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Offshore Systems International Reports Record Fiscal Third Quarter & Nine-Month Earnings & Revenue.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 2, 2002

Offshore Systems International Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
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: 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 ), a marine electronic navigation Electronic navigation may refer to:
  • Satellite navigation, navigation using signals from orbital satellites (such as GPS) as a reference.
  • Radio navigation, navigation using signals from fixed radio beacons (such as LORAN) as a reference.
 company with a strong defense niche, today announced record operating results for its three and nine month periods ended August 31, 2002.

"In addition to achieving our eleventh successive profitable quarter we had strong revenue growth," 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. "New business, including a major new order from the United States Coast Guard United States Coast Guard

U.S. military service that enforces maritime laws. It is under the jurisdiction of the Department of Homeland Security; in wartime it functions as part of the U.S. Navy. The Coast Guard enforces federal laws on the high seas and waters within U.S.
, continued to flow as interest in our technology grew among navies around the world."

Financial Highlights

During the fiscal third quarter of 2002, revenues increased 50% to $2.7 million (US$1.7 million) compared to $1.8 million in the same quarter last year. Net earnings increased to $536,535 or $0.02 per diluted share, from $120,512, or $0.00 a diluted share, in the year-earlier third quarter. All amounts are in Canadian dollars unless otherwise specified.

For the first nine months of 2002, revenues were up 84% to $9.8 million (US$6.2 million) compared to $5.3 million for the nine months ended August 31, 2001. Net earnings increased to $1.1 million or $0.04 per diluted share, from $144,100, or $0.01 a diluted share, in the first nine months of fiscal 2001.

Offshore Systems' order backlog at the end of the fiscal 2002 third quarter was in excess of $5.7 million versus $4.9 million the year earlier - an increase of 17%.

The Company's profitable growth helped to strengthen its balance sheet during the quarter. At August 31, 2002, the Company had working capital of $4.1 million compared to $2.8 million at November 30, 2001, OSI's year-end, including cash and cash equivalents of $2.2 million.

"Our cash position continues to strengthen, in fact, at the end of September, our cash and equivalents was just under $4 million," said Mr. Jacobson. "This positive cash flow trend allows us to confidently support our R&D activities and increase our business development initiatives."

Operational Highlights

In June, 2002, the U.S. Coast Guard placed an order for $2.2 million for Offshore Systems' ECPINS ECPINS Electronic Chart Precise Integrated Navigation System (Offshore Systems) (R)-M systems and upgrades. The order represents follow-on business with the Coast Guard subsequent to Offshore's ECPINS(R) systems being installed earlier in the year on two of the Coast Guard's 'Polar-class' icebreakers.

In July 2002, the Company announced that it has received Type Approval of its ECPINS(R) product line as an International Maritime Organization International Maritime Organization (IMO), specialized agency of the United Nations established in 1948, with headquarters in London and 158 member nations. IMO is one of the smallest of the UN agencies.  standard Electronic Chart Display and Information Systems An Electronic Chart Display and Information System (ECDIS) is a specific form of computer-based navigation information system that complies with International Maritime Organization (IMO) regulations and can be used in lieu of paper navigation charts in some areas.  (ECDIS ECDIS Electronic Chart Display and Information System ). The Type Approval was issued by the Federal Maritime and Hydrographic hy·drog·ra·phy  
n. pl. hy·drog·ra·phies
1. The scientific description and analysis of the physical conditions, boundaries, flow, and related characteristics of the earth's surface waters.

 Agency of Germany, one of a small number of testing laboratories worldwide that are authorized to issue these certifications.

In the same month the Company announced that it completed the installation of its latest ECPINS-M system aboard Lockheed Martin's Sea SLICE advanced technology demonstration vessel. Developed by the United States Navy United States Navy

Major branch of the U.S. military forces, charged with defending the nation at sea and maintaining security on the seas wherever U.S. interests extend. The Continental Navy was established by the Continental Congress in 1775.
 Office of Naval Research The U.S. Office of Naval Research (ONR), headquartered in Arlington, Virginia (Ballston), is the office within the U.S. Department of the Navy that coordinates, executes, and promotes the science and technology programs of the U.S.  and the Naval Electronics & Surveillance Systems division of Lockheed Martin For the former company, see .

Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta.
, Sea SLICE participated in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area.  Navy's Fleet Battle Experiment - Juliet. The U.S. Navy's Fleet Battle Experiments are underway-exercises designed to evaluate new technology and new operational concepts for future development and deployment.

The Company

Founded in 1977, Offshore Systems designs, develops and markets the proprietary ECPINS(R) line of electronic chart navigation systems for ships. ECPINS helps to reduce the risk of navigation-related incidents by giving bridge crews a precise, real-time display of their position, course and speed, against a background of fixed obstacles and other navigational hazards. Offshore Systems has developed a strong market position in military navigation, and has ECPINS systems deployed with the United States Coast Guard, the Canadian Navy, the Royal Danish Navy This article is about the Royal Navy of Denmark. For other Royal Navies, see Royal Navy (disambiguation).
The Royal Danish Navy (or Kongelige Danske Marine in Danish) is the sea-based branch of The Danish Defence force.
 and the United States Navy.

Information Concerning Forward-looking Statements

Statements in this News Release, to the extent not based on historical events, constitute forward-looking statements. Forward-looking statements include, without limitation, statements evaluating market and general economic conditions in the preceding sections, and statements regarding future-oriented costs and expenditures. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date thereof. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties with respect to the company include the effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies.  and negotiations, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements.

Offshore Systems International Ltd.
Selected Consolidated Financial Information (Unaudited)
(Canadian dollars - Canadian GAAP)

Statement of Earnings Information
                              Three months ended     Nine months ended
                                August 31, 2002       August 31, 2002
                                   (unaudited)           (unaudited)
                                 2002       2001       2002       2001
Revenue                     2,697,781  1,802,300  9,810,751  5,323,630
Earnings for the period       536,535    120,512  1,115,852    144,100
Basic earnings per share         0.02       0.01       0.04       0.01
Fully diluted earnings per share 0.02       0.00       0.04       0.01

Balance Sheet Information     August 31   November 30
                                 2002         2001
                             (unaudited)  (unaudited)
Cash and cash equivalents     2,163,797    2,037,625
Working capital               4,134,425    2,848,151
Current assets                8,939,066    6,022,312
Total assets                 10,313,798    7,375,007
Current liabilities           4,804,641    3,174,161
Long term debt                  212,211      371,484
Total liabilities             5,016,852    3,545,645
Shareholders' equity          5,296,946    3,829,362
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Publication:Business Wire
Date:Oct 2, 2002
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