ODESIA Group Inc.

ODESIA Group Inc.

November 26, 2008 17:41 ET

ODESIA Announces Third Quarter Results for Fiscal 2008: 27% Increase in Revenues with a Positive EBITDA

MONTREAL, QUEBEC--(Marketwire - Nov. 26, 2008) - ODESIA Group Inc. ("ODESIA") (TSX VENTURE:ODS) has announced today its financial results for the quarter ended September 30, 2008.

Financial Highlights for the third quarter of 2008

- During the third quarter ended September 30, 2008 the Company posted revenues of $4,350,000, compared to $3,415,000 for the corresponding quarter in 2007, an increase of $935,000 or 27.4%

- Earnings before amortization of tangible and intangible assets, financial expenses, income taxes and non-controlling interest (EBITDA) are $195,000 for Q3 2008 compared to a loss of $222,000 for the corresponding period one year earlier.

- Net loss of $132,000 for the third quarter of 2008 caused by a $126,000 amortization expense of intangible assets and a $94,000 loss on foreign exchange following the recent fluctuations in the currencies in which ODESIA is operating.

- ODESIA closed a $1,450,000 financing composed of $750,000 in convertible debenture and $700,000 in equity.

Selected financial information

Earnings Three-month period Nine-month period
($000's except per share amounts) ended ended
September 30, September 30,
(unaudited) (unaudited)
2008 2007 2008 2007
Revenues 4,350 3,415 12,857 9,831
Earnings (loss) before amortization
of tangible and intangible assets,
financial expenses, income taxes
and non-controlling interest 195 (222) 99 (95)
Net loss and comprehensive income (132) (195) (1,549) (312)
Basic and diluted loss per share (0.005) (0.008) (0.055) (0.012)

"With the current economic uncertainty, our efforts to streamline our operational expenses in the second quarter continued during the third quarter; and it paid out" said Mr. Nicolas Bonnafous, President and CEO of Group ODESIA Inc. "We have noted that the demand for our regular consultation services is declining, while the demand for our Business Solutions is growing. Fortunately, our repositioning to the Business Solutions activities that started in the second quarter allowed us to take full advantage of these new opportunities. Also, we are better positioned to manage the risk of a reduced demand for our regular consulting services."

Mr. Bonnafous concluded, "The current difficult economic conditions increases demand for data analysis and production of dashboard better suited to rapid changes like the ones we are experiencing these days. With technology partners such as Oracle, Business Objects, and Microsoft, our team enjoys greater scope both in the SME market and in Fortune 500 businesses."


ODESIA is an international corporation specialized in BI solutions, decision processes and date warehousing for large corporations. The management team at ODESIA has extensive knowledge and experience in leading the execution of BI processes in large enterprises. The team of some 200 professionals offers a high level of service and specialization. The company's goal is to provide customers a complete solution, no matter the technical challenge. For more information, see www.ODESIA.com.

Forward-looking statement

This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Readers are cautioned against exaggerated confidence in any information of a prospective nature. ODESIA rejects any obligation to revise or update the forward-looking statements contained in this press release.

The TSX Venture Exchange assumes no responsibility for the relevance or accuracy of this press release.

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