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OSI Geospatial Inc. Reports 2009 Fourth Quarter and Year End Results
Ottawa, Canada - OSI Geospatial Inc. (TSX: OSI) today announced its financial results for the fourth quarter of fiscal year 2009 and 12 months ending November 30, 2009, reported in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP). The Company previously announced that it will present its results during a conference call scheduled for 5:00PM, Eastern Time, today March 1, 2010.
For the fourth quarter of 2009, OSI Geospatial Inc. reported consolidated revenue of $4.7 million, a decrease of 42% from
the $8.1 million reported in the fourth quarter of 2008. The consolidated revenue for the full year of 2009 was $23.0 million
compared to $26.9 million in the prior year, a decrease of 14%.
For the fourth quarter of 2009, the Company reported a net loss of $5.7 million before taxes and a net loss after taxes of
$5.7 million compared with net earnings of $363,000 before taxes and earnings after taxes of $1.0 million in the fourth
quarter of 2008. The fourth quarter of 2009 includes a one-time restructuring charge of $387,000 and a non-cash goodwill
impairment charge of $4.5 million. For the 12 months ending November 30, 2009, the Company reported a net loss of
$7.9 million before taxes and $7.7 million after taxes compared to a $2.4 million loss before taxes and a $1.4 million loss
after taxes in the same period of 2008. The 12 months ending November 30, 2009 includes a one-time restructuring
charge of $652,000 and a non-cash goodwill impairment charge of $4.5 million.
For the fourth quarter of 2009, the net loss attributable to common shareholders was $5.9 million or $0.12 per share,
compared to a net income of $873,000 or $0.02 per share in 2008. For the full year of 2009, the net loss attributable to
common shareholders was $8.3 million or $0.18 per share compared to the net loss available to common shareholders of
$2.0 million or $0.04 per share in the prior year.
"In the fourth quarter, the Company recorded a non-cash goodwill impairment charge of approximately $4.5 million. This
action is primarily the result of the sustained decrease in market capitalization, reduced operating forecasts, and the
divestiture of a non-core asset," said Ken Kirkpatrick, president and CEO. "Subsequent to the fourth quarter, we
announced the divestiture of our soldier systems intellectual property for US$6.5 million. These funds will significantly
strengthen our balance sheet and provide us with the resources to take advantage of the growth opportunities that our
niche maritime markets present for our world-leading technologies."
Conference Call
OSI Geospatial will present the results from the 2009 fourth quarter at 5:00PM Eastern Time (2:00 PM Pacific Time),
Monday, March 1, 2010. 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 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 international callers. Enter access code 7826#. 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 situationalawareness 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. 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 © 2010 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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