Opsens announces results for first quarter of 2009

    QUEBEC CITY, Jan. 21 /CNW Telbec/ - Opsens Inc. (TSX-V) ("Opsens") today
reported its results for the first quarter ended November 30, 2008.


    -   Order from Nexen Inc. to install its proprietary OPP-W optical sensor
        systems in three Long Lake well pairs.

    -   Revenue rose to $612,000 in the first quarter, compared with $569,000
        a year earlier.

    -   Net loss was $555,000 or 1 cent a share, compared with a loss of
        $347,000 or 1 cent a share a year earlier.

    -   Received ISO 9001:2000 accreditation.

    "We concentrated in the first quarter on preparing our operations for
growth expected in coming quarters," said Pierre Carrier, president and chief
executive. "Specifically, we expanded our manufacturing facilities in Quebec,
temporarily affecting production. In Edmonton, we hired more staff in
anticipation of increased activity at our Opsens Solutions oil and gas unit
this winter."
    The quarter was also characterized by progress in its oil and gas
operations, including a November contract from Nexen Inc. to equip three wells
at its Long Lake joint-venture project with Opsens' OPP-W sensors. The sensors
provide continuous measurement of pressure and temperature at high
temperatures in steam-assisted gravity drainage (SAGD) oil wells. While some
of the income from that order has been recorded, most of that contract will be
recognized in coming quarters.
    "The Nexen order demonstrates the interest from a second major oil sands
producer and growing acceptance of our technology as a means to optimize
production in SAGD wells," Mr. Carrier said.
    Revenue rose to $612,000 in the latest quarter from $569,000 a year
earlier. Sales to the laboratory market were the largest contributors to
revenue in both periods.
    Administrative expenses were $314,000 for the quarter ended November 30,
2008, compared with $202,000 a year earlier. Those expenses increased with the
acquisition of the Opsens Solutions unit in December 2007 and higher
employment levels. The company expects administrative expenses should remain
at levels similar to the first quarter in subsequent quarters.
    R&D expenses increased to $205,000 from $163,000 a year earlier, mainly
due to higher employment levels and purchases of research supplies. Marketing
expenses were $194,000 in the first quarter of 2009, little changed from
$195,000 a year earlier
    The company had $3.4 million in cash at the end of the first quarter.

    Selected Financial Results

    (In thousands of Canadian dollars,      Three-month          Three-month
     except for information per share)     period ended         period ended
                                            November 30,         November 30,
                                                   2008                 2007
                                                      $                    $

    Sales                                           612                  569

    Cost of sales                                   422                  268
    Gross margin                                    190                  301

    Administrative expenses                         314                  202
    Marketing expenses                              194                  195
    R&D expenses                                    205                  163
    Financial expenses (income)                     (76)                  14
    Stock option-based compensation                  67                   51
    Amortization of property, plant
     and equipment                                   36                   18
    Amortization of intangible assets                 5                    5
                                                    745                  648

    Loss before income taxes                       (555)                (347)
    Income taxes                                      -                    -
    Net loss                                       (555)                (347)
    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 and after-sales service.

    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, Telephone: (418) 682-9996; Louis Laflamme, CA, Chief Financial
Officer, Telephone: (418) 682-9996

Organization Profile

Opsens Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890