OSI Geospatial inks $300K software contract with Danish Navy

OBJ Staff
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Shares of defence firm OSI Geospatial Inc. (TSX:OSI) fell one cent Monday morning after it announced a $300,000 contract with the Danish Navy, garnering continuing business from one of its first customers.

Ken Kirkpatrick, CEO of OSI Geospatial. (file photo)

Revenue from the contract will show up in the Ottawa company's fourth-quarter results.

"We have been providing our products and services to this customer since 2001," stated chief executive Ken Kirkpatrick.

"We value our long-term business relationship with this important customer, and we are confident that our business will continue to expand."

OSI's stock price fell four per cent to 24 cents by mid-morning Monday.

This quarter, OSI signed a contract to supply software to UK Royal Navy submarines for an undisclosed amount. The defence firm also got $2.8 million from the United States Army to develop medical training technology.

The firm reported a $1.3 million net loss in its third quarter last month as revenues halved year-over-year to $3.3 million.

Red ink also defined the firm's second-quarter results, but a $6.5 million of its soldier IP systems in Q1 pushed the firm into the black.

Organizations: OSI Geospatial, Danish Navy

Geographic location: Ottawa

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