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OSI Geospatial Inc. Reports 2010 Second Quarter Results

^{Published on 2010-07-13 13:20:26 - Market Wire}
 

 OSI Geospatial Inc. Interim Condensed Consolidated Balance Sheets (Unaudited) In thousands of Canadian dollars May 31, November 30, 2010 2009 ------------------------------------------------------------------------- Assets Current assets Cash and cash equivalents $ 1,972 $ 315 Non-cash current assets 7,773 8,435 ----------------------- 9,745 8,750 Fixed assets 1,307 1,473 Other long term assets 948 766 Goodwill and intangible assets 4,740 4,770 ----------------------- $ 16,740 $ 15,759 ----------------------- ----------------------- Liabilities Current liabilities $ 4,870 $ 5,304 Long term liabilities 477 492 ----------------------- 5,347 5,796 ----------------------- Shareholders' Equity Capital stock and warrants 34,036 39,835 Contributed surplus 9,245 3,322 Accumulated deficit (30,511) (31,838) Accumulated other comprehensive loss (1,377) (1,356) ----------------------- 11,393 9,963 ----------------------- $ 16,740 $ 15,759 ----------------------- ----------------------- ------------------------------------------------------------------------- Interim Condensed Consolidated Statements of Income (Loss) and Deficit (Unaudited) In thousands of Canadian Three months ended Six months ended dollars, except share May 31, May 31, related data 2010 2009 2010 2009 ------------------------------------------------------------------------- Revenue $ 5,112 $ 6,315 $ 8,555 $ 12,039 ------------------------------------------ Gross profit 1,706 1,934 2,812 3,653 ------------------------------------------ Expenses Sales, engineering, general and administrative 2,676 2,822 4,843 5,240 Amortization 84 110 171 223 Interest expense 7 20 45 50 ------------------------------------------ 2,767 2,952 5,059 5,513 ------------------------------------------ Net loss before other items (1,061) (1,018) (2,247) (1,860) Gain on sale of intellectual property - - 5,227 - ------------------------------------------ Net income (loss) before income taxes (1,061) (1,018) 2,980 (1,860) Income tax expense (recovery) (311) 20 1,648 (125) ------------------------------------------ Net income (loss) $ (750) $ (1,038) $ 1,332 $ (1,735) ------------------------------------------ ------------------------------------------ Earnings (loss) per share - Basic and diluted $ (0.02) $ (0.02) $ 0.02 $ (0.04) ------------------------------------------ ------------------------------------------ ------------------------------------------------------------------------- Interim Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months ended Six months ended May 31, May 31, In thousands of Canadian dollars 2010 2009 2010 2009 ------------------------------------------------------------------------- Cash flows from (used in) operating activities Net income (loss) for the period $ (750) $ (1,038) $ 1,332 $ (1,735) Items not affecting cash 313 219 (3,874) 228 ------------------------------------------ (437) (819) (2,542) (1,507) Changes in non-cash working capital items (404) 2,782 213 3,606 ------------------------------------------ (841) 1,963 (2,329) 2,099 Cash flows from (used in) investing activities (202) (113) 4,568 (163) Cash flows used in financing activities (92) (1,364) (879) (1,447) Effect of foreign exchange on cash balances (7) 27 35 24 ------------------------------------------ Increase (decrease) in cash (1,142) 513 1,395 513 Cash - beginning of period 2,852 - 315 - ------------------------------------------ Cash - end of period $ 1,710 $ 513 $ 1,710 $ 513 ------------------------------------------ ------------------------------------------ -------------------------------------------------------------------------