 2010, OSI Geospatial Inc. reported consolidated revenue of $5.1 million compared to $6.3 million reported in the second quarter of 2009. The Company reported a net loss of $1.1 million before taxes and a net loss after taxes of $750,000 compared with net loss of $1.0 million before taxes and net loss after taxes of $1.0 million in the second quarter of 2009.

For the second quarter of 2010, the net loss attributable to common shareholders was $838,000 or $0.02 per share, compared to a net loss of $1.2 million or $0.02 per share in the second 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)
    In thousands of Canadian dollars                    May 31,  November 30,
                                                          2010          2009
    -------------------------------------------------------------------------
    Assets
    Current assets
    Cash and cash equivalents                         $  1,972      $    315
    Non-cash current assets                              7,773         8,435
                                                      -----------------------
                                                         9,745         8,750

    Fixed assets                                         1,307         1,473
    Other long term assets                                 948           766
    Goodwill and intangible assets                       4,740         4,770
                                                      -----------------------
                                                      $ 16,740      $ 15,759
                                                      -----------------------
                                                      -----------------------
    Liabilities
    Current liabilities                               $  4,870      $  5,304
    Long term liabilities                                  477           492
                                                      -----------------------
                                                         5,347         5,796
                                                      -----------------------
    Shareholders' Equity
    Capital stock and warrants                          34,036        39,835
    Contributed surplus                                  9,245         3,322
    Accumulated deficit                                (30,511)      (31,838)
    Accumulated other comprehensive loss                (1,377)       (1,356)
                                                      -----------------------
                                                        11,393         9,963
                                                      -----------------------
                                                      $ 16,740      $ 15,759
                                                      -----------------------
                                                      -----------------------



    -------------------------------------------------------------------------
    Interim Condensed Consolidated Statements of Income (Loss) and Deficit
    (Unaudited)

    In thousands of Canadian        Three months ended      Six months ended
    dollars, except share                       May 31,               May 31,
    related data                       2010       2009       2010       2009
    -------------------------------------------------------------------------
    Revenue                        $  5,112   $  6,315   $  8,555   $ 12,039
                                   ------------------------------------------
    Gross profit                      1,706      1,934      2,812      3,653
                                   ------------------------------------------

    Expenses
    Sales, engineering, general
     and administrative               2,676      2,822      4,843      5,240
    Amortization                         84        110        171        223
    Interest expense                      7         20         45         50
                                   ------------------------------------------
                                      2,767      2,952      5,059      5,513
                                   ------------------------------------------
    Net loss before other items      (1,061)    (1,018)    (2,247)    (1,860)
    Gain on sale of intellectual
     property                             -          -      5,227          -
                                   ------------------------------------------
    Net income (loss) before income
     taxes                           (1,061)    (1,018)     2,980     (1,860)
    Income tax expense (recovery)      (311)        20      1,648       (125)
                                   ------------------------------------------
    Net income (loss)              $   (750)  $ (1,038)  $  1,332   $ (1,735)
                                   ------------------------------------------
                                   ------------------------------------------
    Earnings (loss) per share -
     Basic and diluted             $  (0.02)  $  (0.02)  $   0.02   $  (0.04)
                                   ------------------------------------------
                                   ------------------------------------------



    -------------------------------------------------------------------------
    Interim Condensed Consolidated Statements of Cash Flows (Unaudited)

                                    Three Months ended      Six months ended
                                                May 31,               May 31,
    In thousands of Canadian dollars   2010       2009       2010       2009
    -------------------------------------------------------------------------
    Cash flows from (used in)
     operating activities
    Net income (loss) for the
     period                        $   (750)  $ (1,038)  $  1,332   $ (1,735)
      Items not affecting cash          313        219     (3,874)       228
                                   ------------------------------------------
                                       (437)      (819)    (2,542)    (1,507)
    Changes in non-cash working
     capital items                     (404)     2,782        213      3,606
                                   ------------------------------------------
                                       (841)     1,963     (2,329)     2,099
    Cash flows from (used in)
     investing activities              (202)      (113)     4,568       (163)
    Cash flows used in financing
     activities                         (92)    (1,364)      (879)    (1,447)
    Effect of foreign exchange on
     cash balances                       (7)        27         35         24
                                   ------------------------------------------
    Increase (decrease) in cash      (1,142)       513      1,395        513
    Cash - beginning of period        2,852          -        315          -
                                   ------------------------------------------
    Cash - end of period           $  1,710   $    513   $  1,710   $    513
                                   ------------------------------------------
                                   ------------------------------------------
    -------------------------------------------------------------------------
    

SOURCE OSI Geospatial Inc.

For further information: For further information: Sandy Oneschuk, Investor Relations, +1 613 287 8004 or +1 888 880 9797, +1 613 287 0466 (FAX), invest@osigeospatial.com

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