GoldMining Inc. press release
OSI Geospatial Inc. Reports 2011 Second Quarter Results
TSX - Toronto Stock Exchange · Gold · Copper · Silver · Uranium · Canada
Jul. 11, 2011 (Canada NewsWire Group) --
BURNABY, BC, July 11, 2011 /CNW/ - OSI Geospatial Inc. (TSX: OSI) today announced its financial results for the second quarter of fiscal year 2011 ending May 31, 2011, reported in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP).
For the three months ended May 31, 2011, OSI Geospatial Inc. reported consolidated revenue of $4.0 million compared to $2.8 million reported in the three months ended May 31, 2010. The Company reported a net income of $797,000 before taxes and discontinued operations and a net income after taxes of $1.1 million for the three months ended May 31, 2011 compared with a net loss of $1.4 million before taxes and discontinued operations and a net loss after taxes of $750,000 million for the three months ended May 31, 2010.
For the six months ended May 31, 2011, the Company reported consolidated revenue of $6.7 million compared to $6.1 million reported in the six months ended May 31, 2010. The Company reported a net loss of $456,000 before taxes and discontinued operations and a net loss after taxes of $139,000 for the six months ended May 31, 2011 compared with net income of $2.9 million before taxes and discontinued operations and net income after taxes of $1.3 million for the six months ended May 31, 2010. The six months ended May 31, 2010 included a gain before tax of $5.2 million on the sale of its non-core soldier systems intellectual property.
The net income (loss) attributable to common shareholders for the three and six months ended May 31, 2011 was $1.1 million and ($259,000) respectively with earnings (loss) per share of $0.02 and $0.00 respectively. The net income (loss) attributable to common shareholders for the three and six months ended May 31, 2010 was ($838,000) and $1.1 million respectively with earnings (loss) per share of ($0.02) and $0.02 respectively.
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)
| | As at | | | | | | In thousands of Canadian dollars | May 31, 2011 | | November30, 2010 | | | | Assets | | | | | | | Current assets | | | | | | | Cash and cash equivalents | $ | 3,211 | | $ | 1,271 | | Other current assets | | 3,785 | | | 7,779 | | | | 6,996 | | | 9,050 | | | | | | | | | Fixed assets | | 1,018 | | | 1,025 | | Other long term assets | | 1,302 | | | 736 | | Goodwill, intangible, and other assets | | 4,270 | | | 4,512 | | | $ | 13,586 | | $ | 15,323 | | Liabilities | | | | | | | Current liabilities | $ | 3,649 | | $ | 4,954 | | Long term liabilities | | 525 | | | 546 | | | | 4,174 | | | 5,500 | | Shareholders' Equity | | | | | | | Capital stock and warrants | | 33,444 | | | 33,599 | | Contributed surplus | | 9,985 | | | 9,765 | | Accumulated deficit | | (32,167) | | | (32,025) | | Accumulated other comprehensive loss | | (1,850) | | | (1,516) | | | | 9,412 | | | 9,823 | | | $ | 13,586 | | $ | 15,323 | | | | | | | |
OSI Geospatial Inc. Interim Condensed Consolidated Statements of Income (Loss) and Deficit (Unaudited)
| | Three Months ended | | | | | | In thousands of Canadian dollars | May 31, 2011 | | November 30, 2010 | | | | | | | | | | | Revenue | $ | 4,008 | | $ | 2,752 | | | | | | | | | Gross Profit | | 2,483 | | | 1,078 | | | | | | | | | Expenses | | | | | | | Sales, engineering, general and administrative, other | | 1,633 | | | 2,433 | | Amortization | | 75 | | | 75 | | Interest (income) expense | | (22) | | | 5 | | Net income (loss) before income taxes | | 797 | | | (1,435) | | | | | | | | | Income tax (recovery) | | (348) | | | (311) | | Net income (loss) from continuing operations | | 1,145 | | | (1,124) | | Net income (loss) from discontinued operations | | - | | | 374 | | Net income (loss) | $ | 1,145 | | $ | (750) | | | | | | | | | Earnings (loss) per share - Basic | $ | 0.02 | | $ | (0.02) | | Earnings (loss) per share - Diluted | | 0.02 | | | (0.02) | | | | | | | | | | | | | | |
