Offshore Systems International Reports Fiscal Third-Quarter and Nine Month Revenues and Net Income.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Offshore Systems International Ltd. (OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :OSI) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :OFSYF) today announced its financial results for the third quarter and nine months ended August 31, 2004. "OSI's businesses continued to demonstrate strong fundamentals in the third quarter," said John Jacobson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Offshore Systems International. "We reported a loss from operations in the quarter, as the pace of new bookings and product shipments slowed through the summer season in the northern hemisphere. We believe we had a solid quarter of achievement, highlighted by the announcement of the Portuguese Navy's selection of ECPINS ECPINS Electronic Chart Precise Integrated Navigation System (Offshore Systems) , COP-IDS's strong showing at Joint Warrior Interoperability Demonstration, and significant contract option exercises from the Royal Australian Navy This article is about the Royal Australian Navy. For other Royal Navies, see Royal Navy (disambiguation). The Royal Australian Navy (RAN) is the naval branch of the Australian Defence Force. and Royal New Zealand Navy This article is about the Royal Navy of New Zealand. For other Royal Navies, see Royal Navy (disambiguation). The Royal New Zealand Navy (RNZN) is the maritime arm of the New Zealand Defence Force. ." Fiscal Third Quarter 2004 Results For the third quarter of fiscal 2004, revenues increased 30% to $3.0 million compared with $2.3 million in the same quarter last year. Net loss for the third quarter was $483,869, or $0.02 per diluted share, compared to a net loss of $338,797, or $0.01 a diluted share, in the same quarter last year. At August 31, 2004, the company had current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $11.6 million versus current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of $3.0 million, which resulted in working capital increasing $0.5 million to $8.6 million from $8.1 million at November 30, 2003. Cash and cash equivalents were $1.8 million at August 31, 2004 versus $3.8 million at November 30, 2003. The Company's total order backlog(a) at the end of the third quarter was approximately $21.8 million including option backlog(a) of $12.8 million versus $3.3 million at November 30, 2003 including option backlog of $2.4 million. Year-to-Date 2004 Results For the first nine months of fiscal 2004, revenues increased 11% to $9.8 million compared with $8.8 million in the first nine months last year. Net income for the first nine months was $366,592, or $0.01 per diluted share, compared to net income of $61,613, or $0.00 a diluted share, in the first nine months last year. Operational Highlights - June 2004: OSI Geomatics Geomatics is the discipline of gathering, storing, processing, and delivering of geographic information, or spatially referenced information. Overview The term "Geomatics" refers to:
- July 2004: OSI Navigation Systems announced that the Portuguese Navy The Portuguese Navy (Portuguese: Marinha Portuguesa, also known as Marinha de Guerra Portuguesa or as Armada Portuguesa) is the naval branch of the Portuguese Armed Forces which, in cooperation and integrated with the other branches of the Portuguese had informed SICOM SICOM Spatial Information Committee (South Australia) , OSI's in-country partner in Portugal and the prime contractor for the installation, that ECPINS had been selected by the Portuguese Navy to transform approximately thirty of their ships from paper-chart based navigation to ECDIS ECDIS Electronic Chart Display and Information System electronic chart-based navigation. - August 2004: OSI announced that it had completed its participation in the Joint Warrior Interoperability Demonstration ("JWID JWID Joint Warrior Interoperability Demonstration JWID Joint Warfighter Interoperability Demonstration JWID Joint Warfighting Integration Directorate ") event hosted by the U.S. Chairman of the Joint Chiefs of Staff The Chairman of the Joint Chiefs of Staff is by law the highest ranking overall military officer of the United States military, and the principal military adviser to the President of the United States. . JWID is an annual event where a coalition of U.S. and international military participants evaluate new technologies to significantly improve interoperability. This year's event also included civilian agencies in support of homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States . During the simulations COP-IDS provided a web-based map server which obtained simulation data from a variety of sources and combined it with current land and marine mapping data, improving operation planning and execution effectiveness. - August 2004: OSI announced that the Royal