OSI Geospatial Inc. Reports 2011 Year End Results
March 26 2012 - 12:19AM
PR Newswire (Canada)
BURNABY, BC, March 29, 2012 /CNW/ - OSI Geospatial Inc. today
announced its financial results for the fiscal year ended November
30, 2011, reported in Canadian dollars and in accordance with
Canadian Generally Accepted Accounting Principles (GAAP). For the
twelve months ended November 30, 2011, the Company reported
consolidated revenue of $12.5 million compared to $13.5 million
reported in the twelve months ended November 30, 2010. The Company
reported a net loss of $840,000 before taxes and discontinued
operations and a net income after taxes and discontinued operations
of $196,000 for the twelve months ended November 30, 2011 compared
with net income of $1 million before taxes and discontinued
operations and net loss after taxes and discontinued operations of
$182,000 for the twelve months ended November 30, 2010. The twelve
months ending November 30, 2010 included a one-time gain on the
sale of intellectual property of $5.2 million before taxes and
$4.1m after taxes. On December 2, 2011 the Company completed a
private placement issuing 40 million common shares at a price of
C$0.05 per share that provided gross proceeds of $2 million. This
transaction increased the Company's number of outstanding common
shares from 53,386,729 to 93,386,729. 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. CONTACT: Jim Girard, CFO+1 778-373-4600+1 888 880
9797invest@osigeospatial.com
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