In the black

Mapping software company OSI Geospatial Inc. returns to profitability after raising revenue by 70.1% in Q3. With recent major contract wins in hand, the Ottawa-based company realized net earnings of (all figures in US$) $279,000, compared to a net loss of OSI.jpg$709,000 for the same period a year ago. Revenue increased to $7.3 million from $4.3 million. “This quarter, we have seen significant progress with our major customers, including the U.S. Army, the U.S. Coast Guard, the U.S. Department of Homeland Security and the Australian Navy,” says CEO Ken Kirkpatrick. “We are especially pleased to have renewed our relationship with the U.S. Coast Guard, secured our first project with the U.S. Department of Homeland Security and successfully closed a financing to support our plans to aggressively enter the national security market.” OSI Geospatial, which relocated headquarters from B.C to the capital earlier this year, has secured roughly $44-million worth of contracts to date in fiscal 2007.

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