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OSI Geospatial Inc. Reports 2010 Fourth Quarter and Year End Results
Ottawa, Canada - OSI Geospatial Inc. (TSX: OSI) (“OSI Geospatial”) today announced its financial results for the fourth quarter of fiscal year
2010 and 12 months ending November 30, 2010, reported in Canadian dollars and in accordance with Canadian
Generally Accepted Accounting Principles (GAAP).
For the fourth quarter of 2010, OSI Geospatial reported consolidated revenue from continuing operations of $4.6 million,
an increase of 15% from the $4.0 million reported in the fourth quarter of 2009. The consolidated revenue for the full year
of 2010 from continuing operations was $13.5 million compared to $19.2 million in the prior year, a decrease of 30%.
For the fourth quarter of 2010, the Company reported a net loss from continuing operations of $0.8 million before taxes
and a net loss from continuing operations after taxes of $0.5 million compared with net loss from continuing operations of
$5.3 million before taxes and losses from continuing operations after taxes of $5.3 million in the fourth quarter of 2010.
The fourth quarter of 2009 includes a one-time restructuring charge of $0.4 million and a non-cash goodwill impairment
charge of $4.0 million. For the 12 months ending November 30, 2010, the Company reported a net loss from continuing
operations of $0.1 million before taxes and $0.2 million after taxes compared to a $7.4 million loss before taxes and a $7.7
million loss after taxes in the same period of 2009. The 12 months ending November 30, 2010, include a one-time loss on
sublease of $0.4 million, a restructuring charge of $0.9 million and a gain on sale of intellectual property of $5.2 million.
The 12 months ending November 30, 2009 include a one-time restructuring charge of $0.7 million and a non-cash
goodwill impairment charge of $4.0 million.
During 2010, the Company engaged in a plan to sell its mapping business unit. The sale closed on January 31, 2011, for
proceeds of $1.15 million. The Mapcon business unit is presented as a discontinued operation in the Company’s 2010
results. The loss from discontinued operations for the 12 months ended November 30, 2010, was $0.1 million compared
with $0.3 million for the 12 months ended November 30, 2009.
For the fourth quarter of 2010, the net loss available to common shareholders was $0.6 million or $0.01 per share,
compared to a net loss available to common shareholders of $5.9 million or $0.12 per share in 2009. For the full year of
2010, the net loss available to common shareholders was $0.5 million or $0.01 per share compared to the net loss
available to common shareholders of $8.3 million or $0.18 per share in the prior year.
About OSI Geospatial
OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared real-time situational
awareness 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. 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 © 2011 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 is a registered trademark 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:
Jim Girard
Investor Relations
+1 778-373-4600
+1 778-373-0027 (FAX)
invest@osigeospatial.com
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