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
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Assets
Current assets
Cash and cash equivalents $ 1,972 $ 315
Non-cash current assets 7,773 8,435
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9,745 8,750
Fixed assets 1,307 1,473
Other long term assets 948 766
Goodwill and intangible assets 4,740 4,770
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$ 16,740 $ 15,759
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Liabilities
Current liabilities $ 4,870 $ 5,304
Long term liabilities 477 492
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5,347 5,796
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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)
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11,393 9,963
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$ 16,740 $ 15,759
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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
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Revenue $ 5,112 $ 6,315 $ 8,555 $ 12,039
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Gross profit 1,706 1,934 2,812 3,653
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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
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2,767 2,952 5,059 5,513
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Net loss before other items (1,061) (1,018) (2,247) (1,860)
Gain on sale of intellectual
property - - 5,227 -
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Net income (loss) before income
taxes (1,061) (1,018) 2,980 (1,860)
Income tax expense (recovery) (311) 20 1,648 (125)
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Net income (loss) $ (750) $ (1,038) $ 1,332 $ (1,735)
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Earnings (loss) per share -
Basic and diluted $ (0.02) $ (0.02) $ 0.02 $ (0.04)
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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
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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
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(437) (819) (2,542) (1,507)
Changes in non-cash working
capital items (404) 2,782 213 3,606
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(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
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Increase (decrease) in cash (1,142) 513 1,395 513
Cash - beginning of period 2,852 - 315 -
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Cash - end of period $ 1,710 $ 513 $ 1,710 $ 513
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For further information: Sandy Oneschuk, Investor Relations, +1 613 287 8004 or +1 888 880 9797, +1 613 287 0466 (FAX), [email protected]
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