OSI Geospatial Inc. Interim Condensed Consolidated Statements of Income (Loss) and Deficit (Unaudited)
| | Six Months ended | | | | | | In thousands of Canadian dollars | May 31, 2011 | | November 30, 2010 | | | | | | | | | | | Revenue | $ | 6,698 | | $ | 6,082 | | | | | | | | | Gross Profit | | 3,382 | | | 2,271 | | | | | | | | | Expenses | | | | | | | Sales, engineering, general and administrative, other | | 3,212 | | | 4,400 | | Amortization | | 152 | | | 154 | | Interest (income) expense | | (12) | | | 43 | | | | | | | | | Net income (loss) before income taxes | | 30 | | | (2,326) | | Gain on sale of intellectual property | | - | | | 5,227 | | Restructuring costs | | (410) | | | - | | Loss on lease termination | | (56) | | | - | | Loss on disposal of furniture and fixtures | | (20) | | | - | | Net income (loss) before income taxes | | (456) | | | 2,901 | | | | | | | | | Income tax (recovery) | | (384) | | | 1,648 | | Net income (loss) from continuing operations | | (72) | | | 1,253 | | Net income (loss) from discontinued operations | | (67) | | | 79 | | Net income (loss) | $ | (139) | | $ | 1,332 | | | | | | | | | Earnings (loss) per share - Basic | $ | - | | $ | 0.02 | | Earnings (loss) per share - Diluted | | - | | | 0.02 | | | | | | | | | | | | | | |
OSI Geospatial Inc. Interim Condensed Consolidated Statements of Cash Flows (Unaudited)
| | Three Months ended | | | | | | In thousands of Canadian dollars | May 31, 2011 | | November 30, 2010 | | | | | | | | | | | Cash flows from (used in) operating activities | | | | | | | Net income (loss) for the period from continuing operations | $ | 1,145 | | $ | (1,124) | | Items not affecting cash | | (262) | | | 320 | | | | 883 | | | (804) | | Changes in non-cash working capital items | | 713 | | | (5) | | Cash from (used in) continuing operations | | 1,596 | | | (809) | | Cash used in discontinued operations | | - | | | (38) | | | | 1,596 | | | (847) | | | | | | | | | Cash used in investing activities | | (277) | | | (189) | | Cash from (used in) financing activities | | 72 | | | (92) | | Effect of foreign exchange on cash balances | | 106 | | | (7) | | Increase (decrease) in cash | | 1,497 | | | (1,135) | | Cash - beginning of period | | 1,470 | | | 2,845 | | Cash - end of period | $ | 2,967 | | $ | 1,710 | | | | | | | | | | | | | | |
OSI Geospatial Inc. Interim Condensed Consolidated Statements of Cash Flows (Unaudited)
| | Six Months ended | | | | | | In thousands of Canadian dollars | May 31, 2011 | | November 30, 2010 | | | | | | | | | | | Cash flows from (used in) operating activities | | | | | | | Net income (loss) for the period from continuing operations | $ | (72) | | $ | 1,253 | | Items not affecting cash | | (93) | | | (3,891) | | | | (165) | | | (2,638) | | Changes in non-cash working capital items | | 1,370 | | | 1,276 | | Cash from (used in) continuing operations | | 1,205 | | | (1,362) | | Cash used in discontinued operations | | (134) | | | (974) | | | | 1,071 | | | (2,336) | | | | | | | | | Cash from investing activities | | 1,365 | | | 4,575 | | Cash used in financing activities | | (265) | | | (879) | | Effect of foreign exchange on cash balances | | 38 | | | 35 | | Increase in cash | | 2,209 | | | 1,395 | | Cash - beginning of period | | 758 | | | 315 | | Cash - end of period | $ | 2,967 | | $ | 1,710 | | | | | | | |
Jim Girard Vice President Finance +1 778-373-4600 +1 888 880-9797 invest@osigeospatial.com