ODESIA Group Inc.

ODESIA Group Inc.

August 26, 2011 08:00 ET

ODESIA Announces 2011 Second Quarter Results

MONTREAL, QUEBEC--(Marketwire - Aug. 26, 2011) - ODESIA Group Inc. ("ODESIA" or "the Company") (TSX VENTURE:ODS), an international corporation specialized in delivering business-intelligence solutions ("BI"), decision-process management and analytics, is pleased to announce its 2011 second quarter results.

Nicolas Bonnafous, Odesia's President and Chief Executive Officer, declared: "As evidenced by recent results, we continue to be impacted by a general business malaise and challenges specific to countries where we carry out business. Following our recent decision to exit the Mexican market, however, our team is now re-dedicated to implementing solutions to improve operations and profitability without compromising our high quality services, an Odesia trademark. We will focus on the countries where Odesia has achieved profitable results."

Second quarter 2011 Highlights

  • Sales of the Company decreased $791,000 or 24%, from $3,265,000 in Q2 2010 to $2,474,000 in Q2 2011;
  • To stimulate sales three executive positions have been filled in Montreal. Mr. Claude Poitras, Mr. Eduard Modol and Mr. Carl Rioux's primary focus will be to increase sales in Canada.
  • ODESIA realized a gross profit of 28% or $696,000 in Q2 2011 compared to a gross profit of 30% or $965,000 in Q2 2010;
  • The Company generated an operating loss of $73,000 representing a decrease of $179,000 or 169% compared to the operating profit of $106,000 realized during the same quarter last year; and
  • ODESIA realized a net loss of $126,000 compared to a net loss of $2,000 during the same period last year.

Selected financial information ($000's except per share amounts)

For the three-month period
ended June 30,
For the six-month period
ended June 30,
2011 2010 2011 2010
Sales 2,474 3,265 4,934 6,612
Gross profit 696 965 1,492 1,991
Operating profit (loss) (73 ) 106 (26 ) 279
Net earnings (loss) (126 ) (2 ) (148 ) 4
Basic and diluted net earnings (loss) per share attributable to owners of ODESIA (0.004 ) (0.001 ) (0.005 ) (0.001 )

Additional information on the second quarter ended June 30, 2011

The financial information regarding the second quarter ended June 30, 2011 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

About ODESIA Group Inc.

ODESIA is an international corporation specialized in business-intelligence (BI) solutions, decision-process management and business analytics for large corporations. The Company provides customers with a complete solution, regardless of technical challenges involved. For more information visit us at www.odesia.com

Disclaimer in regards to forward-looking statements

This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events and may involve risks or uncertainties. Actual results could differ materially from those projected herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information