OSI Geospatial narrows Q2 losses

OTTAWA – A delay in settling key contracts affects the second-quarter bottom line of OSI Geospatial Inc., a provider of geospatial technology for military and commercial customers. Revenue of $6.3 million is OSI-logoEdited65X40.JPGmarginally below the $6.6 million posted in Q2 2008. Net loss before and after taxes is $1 million, an improvement over Q2 2008, when the loss was $1.4 million. “In the second quarter we experienced delays in finalizing several key contracts that negatively impacted our financial results for the period. These delays are a result of complex contract negotiations and lengthy government procurement processes,” says OSI chief executive Ken Kirkpatrick. “The firm expects to close the majority of these contracts in the third and fourth quarter and we remain confident that this effort will lead to a strong performance in the second half of our fiscal year." Click here for complete results.

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