ODESIA Group Inc.
TSX VENTURE : ODS

ODESIA Group Inc.

November 29, 2013 08:00 ET

ODESIA Announces Continued Progress With its 2013 Third Quarter Results

MONTREAL, QUEBEC--(Marketwired - Nov. 29, 2013) - ODESIA Group Inc. ("ODESIA" or the "Company") (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 third quarter results.

"Q3 was a solid quarter with good margins and a continued focus on reducing operational costs" said Nicolas Bonnafous, Chief Executive Officer of ODESIA.

To access the financial results and MD&A - click here

Third Quarter Key Highlights

  • New contracts wins, lead to a forecasted growth of ODESIA's core business (BI Consulting) in the upcoming quarter;
  • ODESIA continued to deliver on its rationalization program with favorable impact on results;
  • Continuous focus on strengthening the balance sheet led to the reduction of the Company's debt following the conversion of a portion of the convertible debentures into shares;
  • Improved working capital ratio following the renegotiation of the remainder of the convertible debentures on a long-term basis.

Third Quarter Financial Highlights

  • Revenue of $3,349,000, an increase of $311,000 or 10% compared to Q3 2012;
  • Gross profit of 27% or $914,000 compared to 30% or $917,000 in Q3 2012;
  • Reduction of operating loss from $259,000 in Q3 2102 to $35,000 in Q3 2013;
  • Reduction of net loss from $292,000 in Q3 2012 to $156,000 in Q3 2013.

Selected financial information

Income statement



($000's except per share amounts)
For the three-month period
ended September 30,
(unaudited)
For the nine-month period
ended September 30,
(unaudited)
2013 2012 2013 2012
Revenue 3,349 3,038 10,419 9,000
Gross profit 914 917 2,560 2,748
Operating loss (35 ) (259 ) (611 ) (327 )
Net loss (156 ) (292 ) (929 ) (449 )
Basic and diluted net loss per share attributable to shareholders of ODESIA Group Inc. (0.004 ) (0.008 ) (0.024 ) (0.015 )

Statement of financial position

($000's) September 30, 2013
(unaudited)
December 31, 2012
(audited)
Total assets 7,400 7,384
Convertible debentures and long-term debt including short-term portions 1,679 1,858

Additional information on the third quarter ended September 30, 2013

The financial information regarding the third quarter ended September 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

About ODESIA

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.

Contact Information