Offshore Systems International Ltd., a mapping software and data provider, said Friday it expects lower revenues in 2005 than previously forecast due to shortfall it blamed on a delay in the closing of contracts.
The Vancouver-based company said it now expects $13.5 million in revenue for the fiscal year ended Nov. 30, compared to a July guidance of $16 million to $19 million.
“The shortfall in revenue versus previous guidance was primarily driven by the unexpected delay in closing contracts valued at over $3 million due to customer budgetary changes and complex contract negotiations,” the company said in a release.
“The company expects to secure these contracts in 2006.”
Offshore Systems will announce its full-year financial results in February.