Net profit improves $2.18M over previous year
MONTREAL, Aug. 30 /CNW Telbec/ - ODESIA Group Inc. ("Odesia")
(TSX-V:ODS), an international corporation specializing in
business-intelligence solutions (BI), decision processes and data
warehousing, is pleased to announce its second quarter 2010 financial
"We are very satisfied with our results for the past year. Over the last
12 months we generated an EBITDA1 of nearly $600,000,
providing a solid foundation to move ahead with our growth plan via
acquisitions discussed at the last annual general meeting" declared Mr.
Nicolas Bonnafous, President and CEO at ODESIA.
2010 Second Quarter Highlights
The Company produced a fourth positive quarter in a row with net
earnings of $10,930 for the second quarter of 2010 compared to a net
loss of $506,052 for the same period in 2009;
The Company has increased its EBITDA1 with earnings of
$118,370 over the second quarter of 2010, compared to a loss of
$343,390 for the second quarter of 2009.
Selected financial information
For the three-month period ended June 30,
Net earnings (loss) and comprehensive income (loss)
Basic net earnings (loss) per share
Diluted net earnings (loss) per share
The last 12 months presented major challenges for Odesia. In spite of
the ongoing challenging market conditions, the Company reacted quickly
and adjusted its expenditures, thereby generating profits quarter after
quarter, for twelve months. Despite a 17% decrease in sales for the last
12 months ended June 30th, 2010, ODESIA generated an EBITDA of $570,499
during the period compared to a deficit of $988,802 for the same period
ended June 30th, 2009. Net profit for the last twelve months was $66,687
compared to a loss of $2,113,778 for the same period last year.
On August 10th 2010, ODESIA announced a partnership with FGT to
accelerate its development. This three-year agreement will allow ODESIA
to strengthen its team of management professionals and to integrate
FGT's project management method into its Canadian operations.
Additional information on the three-month period ended June 30, 2010
The financial information regarding the quarter ended June 30, 2010
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 Group Inc.
ODESIA is an international corporation specialized in
business-intelligence (BI) solutions, decision processes and data
warehousing for large corporations. The Company's goal is to provide
customers with a complete solution, regardless of the technical
challenges involved. 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. The
forward-looking statements involve risks and 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.
1EBITDA is defined as earnings before amortization of
tangible and intangible assets, financial expenses and foreign exchange,
and income taxes
SOURCE ODESIA GROUP INC.
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