Optimal Geomatics Inc. (TSX VENTURE:OPG) ("Optimal") announces its financial
results for the first fiscal quarter ending January 31, 2009. Except as
otherwise noted, financial information is reported in Canadian dollars.
Financial Results
Revenue for the first quarter ended January 31, 2009 was $3.4 million, a 7%
decrease compared to revenue of $3.7 million for the comparable period in 2008,
and a decrease of 15% when compared to the prior quarter. Gross margin for the
three month period ending January 31, 2009 was 23%, an increase as compared to
the gross margin of 22% for the comparable three month period in 2008. The
operating loss was $257 thousand for the first quarter of 2009 as compared to an
operating loss of $270 thousand for the comparable quarter of 2008. The net loss
for the quarter ended January 31, 2009 was $290 thousand or $(0.00) per common
share, compared with net loss of $45 thousand or $(0.00) per common share (basic
and diluted) for the three months ended January 31, 2008.
Gross margin for the three month period ending January 31, 2009 was 23%, a
modest increase from 22%, the gross margin for the comparable three month period
in 2008. The increase in gross margin was due to several factors including the
mix of contracts being performed and a decrease in indirect production costs.
The year-over-year increase in quarterly net loss was primarily due to the $257
thousand quarter-over-comparative-quarter reduction in the foreign exchange
gain.
As at January 31, 2009, Optimal had cash and cash equivalents of $1.7 million
with net working capital of $1.3 million, compared to cash and cash equivalents
of $1.6 million with net working capital of $1.4 million as at October 31, 2008.
The decrease in working capital was primarily due to the increase in all
categories of current assets and deferred revenue, partially offset by the
increase in accounts payable and accrued liabilities, notes payable and the
current portion of lease obligations.
Subsequent Event
Subsequent to the quarter-end, the noteholder agreed to the deferral to April
30, 2009 of the US $500 thousand, plus interest, payment previously due February
28, 2009.
About Optimal Geomatics Inc.:
Optimal Geomatics, a geospatial mapping company, provides engineering and
geospatial professionals with customized products designed to meet their mapping
needs.
Optimal Geomatics specializes in the science and technology of gathering,
analyzing, interpreting, distributing, and using geographic information. Optimal
applies the disciplines of aerial surveying, mapping, remote sensing, geographic
information systems (GIS), and global positioning systems (GPS) to translate
remotely-acquired raw imagery into intelligent digitally-mapped data for use
according to the application involved, such as land management, environmental
information management and engineering design.
Summary of Financial Information
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January 31, October 31,
Consolidated Balance Sheets 2009 2008
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Assets
Cash $ 1,671,530 $ 1,641,512
Accounts receivable 2,330,881 3,559,352
Inventory 27,961 9,457
Work in progress 29,188 50,336
Prepaid expense 295,945 256,560
Property & equipment 1,597,869 1,751,085
Other long-term assets 7,009 6,883
Intangible assets 82,447 113,230
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Total Assets $ 6,042,830 $ 7,388,415
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Liabilities & Shareholders Equity
Accounts payable and accrued liabilities $ 1,154,152 $ 1,870,793
Deferred revenue 386,237 821,649
Notes payable 1,282,822 1,259,811
Obligation under capital leases 410,239 456,384
Share capital & subscriptions 23,231,543 23,231,543
Contributed surplus 772,589 772,589
Accumulated other comprehensive income (303,988) (423,999)
Deficit (20,890,764) (20,600,355)
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Total Liabilities & Shareholders Equity $ 6,042,830 $ 7,388,415
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3 months ending January 31
Consolidated Statements of Operations 2009 2008
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Revenues $ 3,392,234 $ 3,650,027
Cost of sales 2,599,354 2,852,597
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Gross profit 792,880 797,430
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Expenses
Administration 530,575 451,196
Marketing & sales 283,538 298,545
Research & development 17,356 64,723
Amortization 217,933 253,081
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1,049,402 1,067,545
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Operating loss 256,522 270,115
Other income (expense)
Foreign exchange gain (loss) (4,960) 251,981
Interest expense (34,002) (47,453)
Interest income 2,216 18,894
Gain (loss) on equipment disposal 100 (915)
Other income 2,759 2,262
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(33,887) 224,769
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Net Loss for the Period $ 290,409 $ 45,346
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Net loss per share:
Basic and diluted $ 0.00 $ 0.00
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Weighted Average Common Shares Outstanding
Basic and diluted 61,387,398 61,387,398
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Forward-Looking Statements:
This document may contain forward-looking statements. These statements present
management's expectations, beliefs, plans and objectives regarding future events
and conditions and, as such, involve inherent risks and uncertainties. Actual
results could be significantly different from those projected.
These forward-looking statements are not guarantees of future performance and
actual results could differ materially as a result of changes to Optimal's plans
and the impact of factors, risks and uncertainties, known and unknown, to which
Optimal's business is subject. The forward-looking statements in this news
release speak only as the date hereof. Readers are also referred to risk factors
and uncertainties described in filings made by Optimal from time to time with
securities regulators.
For additional financial information: http://www.optimalgeo.com
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