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OSI updates revenue guidance for fiscal 2005
Vancouver, Canada — Offshore Systems International Ltd. (TSX: OSI; OTCBB: OFSYF) announced today that it expects to achieve revenue of approximately C$13.5 million for the fiscal year ended November 30, 2005.
The shortfall in revenue versus previous guidance was primarily driven by the unexpected delay in closing contracts valued at over C$3 million due to customer budgetary changes and complex contract negotiations. The company expects to secure these contracts in 2006. On July 12, 2005, the company provided revenue guidance of C$16 to C$19 million for fiscal 2005.
“We continue to execute on our growth strategy. With the recent acquisition of CHI Systems Inc., a U.S.-based technology defense contractor, fiscal 2006 is already proving to be a significant year for OSI,” stated Ken Kirkpatrick, President and CEO of OSI. “We expect the addition of CHI’s service-based revenue, which in 2004 was C$14.9 million (unaudited), to offset the volatility of our traditional contract-based revenue and assist in improving the predictability of total revenue.”
OSI will announce its full financial results for the 2005 fiscal fourth quarter and year-end in February 2006. At that time, the company will conduct a conference call with OSI management to discuss the financial results.
About OSI
Offshore Systems International Ltd. (OSI) makes geographic-intelligence software, systems and data products mainly for large government and civilian customers. The company operates three business units: OSI Navigation Systems (moving-map display systems and software for naval surface ships and submarines); OSI Applications (network-based map and target display software and services for national defense and homeland security) and Mapcon Mapping (digital land mapping and marine charting services for civilian customers). OSI’s common shares are listed on the Toronto Stock Exchange (TSX: OSI) and the OTC Bulletin Board (OTCBB: OFSYF). Visit OSI’s website at www.osil.com for the latest company updates.
Forward-Looking Statements
This news release contains items that constitute forward-looking statements within the meaning of securities laws including Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. These statements are made under the ‘safe harbour’ provisions of the Private Securities Litigation Reform Act of 1995 and, as such, involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Offshore Systems International can give no assurances that its representations will be achieved or that it will update them at any time in the future.
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Jane Hayward
Investor Relations |
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| Phone: (613) 287-8004 |
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