OSI Geospatial losses widen

OSI Geospatial Inc. suffers first-quarter net losses of US$2 million – $800,000 more than it lost in the same quarter last year – resulting from poor sales and missed funding opportunities. The North Vancouver-based defence systems maker, which recently announced plans to move corporate headquarters to Ottawa by June, says that the wider losses are “largely due to the decrease in marine systems revenue due to the timing of contract awards, lower margin sales and no research and development contributions by Technology Partnership Canada.” Expecting a reversal of fortune, the company in its financial report noted $6.5 million in new and follow-on contracts with UK Hydrographic Office to examine its electronic navigational charts. OSI expects to add about half a dozen staff locally over the next nine months.

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