ODESIA Reports 26% Increase in Revenue
16 November 2012 - 1:00PM
Marketwired Canada
ODESIA Group Inc. ("ODESIA" or "the Company") (TSX VENTURE:ODS), an
international corporation specialized in Enterprise IT solutions, is pleased to
announce its 2012 third quarter revenue of $3,038,000, a $631,000 (26%) increase
from the same period in 2011.
Q3 results have been fuelled by the successful completion of a new acquisition,
integration efforts and management additions. "Our strategic and development
plan announced in late 2011 is generating significant growth and is confirming
progress in our quest for continued growth and profitability" stated President
and CEO, Nicolas Bonnafous.
Highlights for the third quarter ended September 30, 2012:
-- The Company now operates on an annualized revenue run rate of
approximately $16,000,000 (FY2011 revenues were $10,134,000)
-- Increase of $631,000 or 26% in revenue; from $2,407,000 in Q3 2011 to
$3,038,000 in Q3 2012;
-- Gross profit of $926,000; compared to 868,000 in Q3 2011;
-- Increase in sales & marketing effort, now represents 12% of revenues
compared to 8% in Q3 2011;
-- Net loss of $286,000 compared to net earnings of $86,000 in Q3 2011;
-- Acquisition of Gestion Passerelle Inc.'s completed in mid-September
2012. This acquisition was immediately accretive to earnings and
actually operates on an annual revenue rate of $3,000,000;
-- Significant operational and integration developments post the
Interfacing and Passerelle acquisitions;
-- Increased total equity attributable to the shareholders of ODESIA by
$1,178,000 since December 2011.
Selected financial information
Income statement
For the three-month For the nine-month
period period
($000's except per share ended September 30, ended September 30,
amounts) (unaudited) (unaudited)
2012 2011 2012 2011
----------------------------------------------------------------------------
Revenue 3,038 2,407 9,000 7,177
Gross profit 926 868 2,762 2,278
Operating profit (loss) (259) 167 (327) 216
Net earnings (loss) (286) 86 (443) (62)
Basic and diluted net
earnings (loss) per share
attributable to
shareholders of ODESIA
Group Inc.
From continuing
operations (0.008) 0.002 (0.014) (0.001)
From discontinued
operations - (0.000) - (0.002)
-------------------------------------------------
(0.008) 0.002 (0.014) (0.003)
Statement of financial position
($000's) September 30, December 31,
2012 2011
(unaudited) (audited)
----------------------------------------------------------------------------
Total assets 8,141 4,119
Convertible debentures and long-term debt
including short-term portions 1,886 565
Growth Outlook
The ODESIA senior leadership and operational management team strives to advance
new corporate development initiatives to insure continuous organic growth and is
also dedicated to delivering ongoing results by identifying new acquisition
opportunities. Our team strives to develop the Company into a competitive global
player in the Enterprise IT Service and Software industry, while specializing in
delivering a variety of high value Business Intelligence, Process Management and
Analytics solutions.
Additional information on the third quarter ended September 30, 2012
The financial information regarding the third quarter ended September 30, 2012
should be read in parallel with the Company's consolidated financial statements
and MD&A (Management Discussion and Analysis). These documents can be found on
www.sedar.com as well as the company's website www.odesia.com.
About ODESIA
ODESIA Group Inc. is a global technology solutions provider serving enterprise
level Fortune 500 companies in the financial services, media, and
telecommunications and manufacturing industries. ODESIA's mission is to empower
enterprise level companies with the ability to improve the efficiency of
operations, enhance process performance, productivity and profitability, and
make better overall business decisions by implementing solutions that present
the right information, at the right time, and the right place. ODESIA
specializes in Business Intelligence Services, IT Staffing and Training, BPM
Software distribution and Big Data Analytics, is in the process of an assertive
repositioning strategy to develop into a global player in the Enterprise IT
Service and Software industry.
ODESIA is listed on the Toronto Venture exchange under the symbol "ODS"
For a copy of the latest company presentation, and brochure, please visit us at
www.odesia.com. As the senior executive and general management continue the
acquisition integration process, please visit a) www.passerelle.ca and b)
www.interfacing.ca for more information on ODESIA's newest subsidiaries.
Disclaimer in regards to forward-looking statements
This press release may contain assumptions, estimates, and other forward-looking
statements which reflect ODESIA's current expectationsregarding future events
and may involve risks or uncertainties. Such forward-looking statements involve
inherent risks and uncertainties and are subject to factors, many of which are
beyond the Company's control that may cause actual results or performance to
differ materially from those anticipated in such statements. Actual results
could differ materially from those projected herein. Forward-looking information
is based on the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties and other
factors. The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. ODESIA does not undertake any
obligation to update or revise any forward looking statements to conform such
information to actual results or to changes in expectations except as otherwise
required by applicable securities legislation. Readers are cautioned not to
place undue reliance on forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
ODESIA Group Inc.
Mr. Nicolas Bonnafous
CEO
Tel. 514.876.1155
Email nbonnafous@odesia.com
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