ODESIA Group Inc.

ODESIA Group Inc.

August 29, 2013 08:00 ET

ODESIA Announces Continued Progress With its 2013 Second Quarter Results

MONTREAL, QUEBEC--(Marketwired - Aug. 29, 2013) - ODESIA Group Inc. (TSX VENTURE:ODS), a Canadian Information Technology consulting and solutions company, specialized in Business Intelligence (BI), Business Process Management (BPM) and Big Data Analytics is pleased to announce continued progress with its 2013 second quarter results.

Second Quarter Key Highlights

  • Initiated the negotiation of the July 2013 conversion of a portion of the convertible debenture into shares and the renegotiation of the remainder of the convertible debentures on a long-term basis. The impact of these negotiations will be shown in Q3 2013
  • Delivered a new release of its BPM software EPC 8.0
  • EPC included in Gartner's list of upcoming Operational Intelligence Platforms
  • Streamlined the software-development operations

Second Quarter Financial Highlights

  • Revenues of $3,260,000, an increase of $312,000 or 11% compared to Q2 2012;
  • The 2012 acquisitions made $839,000 of revenue;
  • Gross profit of 23% or $739,000;
  • Operating loss of $341,000 and Net loss of $452,000;

Selected financial information

Income statement

($000's except per share amounts)
For the three-month period
ended June 30,
For the six-month period
ended June 30,
2013 2012 2013 2012
Revenue 3,260 2,948 7,070 5,962
Gross profit 739 978 1,647 1,831
Operating loss (341 ) (133 ) (576 ) (69 )
Net loss (452 ) (172 ) (773 ) (157 )
Basic and diluted net loss per share attributable to shareholders of ODESIA Group Inc. (0.011 ) (0.005 ) (0.020 ) (0.005 )

Statement of financial position

($000's) June 30, 2013
December 31, 2012
Total assets 7,430 7,384
Convertible debentures and long-term debt including short-term portions 1,853 1,858

Additional information on the second quarter ended June 30, 2013

The financial information regarding the first quarter ended June 30, 2013 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


Founded in 1998, ODESIA Group Inc. is a Canadian Information Technology (IT) consulting and solutions company headquartered in Montreal. ODESIA offers solutions in Business Intelligence, Business Process Management and Big Data Analytics. ODESIA's mission is to help its clients improve operations efficiency, enhance process performance and make better business decisions by mastering the right information at the right time and the right place. Website: www.odesia.com

ODESIA is listed on the Toronto Venture exchange under the symbol "ODS".

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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