New Zealand Navy had exercised contract options to deploy the latest version of ECPINS across its entire naval fleet. The value of the options exercised is $947,000. - August 2004: OSI announced that it had agreed with Nautronix Ltd., the Australian prime contractor to the Royal Australian Navy (RAN), for the supply of additional ECPINS-M systems to the RAN. Twelve ECPINS-M systems have been purchased for installation on the RAN's ARMIDALE Class of new patrol boats to be constructed by Austal Ships, of Henderson in Western Australia. The value of the contract is in excess of $1.2 million. Conference Call As previously announced, the Company will host a live conference call on Friday, October 1, 2004 at 11:00 a.m. Eastern Daylight Time (8:00 a.m. Pacific Daylight Time). The dial-in number for the call is 416-405-9328 in Toronto or 1-800-387-6216. Please call in prior to the scheduled start to secure a line; you will then be put on hold until the call begins. A taped replay of the conference call will be available until October 8, 2004 at 11:59 p.m. Eastern Daylight Time by calling 416-695-5800 in Toronto or 1-800-408-3053, passcode 3096400. A live audio webcast of the conference call will be available at OSI's website at www.osil.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast. Following the meeting, the webcast will be archived at www.osil.com for approximately 90 days. About Offshore Systems International Ltd. Offshore Systems International Ltd. (OSI) is a leader in electronic geography. The Company's core strengths lie in the ability to produce, manage and display many forms of geographic data. The Company provides display systems and data for several defense, government and commercial customers. OSI conducts its operations through three business units: OSI Geomatics (data production and distribution), OSI Navigation Systems, and OSI Applications (products and services for command and control systems). OSI's common shares are listed for trading on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX:OSI) and the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. (OTCBB: OFSYF). For more information please visit www.osil.com. (a)Non-GAAP Definitions Total backlog, firm backlog and option backlog are non-GAAP measures that do not have a standardized meaning and are likely not comparable to similar measures presented by other issuers. These measures, also do not have a comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure. Total backlog is the total of the firm and option backlogs. Firm backlog consists of firm, fixed, signed orders issued to the Company and executable by the Company subsequent to the balance sheet date. Option backlog consists of unexercised contract options at the balance sheet date and indefinite-quantity contracts executable by the Company subsequent to the balance sheet date. Should our customers elect to exercise contract options or place orders against indefinite-quantity contracts, the option backlog converts to firm backlog. Forward-Looking Statements This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws including Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, OSI's analysis of opportunities in the acquisition and development of various project interests and other matters. These statements are made under the 'safe harbour' provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and, as such, involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Although Offshore Systems International believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, uncertainties associated with contract negotiations, and industry supply. Offshore Systems International Ltd. 107 - 930 West 1st Street, telephone: (604) 904-4600, fax: (604) 987-2555. ECPINS and COP-IDS are trademarks of Offshore Systems Ltd. All other trade names mentioned are trademarks and/or registered trademarks of their respective owners.
Offshore Systems International Ltd.
Selected Consolidated Financial Information (Unaudited)
(Canadian dollars - Canadian GAAP)
Statement of Earnings Information Three months Nine months
ended ended
August 31, 2004 August 31, 2004
(unaudited) (unaudited)
-------------------- --------------------
2004 2003 2004 2003
Revenue 2,951,571 2,275,153 9,755,166 8,796,354
Earnings (loss) for
the period (483,869) (338,797) 366,592 61,613
Basic earnings per share (0.02) (0.01) 0.01 0.00
Fully diluted earnings per
share (0.02) (0.01) 0.01 0.00
Balance Sheet Information August 31 November 30
2004 2003
(unaudited) (unaudited)
-------------------------------
Cash and cash equivalents 1,842,274 3,837,555
Working capital 8,588,281 8,071,926
Current assets 11,567,289 10,377,836
Total assets 12,943,695 11,728,257
Current liabilities 2,979,008 2,305,910
Long term debt 46,847 187,384
Total liabilities 3,025,855 2,493,294
Shareholders' equity 9,917,840 9,234,963
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