|By Marketwired .||
|November 16, 2012 08:00 AM EST||
MONTREAL, QUEBEC -- (Marketwire) -- 11/16/12 -- 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
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
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
ODESIA Group Inc.
Mr. Nicolas Bonnafous
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