ODESIA Group Inc.

ODESIA Group Inc.

April 26, 2012 07:00 ET

ODESIA Announces its 2011 Year-End Financial Results

MONTREAL, QUEBEC--(Marketwire - April 26, 2012) - ODESIA Group Inc. (TSX VENTURE:ODS), a corporation specialized in delivering business-intelligence solutions ("BI"), decision-process management and business analytics, today announced its financial results for the fourth quarter and year ended December 31st, 2011.

2011 - A turn around year

  • Hired executive employees to positively impact revenue;
  • Hired Mr Richard Brossoit as Senior Vice-President, M&A;
  • Ended unprofitable Mexican operations and focused on profitability;
  • Acquired all of ASA Technologies' mandates in France;
  • Increase profitability in Q4;
  • Expanded board's experience with Mr André P. Brosseau and Vittorio Violo as board members.

2011 Financial Highlights

  • Net earnings of $0.80 million;
  • Basic and diluted net EPS attributable to owners of ODESIA of 2.6 cents;
  • Gross profit of 34% or $3.45 million;
  • Revenues of $10.1 million;
  • Increased working capital by $0.30 million;
  • Increased total equity attributable to the owners of ODESIA by $0.84 million;
  • Discontinued Mexican operations produced net earnings of $0.49 million.

"Following the decision in July 2011 to stop its unprofitable activities in Mexico, the Company has been able to focus on its profitable operations in Canada and in France and increase its profitability in the second semester of 2011" declared Nicolas Bonnafous, President and CEO of ODESIA.

Selected financial information

For the years ended December 31,
('000 except per share amount)
2011 2010
Revenue 10,134 11,864
Gross profit 3,453 4,321
Operating profit 636 1,300
Net earnings (loss) 799 (301 )
Basic and diluted net earnings (loss) per share attributable to owners of ODESIA 0.026 (0.014 )
Comprehensive income (loss) 867 (286 )

Quarterly data (unaudited)

The following table is a summary of certain information on the Company's last four quarters:

('000 except per share amount)
March 31
June 30
September 30
December 31
Revenue 2,359 2,412 2,407 2,956
Net earnings (loss) (22 ) (126 ) 86 861
Basic and diluted net earnings (loss) per share attributable to owners of ODESIA (0.001 ) (0.004 ) 0.002 0.029

Additional information on the fiscal year ended December 31, 2011

These are the company's first annual consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"). The comparative information presented in these financial statements for the year ended December 31, 2010 and its opening statement of financial position at January 1, 2010 (the Company's date of transition) have also been prepared in accordance with IFRS.

The financial information regarding the year ended December 31, 2011 should be read in parallel with the Company's annual consolidated financial statements and MD&A (Management Discussion and Analysis). These documents can be found on www.sedar.com

2012 Strategy

Following a transition plan executed in 2011 ODESIA is now focusing on its growth strategy:

  • Accelerated growth through:
    • Increasing sales & marketing activities;
    • Strategic & profitable acquisitions.
  • Innovation thru introduction of new solutions.

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. ODESIA's mission is to help managers monitor the performance of their business by accessing all relevant information at the right time and the right place. 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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