Opsens Inc.
TSX VENTURE : OPS

Opsens Inc.

April 23, 2008 08:00 ET

Opsens Announces 140% Sales Growth for Second Quarter 2008

QUEBEC CITY, QUEBEC--(Marketwire - April 23, 2008) - Opsens Inc. (TSX VENTURE:OPS) ("Opsens") has released its quarterly financial results for the three and six-month periods ended February 29, 2008.

According to Pierre Carrier, President and Chief Executive Officer, "For the second consecutive quarter, our sales are greatly increasing, demonstrating the added value of our products for our customers. This increase was generated by both strong organic growth and the acquisition of Inflo Solutions Inc., a company based in Edmonton, Alberta, completed on December 11, 2007. We plan to continue with this launch in the coming quarters by intensifying our sales and marketing activities in each of our markets. The prospects of the coming quarters are also encouraging with an order backlog of more than $1,000,000."

Financial results - three-month period ended February 29, 2008

The Company generated $637,000 in sales for the three-month period ended February 29, 2008, compared to $265,000 for the three-month period ended February 28, 2007, registering an increase of 140%. Sales growth for the three-month period ended February 29, 2008, was generated by strong performance in the scientific and military laboratory sector, which contributed more than $270,000, and revenues in the oil and gas sector of nearly $200,000.

The net loss for the three-month period ended February 29, 2008, was $403,000, compared to $520,000 for the three-month period ended February 28, 2007. This decreased quarterly net loss in relation to last year's period mainly reflects the increased gross margin.

Sales and marketing expenses decreased by $47,000 to $135,000 for the three-month period ended February 29, 2008, compared to $182,000 for the same quarter last year. This change is explained mainly by decreased convention participation expenses.

R&D expenses decreased to $186,000 and $210,000, respectively, for the three-month period ended February 29, 2008, and February 28, 2007. The change in R&D expenses during the period was generated mainly by decreased sub-contracting expenses.

Administrative expenses increased by $112,000 to $287,000 for the three-month period ended February 29, 2008, compared to $175,000 for the three-month period ended February 28, 2007. Administrative expenses increased particularly following the acquisition of Inflo Solutions.

Financial results - six-month period ended February 29, 2008

The Company generated $1,206,000 in sales for the six-month period ended February 29, 2008, compared to $439,000 for the same period of the previous year, registering an increase of 175%. Sales growth for the six-month ended February 29, 2008, was generated by strong performance in the scientific and military laboratory sector, which contributed more than $670,000, and revenues in the oil and gas sector of nearly $200,000.



-------------------------------------------------------------------------
(In thousands Three-month Three-month Six-month Six-month
of dollars, period ended period ended period ended period ended
except data February 29, February 28, February 29, February 28,
per share) 2008 2007 2008 2007
-------------------------------------------------------------------------
$ $ $ $
-------------------------------------------------------------------------

Sales 637 265 1,206 439

Cost of sales 395 197 663 314
-------------------------------------------------------------------------
Gross margin 242 68 543 125

Administrative expenses 287 175 539 420
Sales and marketing
expenses 135 182 330 412
Research and development
expenses 186 210 349 325
Amortization of
property, plant, and
equipment 21 16 40 31
Amortization of
intangible assets 14 16 19 18
Amortization of
deferred finance
charges - - - 9
Financial (income)
expenses 2 (11) 16 (8)
-------------------------------------------------------------------------
645 588 1,293 1,207

Loss before income
taxes (403) (520) (750) (1,082)
Income taxes - - - -
-------------------------------------------------------------------------
Net loss (403) (520) (750) (1,082)

Basic loss per share (0.01) (0.02) (0.02) (0.04)
Diluted loss per share (0.01) (0.02) (0.02) (0.04)


Grant of stock options

Opsens' Board of Directors also authorized yesterday the grant of a total of 292,500 stock options, of which 140,000 were granted to certain directors and officers, as provided in the Opsens' stock option plan adopted by the shareholders on January 22, 2008.

Under the provisions of Opsens' stock option plan, each stock option granted entitles the holder to subscribe for one Opsens' common share at the latest on April 21, 2013 and at a price equal to average closing price of the Opsens' common shares traded on the TSX Venture Exchange inc. for five trading days following the date of this press release. The stock options granted to the directors entitle the holders to subscribe immediately for Opsens' common share whereas the stock options granted to the employees will be vested over a period of four years at a rate of 25 % per year, the first tranche being vested at the end of the first year following the granting of the stock options.

About Opsens

Opsens is a leading developer, manufacturer, and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patent and patent-pending technologies. Opsens sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain, and displacement to original equipment manufacturers (OEM) and directly to end-users in the oil and gas, medical instrumentation, energy, and scientific and military laboratory fields. Opsens offers technical services, such as on-site installation, training, and turnkey fiber optic systems.

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, and achievements of Opsens to be materially different from any future results, performance, or achievements expressed or implied by said forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Opsens Inc.
    Pierre Carrier
    President and Chief Executive Officer
    418-682-9996
    or
    Opsens Inc.
    Louis Laflamme, CA
    Chief Financial Officer
    418-682-9996