RE: RE: tsxLets look at the reality of the situation.
"The consolidated revenue for the full year of 2010 from continuing operations was $13.5 million compared to $19.2 million in the prior year, a decrease of 30%."
This is a 30% decrease in revenue depsite the contracts won by the Mapcon business - which has now been sold. Therefore it is logical to assume that the main losses came from CHI and Offshore, the two business units that have been retained!
"
For the fourth quarter of 2010, the Company reported a net loss from continuing operations of
.8 million before taxes and a net loss from continuing operations after taxes of
.5 million
compared with net loss from continuing operations of $5.3 million before taxes and losses from continuing operations after taxes of $5.3 million in the fourth quarter of 2010.
Duh? they are comparing the same quarter of 2010 - nice one Girard and the Board...do you know which year it is??
"The 12 months ending November 30, 2010, include a one-time loss on sublease of
.4 million, a restructuring charge of
.9 million and a gain on sale of
intellectual 
of $5.2 million. The 12 months ending November 30, 2009 include a one-time restructuring charge of
.7 million and a non-cash goodwill impairment charge of $4.0 million."
So, in 2009, OSI wrote off $4.7 million and in 2010 they wrote off $1.3 million and gained $5.2 million - a net gain of $3.9 million. Therefore, without the disposals, the actual money lost from being in business was actually $3.9 million more than the
.8 million reported. Putting accounting jiggery pokery aside, OSI really lost $4.7 million in 2010. This is evidenced by the fall in revenue of 30%.
So, in summary, they didn't actually improve anything - just engaged in a fire sale of company assets. A final desperate bid by KK and Johnson to keep up an illusion and keep lining their pockets. Well Johnson threw Kirkpatrick to the wolves )with a nice severance package of around
.5 million I believe. As for Girard being sharp!!! He is/was a puppet of Kirkpatrick's, so don't expect anything brilliant - he may well be floundering now he has to try and survive on his own IMHO. We shall see.
A small contract for 2 shipsets of equipment for NZ - a country that is about to spend all its money recovering from the tragic earthquake in Christchurch. No legs on that contract. Also, just how widespread are Siemens systems? What prospects do they have worldwide versus Sperry etc? What effect will this teaming have on the relationship with the IPMS providers the OSI teamed with before?
No amount of positive spin can put a rosy picture on these results when you start to look past the smoke and mirrors. A wholesale change is needed and it should start with the Board and especially the Chairman - they all contributed to this debacle.