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OSI Geospatial lessens Q1 net loss by 85%

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Published on May 30, 2012; Published on May 30, 2012
OBJ Staff

Ahead of an expected privatization vote, OSI Geospatial (TSX-V:OSI) saw a hefty decrease in its net loss accompanied by a small rise in revenues in the first quarter.

Topics :: Ottawa

The British Columbia-based company, which has a presence in Ottawa, reported a net loss of $191,000 for the quarter ending Feb. 29, 2012.

This was an 85-per-cent improvement over the $1.3 million net loss in the same time period last year.

Revenues bumped up slightly to $2.8 million, from $2.7 million, in the same time period.

Earlier this month, the firm proposed a plan to become privately held, citing the costs of running a public company as reason to leave the markets.

OSI Geospatial, which lost $840,000 in fiscal 2011, is proposing a share consolidation and conversion deal that will be put to a shareholder vote on June 21.

The firm's products and services enable customers to integrate and visualize live data with any combination of sensor data, imagery, maps and charts. Its systems and software are used by military, government and commercial customers around the world.

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