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OSI Geospatial Inc Reports 2008 Third Quarter Results
Ottawa, Canada- OSI Geospatial Inc (TSX: OSI) today announced its financial results for the third quarter of fiscal year 2008 and nine months ending August 31, 2008, reported in US dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP).
For the third quarter of 2008, OSI Geospatial Inc reported revenue of $6.2 million, a decrease of 15% from the $7.3 million reported in the third quarter of 2007. For the nine months ending August 31, 2008, the company reported revenue of $18.6 million, an increase of 9% from the $17 million reported in the same period of 2007.
For the third quarter of 2008, the Company reported a net loss of $700,000 before taxes and $691,000 after taxes compared with net earnings of $332,000 before taxes and a $279,000 after taxes in the third quarter of 2007. The net loss attributable to common shareholders was $847,000 or $0.02 per share, compared to the net earnings of $109,000 or $0.00 per share in 2007. For the nine months ending August 31, 2008, the company reported a net loss of $2.7 million before taxes and $2.4 million after taxes compared to a $2.0 million loss before and after taxes in the same period of 2007.
Third Quarter Highlights
• Announced a $2.0 Million contract with UK Royal Navy to provide enhancements to WECDIS and W-AIS to meet operational requirements
• Announced a contract valued at $1.5 million to provide enhancements to training capabilities for U.S. military
• Closed additional contracts with the Australian Navy valued at more than $1.1 million
• Closed first commercial IVA contract with Texas Petrochemicals
• Announced $1.7 million Research and Develop Contract with U.S. Military
• Secured second port security IVA contract with Port of Buffalo
• Awarded a $1.0 million contract with the USCG to provide a hardware upgrade to navigation systems
• Awarded our first IVA contract with the US Navy in support of anti-terrorism and force protection requirements
• Continued progress on UK new build projects including CVF aircraft carrier with Sperry Marine
“We have been successful in closing a number of projects in the third quarter and I am confident that we will continue to build on this success in the fourth quarter. I am particularly pleased that we are making solid progress in closing security related business and the outlook for this business is very positive,” said Ken Kirkpatrick, president and CEO of OSI Geospatial Inc. “We are well positioned for a strong fourth quarter and expect revenue in the range of $8 million to $9 million.”
Conference Call
OSI Geospatial will present the results from the 2008 third quarter at 5:00PM Eastern Time (2:00 PM Pacific Time), Wednesday, October 9, 2008. To listen to the conference call live by telephone, dial +1-800-319-4610 for participants in North America or +1-604-638-5340 for Vancouver and international participants approximately ten minutes before the call is scheduled to begin. A telephone playback will be available beginning approximately one hour after the call. Dial +1-800-319-6413 for North American callers or +1-604-638-9010 for Vancouver and international callers. Enter access code 7826#. For the live webcast, please go to http://services.choruscall.com/links/osi081009.html. A replay version of the webcast can be accessed on the company’s investor website at http://www.osigeospatial.com/investors/default.htm.
About OSI Geospatial
OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared real-time situational awareness for military 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 (OSI). 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 © 2008 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 and C3CORE are registered trademarks 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
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