ODESIA Group Inc.
TSX VENTURE : ODS

ODESIA Group Inc.

November 25, 2014 08:00 ET

ODESIA Announces Results for the Third Quarter of Fiscal 2014

MONTREAL, QUEBEC--(Marketwired - Nov. 25, 2014) - ODESIA Group Inc. (TSX VENTURE:ODS), a Canadian IT consulting company, is pleased to announce its 2014 third quarter financial results.

"Our company is now well positioned to respond to growing demand for BI and Big Data expertise. Our head-office is now well relocated for our business, the company's reorganisation is now completed, and customer's number of BI projects are rising" mentioned Nicolas Bonnafous, CEO of ODESIA.

Q3-2014 Key Highlights

  • Revenues of $1,521,643, a decrease of $312,603 or 17% compared to Q3 2013;
  • Gross profit of 20% or $305,473;
  • Completion of operational expenses down sized 54% to $142,000 from $313,000;
  • Operating loss of $12,000, from a loss of $45,000 in Q3 2013;
  • Net loss of $28,018, from a loss of $156,000 in Q3 2013;
  • Reduction of long term debt to $311,000 from $546,000 in Q3 2013;
  • Trailing twelve-month revenues of $7,057,000 and $2,200,000 of orders on hand;
  • ODESIA announced that it was focusing its growth efforts in higher-margin Analytics market mainly in the finance, insurance and retail sector.
  • ODESIA finalized its head-office relocation project and secured a 3-years lease agreement in a Downtown Montreal building, staying close to 90% of its clientele.

Selected financial information

Income statement



($000's except per share amounts)
For the third quarter
ended September 30,
(unaudited)
For the nine-month period
ended September 30,
(unaudited)
2014 2013
Restated
2014 2013
Restated
Revenue 1,522 1,834 4,951 5,503
Gross profit 305 444 972 1,351
Operating loss (12 ) (45 ) (382 ) (229 )
Net loss (28 ) (156 ) (435 ) (929 )
Basic and diluted net loss per share (0.001 ) (0.002 ) (0.011 ) (0.024 )

Statement of financial position

($000's) September 30, 2014
(unaudited)
December 31, 2013
(audited)
Total assets 3,697 4,309
Convertible debentures and long-term debt including the short-term portion 311 546

The financial information regarding the third quarter ended September 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 that 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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