MOSAID Reports Results for First Quarter Fiscal 2010 and Dividend

The accompanying unaudited financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements.

In the opinion of management, all adjustments consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included. Operating results for the interim period presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the full fiscal year ending April 30, 2010.

2. Adoption of New Accounting Standards

Effective May 1, 2009 the Company adopted the following new accounting standard issued by the Canadian Institute of Chartered Accountants.

Goodwill and intangible assets

In February 2008, the CICA issued Section 3064, Goodwill and Intangible Assets, replacing Section 3062, Goodwill and Other Intangible Assets and Section 3450, Research and Development Costs. Various changes have been made to other sections of the CICA Handbook for consistency purposes. The new Section will be applicable to financial statements relating to fiscal years beginning on or after October 1, 2008. Accordingly, the Company will adopt the new standards for its fiscal year beginning May 1, 2009. It establishes standards for the recognition, measurement, presentation and disclosure of goodwill subsequent to its initial recognition and of intangible assets by profit-oriented companies. Standards concerning goodwill are unchanged from the standards included in the previous Section 3062.

As a result of adoption of the above policy, there was no material impact on the Consolidated Statement of Income.

3. Shareholders' equity and other comprehensive income

The following are the changes in shareholders' equity for the three months ended July 31, 2009 and July 31, 2008:


                                                          Accumu-
                                                           Lated
                                                           Other
                                                          compre-
               Common    Common  Contributed   Retained  hensive
               shares    shares      surplus   earnings   income     Total
              (number)       ($)          ($)        ($)      ($)       ($)
--------------------------------------------------------------------------
Balance
 at April
 30, 2009  10,184,323   $94,741       $3,753    $11,607     $446  $110,547
--------------------------------------------------------------------------
Net income                                        6,454              6,454
--------------------------------------------------------------------------
Dividends                                        (2,561)            (2,561)
--------------------------------------------------------------------------
Employee
 Stock
 Option
 Program       44,950       715         (355)
--------------------------------------------------------------------------
Employee
 Share
 Purchase
 Program       17,964       121           15
--------------------------------------------------------------------------
Stock-based
 compensation                            238
--------------------------------------------------------------------------
Unrealized
 derivative
 gains on
 cash flow
 hedges - net                                                862       862
--------------------------------------------------------------------------
Balance
 at July
 31, 2009  10,247,237   $95,577       $3,651    $15,500   $1,308  $116,036
--------------------------------------------------------------------------


4. Earnings per Share

The following is a reconciliation of the numerator and denominator of the
basic and diluted per share computations:

                                                     Quarter Ended July 31,
                                                  2009                2008
--------------------------------------------------------------------------

Income before discontinued operations           $6,218              $1,192
Discontinued operations (net of tax)               236                 168
--------------------------------------------------------------------------
Net income                                      $6,454              $1,360
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Weighted average number of common
 shares outstanding                         10,215,130          10,688,327
Net effect of stock options                     34,405              36,885
--------------------------------------------------------------------------
Weighted average diluted number of
 common shares outstanding                  10,249,535          10,725,212
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Earnings per share
  Basic - before discontinued operations         $0.61               $0.11
  Diluted - before discontinued operations       $0.61               $0.11

  Basic - net income                             $0.63               $0.13
  Diluted - net income                           $0.63               $0.13

For the quarters ended July 31, 2009 and July 31, 2008, 259,606 and 266,106 options, respectively, were excluded from the calculation of diluted earnings per share, as the exercise price of these options exceeded the average market price of the Company's common stock during this period and were therefore anti-dilutive.
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