MOSAID Reports Results for Second Quarter Fiscal 2009 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, 2009.

2. Adoption of New Accounting Standards

Effective January 1, 2008 the Company adopted the following new accounting standards issued by the Canadian Institute of Chartered Accountants.

Capital Management

Section 1535, Capital disclosures, requires the Company to disclose information about the Company's objectives, policies and procedures for the management of its capital.

Financial Instruments - Disclosures and Presentation

Section 3862, Financial Instruments - Disclosures, and Section 3863, Financial Instruments - Presentation replace section 3861, Financial Instruments - Disclosure and Presentation. These sections require the disclosure of information with regards to the significance of financial instruments for the Company's financial position and performance and the nature and extent of risks arising from financial instruments to which the Company is exposed during the period and at the balance sheet date, and how the Company manages those risks.

Financial instrument classification is as follows:


Cash and marketable securities               Held-for-trading
Accounts receivable                          Loans and receivables
Derivative assets and liabilities            Held-for-trading
Accounts payable and accrued liabilities     Held-for-trading
Income taxes payable                         Held-for-trading
Long-term liabilities                        Other liabilities

As a result of adoption of the above policies, there was no material impact on the Statement of Operations.

3. Shareholders' equity and other comprehensive income

The following are the changes in shareholders' equity for the six months ended October 31, 2008:


--------------------------------------------------------------------------
                     Common    Common  Contri- Retained  Accumu      Total
                     Shares    shares   buted  earnings   lated         ($)
                    (number)        $ surplus        ($)  other
                                           ($)           compre-
                                                        hensive
                                                         income
                                                             ($)
--------------------------------------------------------------------------
Balance at
 April 30, 2008  10,719,807  $100,403  $2,997   $19,297   ($318)  $122,379
--------------------------------------------------------------------------
Net income                                       (2,067)            (2,067)
--------------------------------------------------------------------------
Dividends                                        (5,228)            (5,228)
--------------------------------------------------------------------------
Employee Stock
 Option Program      14,250       218     (93)                         125
--------------------------------------------------------------------------
Employee Share
 Purchase Program     2,122        42      12                           54
--------------------------------------------------------------------------
Stock-based
 compensation                    (718)    333                         (385)
--------------------------------------------------------------------------
Normal course
 issuer bid        (559,148)   (5,200)           (3,215)            (8,415)
--------------------------------------------------------------------------
Unrealized
 derivative gains
 on cash flow
 hedges - net                                              (798)      (798)
--------------------------------------------------------------------------
Balance at
 October 31,
 2008            10,177,031   $94,745  $3,249    $8,787 ($1,116)  $105,665
--------------------------------------------------------------------------



4. Earnings per Share

The following is a reconciliation of the numerator and denominator of the
basic and diluted per share computations:
                                 Quarter Ended            Six Months Ended
                                    October 31,                 October 31,
                            2008          2007          2008          2007
--------------------------------------------------------------------------

(Loss) income before
 discontinued
 operations              ($3,996)       $4,498       ($2,804)       $8,233
Discontinued
 operations (net of
 tax)                        569           236           737         6,036
--------------------------------------------------------------------------
Net (loss) income        ($3,427)       $4,734       ($2,067)      $14,269
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Weighted average
 number of common
shares outstanding    10,242,692    11,125,425    10,465,510    11,118,138
Net effect of stock
 options                             18,845                          -                28,832              371,637
--------------------------------------------------------------------------
Weighted  average
  diluted  number  of
  common  shares
  outstanding                    10,261,537        11,125,423        10,494,342        11,489,775
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Earnings  per  share
    Basic  -  before
      discontinued
      operations                          ($0.39)                $0.40                ($0.27)                $0.74
    Diluted  -  before
      Discontinued
      operations                          ($0.39)                $0.40                ($0.27)                $0.72

    Basic  -  net  income            ($0.33)                $0.43                ($0.20)                $1.28
    Diluted  -  net  income        ($0.33)                $0.43                ($0.20)                $1.24

 
For the quarters ended October 31, 2008 and October 31, 2007, 269,606 and 289,456 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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