ODESIA Group Inc.

TSX VENTURE : ODS


ODESIA Group Inc.

August 29, 2014 12:05 ET

ODESIA Announces Results for the Second Quarter of Fiscal 2014

MONTREAL, QUEBEC--(Marketwired - Aug. 29, 2014) - ODESIA Group Inc. (TSX VENTURE:ODS), a Canadian IT consulting and solutions company, specialized in BI and Big Data solutions is pleased to announce its 2014 second quarter financial results.

Q2-2014 Key Highlights

  • Signed agreements and service contracts with 5 new customers;
  • Completion of operational expenses down-sizing; full effect expected in third quarter;
  • $3,200,000 of orders on hand;
  • Credit Margins renewed for one year with similar conditions;
  • Revenues of $1,685,006, a decrease of $69,051 or 4% compared to Q2 2013;
  • Gross profit of 17% or $283,134;
  • Operating loss of $200,366 and net loss of $220,029;

Selected financial information

Income statement

($000's except per share amounts) For the second quarter
ended June 30,
(unaudited)
For the six month period
ended June 30,
(unaudited)
2014 2013
Restated
2014 2013
Restated
Revenue 1,685 1,754 3,430 3,668
Gross profit 283 409 667 907
Operating loss (200 ) (133 ) (370 ) (209 )
Net loss (220 ) (452 ) (407 ) (773 )
Basic and diluted net loss per share (0.005 ) (0.010 ) (0.010 ) (0.019 )

Statement of financial position

($000's) June 30, 2014
(unaudited)
December 31, 2013
(audited)
Total assets 3,640 4,309
Convertible debentures and long-term debt including short-term portion 373 546

The financial information regarding the second quarter ended June 30, 2014 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.

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