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Share Name | Share Symbol | Market | Type |
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TSXV:OPG | TSX Venture | Common Stock |
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Optimal Geomatics Inc. (TSX VENTURE:OPG) ("Optimal") announces its financial results for the fourth fiscal quarter ending October 31, 2008. Except as otherwise noted, financial information is reported in Canadian dollars. Financial Results Revenue for the fourth quarter of fiscal year 2008 was $4.0 million, a 5.6% increase as compared to revenue of $3.8 million for the comparable period in 2007, and a 31% increase when compared to the prior quarter of the current fiscal year. The year-over-year revenue increase was primarily due to the completion of a major North American contract in the current quarter which also contributed to the quarter-over-quarter increase in the current fiscal year. Gross margin for the three month period ending October 31, 2008 was 24%, as compared to a gross margin of 19% for the third quarter of the current fiscal year and 23% for the comparable three month period in 2007. The increase in the current quarter gross margin was the result of a mix change in contract margins. Operating expenses, including amortization, were $1.2 million which resulted in a loss from operations of $308 thousand for the fourth quarter of fiscal 2008. The comparable figure for 2007 operating expenses, $1.2 million, resulted in operating loss of $359 thousand for the fourth quarter 2007. Net earnings for the fourth quarter of 2008 were $558 thousand, $0.01 per share, as compared to net loss of $1.0 million, ($0.02) per share, for the comparable period in 2007. Revenue for the year ended October 31, 2008 was $13.9 million, a 10% decrease from $15.5 million for 2007. The operating loss for the twelve months ended October 31, 2008 was $1.7 million, down marginally from an operating loss of $1.8 million for the same period of the last fiscal year. The net loss for the twelve months ended October 31, 2008 was $590 thousand, a decrease of $2.1 million, from a loss of $2.7 million in 2007. The year-over-year $2.1 million decrease in net loss was due to a corresponding swing in the foreign exchange gain/(loss) from a loss of $854 thousand in 2007 to a gain of $1.3 million in 2008 due to the strength of the US dollar in 2008. As at October 31, 2008, Optimal had cash and equivalents of $1.6 million with net working capital of $1.4 million, compared to cash and equivalents of $3.1 million with net working capital of $2.4 million as at October 31, 2007. The decrease in cash and working capital was primarily due to the principal repayment of US $1.0 million, plus accrued interest due, on the notes payable, and a $271 thousand usage of working capital by operations. "We will continue to review our strategic and operational options on an on-going basis," said Mr. Caldwell, President and Chief Executive Officer. Subsequent Event Subsequent to the year-end, the noteholder has agreed to the deferral to April 30, 2009 of the US $500 thousand, plus interest, payment previously due February 28, 2009. Quarterly Teleconference Call: Optimal will hold its fourth quarter 2008 teleconference call on Wednesday, February 25, 2009 at 8:00am PDT (11:00am EDT). To participate dial 604-899-4201 for Vancouver participants and 416-883-7132 for participants outside Vancouver, then dial pass code 52689#. Alternatively, you can listen to the playback by visiting our website after the call at www.optimalgeo.com. 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. 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 more information visit our website www.optimalgeo.com. For additional financial information: http://www.optimalgeo.com/financials.html Summary of Financial Information -------------------------------------------------------------------------- Consolidated Balance Sheets October 31, October 31, 2008 2007 -------------------------------------------------------------------------- Assets Cash $ 1,641,512 $ 3,099,743 Accounts receivable 3,559,352 3,351,121 Inventory 9,457 8,195 Work in progress 50,336 152,317 Prepaid expense 256,560 185,880 Property & equipment 1,751,085 1,981,762 Deferred acquisition costs - 36,959 Other long-term assets 6,883 6,482 Intangible assets 113,230 240,044 -------------------------------------------------------------------------- Total Assets $ 7,388,415 $ 9,062,503 -------------------------------------------------------------------------- Liabilities & Shareholders Equity Accounts payable and accrued liabilities $ 1,870,793 $ 1,727,479 Deferred revenue 821,649 624,458 Notes payable 1,259,811 1,932,781 Obligation under capital leases 456,384 342,334 Share capital & subscriptions 23,231,543 23,231,543 Contributed surplus 772,589 772,589 Accumulated other comprehensive income (423,999) 441,566 Deficit (20,600,355) (20,010,247) -------------------------------------------------------------------------- Total Liabilities & Shareholders Equity $ 7,388,415 $ 9,062,503 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Consolidated 3 months 3 months 12 months 12 months Statements ending ending ending ending of Oct. 31, Oct. 31, Oct. 31, Oct. 31, Operations 2008 2007 2008 2007 -------------------------------------------------------------------------- Revenues $ 3,964,900 $ 3,752,939 $ 13,939,411 $ 15,503,716 Cost of sales 3,029,105 2,888,690 10,735,353 11,613,110 -------------------------------------------------------------------------- Gross profit 935,795 864,249 3,204,058 3,890,606 -------------------------------------------------------------------------- Expenses Administration 478,704 511,543 1,900,058 2,425,541 Marketing & sales 345,878 405,543 1,386,798 2,018,380 Research & development 89,539 67,978 301,437 273,911 Amortization 329,593 238,226 1,094,529 972,199 Writedown of intangible assets - - 229,592 - -------------------------------------------------------------------------- 1,243,714 1,223,290 4,912,414 5,690,031 -------------------------------------------------------------------------- Operating Income (loss) (307,919) (359,041) (1,708,356) (1,799,425) Other income (expenses) Foreign exchange gain (loss) 930,550 (629,042) 1,252,965 (854,137) Interest expense (42,100) (56,780) (169,163) (222,736) Interest income 2,897 33,833 45,702 131,308 Gain (loss) on equipment disposal - - (915) 2,770 Loss on disposal of subsidiaries (27,701) - (27,701) - Other income 1,986 7,850 17,360 7,850 -------------------------------------------------------------------------- 865,632 (644,139) 1,118,248 (934,945) -------------------------------------------------------------------------- Net Income (Loss) for the Period $ 557,713 ($ 1,003,180) ($ 590,108) ($ 2,734,370) -------------------------------------------------------------------------- Net gain (loss) per share: Basic and diluted $ 0.01 ($ 0.02) ($ 0.01) ($ 0.04) -------------------------------------------------------------------------- Weighted Average Common Shares Outstanding Basic and diluted 61,387,398 61,387,398 61,387,398 61,387,398 --------------------------------------------------------------------------
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