BURNABY, BC, May 29, 2012 /CNW/ - OSI Geospatial Inc. (TSXV: OSI) today announced its financial results for the first quarter of fiscal year 2012 ended February 29, 2012, reported in Canadian dollars and in accordance with International Financial Reporting Standard ("IFRS").
For the three months ended February 29, 2012, OSI reported consolidated revenue of $2.8 million compared to $2.7 million reported in the three months ended February 28, 2011. The Company reported a net loss of $191,000 for the three months ended February 29, 2012 compared with a net loss of $1.3 million for the three months ended February 28, 2011.
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.
For further information:
Chief Financial Officer
+1 888 880 9797
+1 778-373-0027 (FAX)