BURNABY, BC, March 29, 2012 /CNW/ - OSI Geospatial Inc. (TSXV: OSI) today announced its financial results for the fiscal year ended November 30, 2011, reported in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP).
For the twelve months ended November 30, 2011, the Company reported consolidated revenue of $12.5 million compared to $13.5 million reported in the twelve months ended November 30, 2010.
The Company reported a net loss of $840,000 before taxes and discontinued operations and a net income after taxes and discontinued operations of $196,000 for the twelve months ended November 30, 2011 compared with net income of $1 million before taxes and discontinued operations and net loss after taxes and discontinued operations of $182,000 for the twelve months ended November 30, 2010. The twelve months ending November 30, 2010 included a one-time gain on the sale of intellectual property of $5.2 million before taxes and $4.1m after taxes.
On December 2, 2011 the Company completed a private placement issuing 40 million common shares at a price of C$0.05 per share that provided gross proceeds of $2 million. This transaction increased the Company's number of outstanding common shares from 53,386,729 to 93,386,729.
About OSI Geospatial
OSI Geospatial Inc. operates two distinct business units: Offshore Systems Ltd. (based in Vancouver, British Columbia), a world-leading naval fleet supplier of integrated navigation and tactical solutions; and CHI Systems Inc. (based in Philadelphia, Pennsylvania), a leading-edge research, development, and systems integration supplier of technology solutions for defense, aerospace, health, and bioscience markets. OSI Geospatial systems and software are in use by military, government, and commercial customers around the world. The Company is publicly traded on the TSX Venture Exchange. For additional information please visit www.osigeospatial.com.
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.
This press release may include forward-looking information within the meaning of applicable securities laws including information concerning the business and future results of OSI Geospatial. Any such forward-looking statements are subject to risks and uncertainties and OSI Geospatial'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 Geospatial's financial results are detailed in disclosure documents filed from time to time with the applicable Canadian securities regulatory authorities.
Data subject to change without notice.
For further information:
Jim Girard, CFO
+1 888 880 9797