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OSI Geospatial Inc Reports 2009 Second Quarter Results
Ottawa, Canada - OSI Geospatial Inc (TSX: OSI) (“OSI”) today announced its financial results for the second quarter ending May 31, 2009 reported in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles.
For the second quarter of 2009, OSI reported consolidated revenue of $6.3 million, compared to the revenue reported in the second quarter of 2008 of $6.6 million. For the six months ending May 31, 2009, the company reported revenue of $12.0 million compared to $12.4 million reported in the same period of 2008.
The Company reported a net loss of $1.0 million before and after taxes compared with a net loss of $1.4 million before taxes and $1.2 million after taxes in the second quarter of 2008. The net loss attributable to common shareholders was $1.2 million or $0.02 per share, compared to the net loss of $1.3 million or $0.03 per share in 2009. For the six months ending May 31, 2009, the company reported a net loss of $1.9 million before taxes and a $1.7 million loss after taxes compared to a $2.1 million loss before taxes and $1.7 after taxes in the same period of 2008.
The Company has decided, in accordance with the Company’s Articles of Incorporation and in light of current market conditions, to declare a partial dividend payment for its Class B Series 2 Preferred Shares and, thereby, preserve its financial resources. The Company will pay a dividend of $0.0175 for each preferred share for the semi-annual payment due on May 31, 2009. The payment of future dividends will be evaluated on a semi-annual basis by the Company.
Second Quarter Business Highlights
• Announced partnership agreement with the Raytheon Company to pursue soldier modernization programs
• Won the first phase of U.S. soldier modernization program contract with the Raytheon Company valued at approximately $1.5 million
• Announced the first contract with Turkish Navy to deliver navigation systems for a new build Corvette program
• Signed $3.0 million of R&D contracts with U.S. Army to continue the development of our C2 technology
• Closed our sixth U.S. Port Security risk assessment project with the Port of Cleveland
• Announced the appointment of Steve Barnett and election of Dr. Adam Chowaniec to the Board of Directors and Peter Hunter to senior management team
“In the second quarter we experienced delays in finalizing several key contracts that negatively impacted our financial results for the period. These delays are a result of complex contract negotiations and lengthy government procurement processes. We expect that the majority of these contracts will be closed in the third and fourth quarter,” said Ken Kirkpatrick, president and CEO. “We made considerable progress towards moving several contracts to closure in Q2 and remain confident that this effort will lead to strong performance in second half our fiscal year.”
About OSI Geospatial
OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared real-time situationalawareness 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 © 2009 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
For more information:
Jane Hayward
Investor Relations
+1 613 287 8004 or +1 888 880 9797
+1 613 287 0466 (FAX)
invest@osigeospatial.com
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