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
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Consolidated Balance Sheets October 31, October 31,
2008 2007
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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
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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)
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Total Liabilities & Shareholders Equity $ 7,388,415 $ 9,062,503
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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 -
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1,243,714 1,223,290 4,912,414 5,690,031
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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
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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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