ODESIA Group Inc.

TSX VENTURE : ODS


ODESIA Group Inc.

April 30, 2014 08:00 ET

ODESIA Announces its 2013 Year-End Financial Results

MONTREAL, QUEBEC--(Marketwired - April 30, 2014) - 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 its financial results for the fourth quarter and year ended December 31, 2013.

2013 - Redeployment of capital into the Canadian Business Intelligence operations

"The sale of two subsidiaries in 2013 presented the opportunity to monetize lower yielding assets and to redeploy capital into our Canadian BI operations," declared Mr. Nicolas Bonnafous, President and CEO of ODESIA.

Fourth Quarter Key Highlights

  • Sold Interfacing for a total consideration of $909,584;
  • Sold ODESIA Europe SAS for a total cash consideration of $1,024,365;

2013 Financial Highlights

  • Revenue of $7,608,000, an increase of $1,691,000 or 29% compared to 2012;
  • Gross profit of 25% or $1,936,000;
  • Operating loss of $430,000 and Net loss of $603,000;
  • Basic and diluted net loss per share attributable to owners of ODESIA of $0.016;
  • Improved consolidated statements of financial position
    • Decreased current liabilities by $2,047,000 and current assets by $1,445,000;
    • Decreased long-term liabilities by $419,000 and long-term assets by 1,630,000 (the decrease in long-term assets mainly comes from the disposition of intangible assets following the sale of Interfacing);
  • Odesia has $683,000 in balance of sale price receivable over the next 20 months; the possibility to monetize this asset is currently being analyzed.

Selected financial information

For the years ended December 31, 2013
$
2012
$
Restated
Revenue 7,608,000 5,917,000
Gross profit 1,936,000 1,914,000
Operating loss (430,000 ) (576,000 )
Net loss (603,000 ) (845,000 )
Basic and diluted net loss per share attributable to shareholders of ODESIA
From continuing operations (0.015 ) (0.023 )
From discontinued operations (0.001 ) (0.003 )
(0.016 ) (0.026 )
Comprehensive income (710,000 ) (845,000 )
December 31, 2013 December 31, 2012
$ $
Total assets 4,309,000 7,384,000
Convertible debentures and long-term debt including short-term portion 546,000 1,858,000

Quarterly data (unaudited)

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

Q1
March 31
$
Q2
June 30
$
Q3
September 30
$
Q4
December 31
$
2013 Restated Restated Restated
Revenue 1,914,000 1,754,000 1,834,000 2,106,000
Net earnings (loss) (320,000 ) (452,000 ) (156,000 ) 325,000
Basic and diluted net earnings (loss) per share attributable to shareholders of ODESIA
From continuing operations (0.005 ) (0.006 ) (0.002 ) (0.003 )
From discontinued operations (0.005 ) (0.005 ) (0.002 ) 0.010
(0.010 ) (0.011 ) (0.004 ) 0.007

Additional information on the fiscal year ended December 31, 2013

The financial information regarding the year ended December 31, 2013 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.

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.

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