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OSI Geospatial Inc Reports 2008 Third Quarter Results

OTTAWA, CANADA, Oct 09, 2008 (MARKET WIRE via COMTEX) -- OSI Geospatial Inc (TSX: OSI) today announced its financial results for the third quarter of fiscal year 2008 and nine months ending August 31, 2008, reported in US dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP).
For the third quarter of 2008, OSI Geospatial Inc reported revenue of $6.2 million, a decrease of 15% from the $7.3 million reported in the third quarter of 2007. For the nine months ending August 31, 2008, the company reported revenue of $18.6 million, an increase of 9% from the $17 million reported in the same period of 2007.

For the third quarter of 2008, the Company reported a net loss of $700,000 before taxes and $691,000 after taxes compared with net earnings of $332,000 before taxes and a $279,000 after taxes in the third quarter of 2007. The net loss attributable to common shareholders was $847,000 or $0.02 per share, compared to the net earnings of $109,000 or $0.00 per share in 2007. For the nine months ending August 31, 2008, the company reported a net loss of $2.7 million before taxes and $2.4 million after taxes compared to a $2.0 million loss before taxes and a $2.1 million loss after taxes in the same period of 2007.

Third Quarter Highlights

- Announced a $2.0 Million contract with UK Royal Navy to provide enhancements to WECDIS and W-AIS to meet operational requirements

- Announced a contract valued at $1.5 million to provide enhancements to training capabilities for U.S. military

- Closed additional contracts with the Australian Navy valued at more than $1.1 million

- Closed first commercial IVA contract with Texas Petrochemicals

- Announced $1.7 million Research and Develop Contract with U.S. Military

- Secured second port security IVA contract with Port of Buffalo

- Awarded a $1.0 million contract with the USCG to provide a hardware upgrade to navigation systems

- Awarded our first IVA contract with the US Navy in support of anti-terrorism and force protection requirements

- Continued progress on UK new build projects including CVF aircraft carrier with Sperry Marine

"We have been successful in closing a number of projects in the third quarter and I am confident that we will continue to build on this success in the fourth quarter. I am particularly pleased that we are making solid progress in closing security related business and the outlook for this business is very positive," said Ken Kirkpatrick, president and CEO of OSI Geospatial Inc. "We are well positioned for a strong fourth quarter and expect revenue in the range of $8 million to $9 million."

Conference Call

OSI Geospatial will present the results from the 2008 third quarter at 5:00PM Eastern Time (2:00 PM Pacific Time), Wednesday, October 9, 2008. To listen to the conference call live by telephone, dial +1-800-319-4610 for participants in North America or +1-604-638-5340 for Vancouver and international participants approximately ten minutes before the call is scheduled to begin. A telephone playback will be available beginning approximately one hour after the call. Dial +1-800-319-6413 for North American callers or +1-604-638-9010 for Vancouver and international callers. Enter access code 7826#. For the live webcast, please go to http://services.choruscall.com/links/osi081009.html. A replay version of the webcast can be accessed on the company's investor website at http://www.osigeospatial.com/investors/default.htm.

About OSI Geospatial

OSI Geospatial Inc. delivers advanced navigation and command and control systems that provide 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. The company is publicly traded on the Toronto Stock Exchange. 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.

Copyright Copyright 2008 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 and C3CORE are registered trademarks 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.

