GoldMining Inc. press release
OSI Geospatial Inc. Reports 2011 First Quarter Results
TSX - Toronto Stock Exchange · Gold · Copper · Silver · Uranium · Canada
Apr. 29, 2011 (Canada NewsWire Group) --
BURNABY, BC, April 29 /CNW/ - OSI Geospatial Inc. (TSX: OSI) today announced its financial results for the first quarter of fiscal year 2011 ending February 28, 2011, reported in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP).
For the first quarter of 2011, OSI Geospatial Inc. reported consolidated revenue of $2.7 million compared to $3.3 million reported in the first quarter of 2011. The Company reported a net loss of $1.3 million before taxes and a net loss after taxes of $1.3 million compared with net income of $4.3 million before taxes and net income after taxes of $2.1 million in the first quarter of 2010. The first quarter of 2010 included a gain before tax of $5.2 million on the sale of its non-core soldier systems intellectual property.
For the first quarter of 2011, the net loss attributable to common shareholders was $1.4 million or $(0.02) per share, compared to a net income of $2.0 million or $0.05 per share in the first quarter of 2010.
About OSI Geospatial OSI Geospatial Inc. operates two distinct business units: Offshore Systems Ltd. (based in Vancouver, British Columbia), a world-leading naval fleet supplier of integrated navigation and tactical solutions; and CHI Systems, Inc. (based in Philadelphia, Pennsylvania), a leading-edge research, development, and systems integration supplier of technology solutions for defense, aerospace, health, and bioscience markets. OSI Geospatial systems and software are in use by military, government, and commercial customers around the world. The Company is publicly traded on the TSX Venture Exchange. For additional information please visit www.osigeospatial.com_._
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This press release may include forward-looking information within the meaning of applicable securities laws including information concerning the business and future results of OSI Geospatial. Any such forward-looking statements are subject to risks and uncertainties and OSI Geospatial'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 Geospatial's financial results are detailed in disclosure documents filed from time to time with the applicable Canadian securities regulatory authorities.
Data subject to change without notice.
OSI Geospatial Inc. Interim Condensed Consolidated Balance Sheets (Unaudited)
| In thousands of Canadian dollars | | February 28, 2011 | | November 30,2010 | | Assets | | | | | | Current assets | | | | | | Cash and cash equivalents | $ | 1,470 | $ | 758 | | Non-cash current assets | | 4519 | | 8,292 | | | | 5,989 | | 9,050 | | | | | | | | Fixed assets | | 956 | | 1,025 | | Other long term assets | | 6,870 | | 9,786 | | Goodwill, intangible, and other assets, | | 4,285 | | 4,512 | | | $ | 12,111 | $ | 15,323 | | Liabilities | | | | | | Current liabilities | $ | 3,354 | $ | 4,954 | | Long term liabilities | | 469 | | 546 | | | | 3,823 | | 5,500 | | Shareholders' Equity | | | | | | Capital stock and warrants | | 33,599 | | 33,599 | | Contributed surplus | | 9,803 | | 9,765 | | Accumulated deficit | | (33,312) | | (32,025) | | Accumulated other comprehensive loss | | (1,802) | | (1,516) | | | | 8,288 | | 9,823 | | | $ | 12,111 | $ | 15,323 |
OSI Geospatial Inc. Interim Condensed Consolidated Statements of Income (Loss) and Deficit (Unaudited)
| | Three Months ended February 28, | | | | | In thousands of Canadian dollars | | 2011 | | 2010 | | | | | | | | Revenue | $ | 2,690 | $ | 3,330 | | | | | | | | Gross profit | | 899 | | 1,193 | | | | | | | | Expenses | | | | | | Sales, engineering, general and administrative | | 1,579 | | 1,967 | | Amortization | | 77 | | 79 | | Interest expense | | 10 | | 38 | | | | | | | | | | | | | | Net loss before other items | | (767) | | (891) | | | | | | | | Gain on sale of intellectual property | | - | | 5,227 | | Restructing costs | | (410) | | - | | Loss on lease termination | | (56) | | - | | Loss on disposal of furniture and fixtures | | (20) | | - | | | | | | | | Net income (loss) before income taxes | | (1,253) | | (4,336) | | | | | | | | Income tax expense (recovery) | | (36) | | 1,959 | | | | | | | | Net income (loss) from continuing operations | $ | (1,217) | $ | 2,377 | | Net loss from discontinued operations | | (67) | | (295) | | Net income (loss) | | (1,284) | | 2,082 | | | | | | | | Earnings (loss) per share - Basic | $ | (0.02) | $ | 0.05 | | Earnings (loss) per share - Diluted | | (0.02) | | 0.04 |
OSI Geospatial Inc. Interim Condensed Consolidated Statements of Cash Flows (Unaudited)
| | Three Monthsended February 28, | | | | | | In thousands of Canadian dollars | | 2011 | | 2010 | | | | | | | | | | Cash flows from(used in) operating activities | | | | | | | Net income (loss) for the period | $ | (1,217) | $ | 2,377 | | | | Items not affecting cash | | 169 | | (4,211) | | | | | | | | | | | (1,048) | | (1,834) | | | Changes in non-cash working capital items | | 657 | | 1,281 | | | | | | | | | | Cash used in continuing operations | | (391) | | (553) | | | Cash used in discontinued operations | | (134) | | (936) | | | | | (525) | | (1,489) | | | | | | | | | | Cash flows from (used in) investing activities | | 1,642 | | 4,764 | | | Cash flows used in financing activities | | (337) | | (787) | | | Effect of foreign exchange on cash balances | | (68) | | 42 | | | | | | | | | | Increase in cash | | 712 | | 2,530 | | | Cash - beginning of period | | 758 | | 315 | | | | | | | | | | Cash - end of period | $ | 1,470 | $ | 2,845 | |
Jim Girard Interim President and Chief Executive Officer +1 778-373-4600 +1 888 880 9797 invest@osigeospatial.com