Odesia Group Inc.

Odesia Group Inc.

November 23, 2011 08:00 ET

ODESIA Announces 2011 Third Quarter Results

MONTREAL, QUEBEC--(Marketwire - Nov. 23, 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 business analytics, is pleased to announce its 2011 third quarter results.

"During the last quarter we have invested in ourselves to make sure ODESIA is better positioned in the BI market. Thanks to our new representatives and promotional efforts, we have won new customers such as TVA, AVEOS, SNCF, Lafarge and Bouygues Telecom" declared Nicolas Bonnafous, ODESIA's President and Chief Executive Officer.

Third quarter 2011 Highlights

  • Sales of the Company decreased by $297,000 or 11%, from $2,704,000 in Q3 2010 to $2,407,000 in Q3 2011.
  • ODESIA decided to cease activities in Mexico following a strategic review of available options regarding its Mexican subsidiaries.
  • ODESIA realized an improved gross profit of 36% or $855,000 in Q3 2011 compared to a gross profit of 29% or $781,000 in Q3 2010.
  • The Company realized an operating profit of $167,000, an increase of $16,000, or 11% from the operating profit of $151,000 realized during the same quarter last year.
  • ODESIA realized net earnings of $86,000 compared to $174,000 during the same period last year.

Selected financial information Selected financial information

Income statement

($000's except per share amounts)
For the three-month period
ended September 30,
For the nine-month period
ended September 30,
2011 2010 2011 2010
Sales 2,407 2,704 7,177 8,922
Gross profit 855 781 2,283 2,622
Operating profit 167 151 216 540
Net earnings (loss) 86 174 (62 ) 177
Basic and diluted net earnings (loss) per share attributable to owners of ODESIA 0.002 0.005 (0.003 ) 0.005

Statement of financial position

($000's) September 30,
December 31,
January 1,
Total assets 4,326 4,824 5,317
Convertible debentures and long-term debt including short-term portions 864 847 847

Additional information on the third quarter ended September 30, 2011

The financial information regarding the third quarter ended September 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 and medium-sized companies. 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.

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