OSI Geospatial Inc.
(Incorporated under the laws of the Province of British Columbia, Canada)
Consolidated Balance Sheets (unaudited)
August 31, November 30,
In thousands of U.S. dollars 2008 2007
--------------------------------------------------------------------------
Assets
Current assets
Accounts receivable and unbilled revenue $8,736 $13,055
Income taxes receivable 146 -
Inventory 1,037 1,216
Prepaid expenses and deposits 481 502
Current portion of future income tax asset 136 132
--------------------------------------------------------------------------
10,536 14,905
Deferred development costs 465 97
Future income tax asset 234 271
Equipment and furnishings 1,666 1,914
Intangible and other assets 689 861
Goodwill 8,300 8,300
--------------------------------------------------------------------------
$21,890 $26,348
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Liabilities
Current liabilities
Bank indebtedness $1,241 $822
Accounts payable and accrued liabilities 3,766 5,585
Income taxes payable - 179
Unearned revenue 579 392
Current portion of deferred rent 35 38
Current portion of future income tax liability - 25
Current portion of capital lease obligations 68 46
--------------------------------------------------------------------------
5,689 7,087
Deferred rent 296 347
Capital lease obligation 146 200
Future income tax liability 55 100
--------------------------------------------------------------------------
6,186 7,734
--------------------------------------------------------------------------
Commitments and contingencies (note 11)
Shareholders' Equity
Issued and outstanding
30,262 Class A, Series A preference shares
(2007 - 30,262) 19 19
178,530 Class B, Series 2 preference shares
(2007 - 178,530) 4,542 4,542
46,956,439 common shares (2007 - 46,956,439) 21,293 21,293
--------------------------------------------------------------------------
25,854 25,854
Warrants 4,181 4,618
Contributed surplus 2,134 1,679
Accumulated deficit (19,267) (16,564)
Accumulated other comprehensive income 2,802 3,027
--------------------------------------------------------------------------
15,704 18,614
--------------------------------------------------------------------------
$21,890 $26,348
--------------------------------------------------------------------------
--------------------------------------------------------------------------
OSI Geospatial Inc.
Consolidated Statements of Operations (unaudited)
Three months ended Nine months ended
August 31, August 31,
In thousands of U.S. dollars,
except share related data 2008 2007 2008 2007
--------------------------------------------------------------------------
Revenue
Marine systems $3,101 $3,124 $7,934 $6,267Land and air systems 2,221 2,627 7,481 7,294
Mapping 921 1,591 3,165 3,489
--------------------------------------------------------------------------
6,243 7,342 18,580 17,050
Cost of sales 4,039 4,294 12,169 10,878
--------------------------------------------------------------------------
Gross profit 2,204 3,048 6,411 6,172
--------------------------------------------------------------------------
Expenses (income)
General and administrative 1,388 1,451 4,334 4,150
Engineering 297 231 867 1,101
Sales and marketing 899 755 2,974 2,351
Amortization 111 75 375 220
Interest expense 42 22 107 48
Interest income - - (3) (7)
Foreign exchange loss 31 43 69 65
Loss on disposal of intangible
and other assets - - 28 -
Technology Partnerships
Canada royalty 136 139 381 276
--------------------------------------------------------------------------
2,904 2,716 9,132 8,204
--------------------------------------------------------------------------
Net (loss) earnings
before income taxes (700) 332 (2,721) (2,032)
--------------------------------------------------------------------------
Future income tax recovery - (10) (38) (59)
Current income tax
(recovery) expense (9) 63 (318) 103
--------------------------------------------------------------------------
Income tax (recovery) expense (9) 53 (356) 44
--------------------------------------------------------------------------
Net (loss) earnings $(691) $279 $(2,365) $(2,076)
--------------------------------------------------------------------------
Accumulated deficit,
beginning of period $(18,615) $(16,085) $(16,564) $(13,296)
Dividends on Class B
preference shares - - (338) (382)
Tax recovery (expense)
on dividends 39 - - (52)
--------------------------------------------------------------------------
Accumulated deficit,
end of period $(19,267) $(15,806) $(19,267) $(15,806)
--------------------------------------------------------------------------
Net (loss) earnings
available to common
shareholders (note 6c) $(847) $109 $(3,162) $(2,628)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Loss per share (note 6c)
- basic and diluted $(0.02) $0.00 $(0.07) $(0.07)
Weighted average number
of common shares
outstanding (note 6c)
- basic and diluted 46,956,439 42,377,958 46,956,439 39,635,112
OSI Geospatial Inc.
Consolidated Statements of Cash Flows (unaudited)
Three months ended Nine months ended
August 31, August 31,
In thousands of U.S. dollars 2008 2007 2008 2007
--------------------------------------------------------------------------
Cash flows (used in)/from
operating activities
Net (loss) earnings
for the period $(691) $279 $(2,365) $(2,076)
Items not affecting cash
Amortization 165 129 532 377
Loss on disposal of
intangible and other assets - - 28 -
Stock-based compensation 24 5 34 145
Future income taxes - (83) (38) (177)
--------------------------------------------------------------------------
(502) 330 (1,809) (1,731)
--------------------------------------------------------------------------
Changes in non-cash
working capital items
Accounts receivable 329 (2,644) 4,040 2,504
Inventory 367 96 117 (155)
Prepaid expenses and deposits 129 75 3 36
Accounts payable and
accrued liabilities (597) 367 (1,660) (1,381)
Income taxes
receivable/payable - 87 (321) (143)
Unearned revenue 504 (57) 218 (330)
Deferred rent (10) 363 (32) 363
--------------------------------------------------------------------------
722 (1,713) 2,365 894
--------------------------------------------------------------------------
220 (1,383) 556 (837)
--------------------------------------------------------------------------
Cash flows used in investing
activities
Purchase of the assets
Liddy International Inc. - - - (25)
Deferred development costs (138) - (384) -
Additions to equipment
and furnishings (48) (111) (139) (225)
Additions to leaseholds - (540) (10) (540)
Additions to intangible
and other assets - - (94) (31)
--------------------------------------------------------------------------
(186) (651) (627) (821)
--------------------------------------------------------------------------
Cash flows (used in)/from
financing activities
Advances from (repayment of)
operating line of credit (29) (548) 473 (904)
Issue of common shares - 2,812 - 2,812
Issue of warrants - 332 - 332
Repayment of capital
lease obligation (17) - (33) -
Class B preference share
dividends, net of tax - (382) (338) (382)
--------------------------------------------------------------------------
(46) 2,214 102 1,858
--------------------------------------------------------------------------
Effect of foreign exchange
on cash balances 12 22 (31) 2
--------------------------------------------------------------------------
Increase in cash and
cash equivalents - 202 - 202
Cash and cash equivalents -
beginning of period - - - -
--------------------------------------------------------------------------
Cash and cash equivalents
- end of period $- $202 $- $202
--------------------------------------------------------------------------
--------------------------------------------------------------------------

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
Contacts:
OSI Geospatial Inc
Jane Hayward, Investor Relations
+1-613-287-8004 / Mobile: +1-613-219-4762
Toll Free: +1-888-880-9797
+1-613-287-0466 (FAX)
invest@osigeospatial.com

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#1   ~ Penny Roger$ 08/29/13 09:22:42 PM
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