ODESIA presents its 2009 second quarter results



    Cost control measures implemented allows to tackle economic downturn

    MONTREAL, Aug. 28 /CNW Telbec/ - ODESIA Group Inc. ("Odesia")
(TSX-V:ODS), an international corporation specialized in business intelligence
solutions (BI), decision processes and data warehousing announced today its
financial results for the second quarter of 2009.
    ODESIA posted sales of $3,456,999 for the second quarter of its 2009
fiscal year ended June 30, 2009 compared to $4,270,627 in the second quarter
of 2008, a decrease of 19.1%. The net loss for the second quarter of 2009
amounted to $506,052 or ($0.017 per share) compared to a net loss of
$1,198,982 or ($0.043 per share) for the second quarter of 2008, a decrease of
57.8%.
    Commenting on the quarterly results, Mr. Nicolas Bonnafous, President and
Chief Executive Officer of ODESIA, declared: "Despite particularly challenging
business conditions in some of our markets, we continue to make the necessary
steps towards reaching profitability while pursuing our transition from a
consulting model to a value-added business model based on the implementation
of turnkey business solutions. We are pleased with the progress realized in
regards to the implementation of cost reduction measures as well as by the
development of synergies between our Montreal, Paris and Mexico offices."

    
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Selected financial information (non audited)

                              -----------------------------------------------
    For the periods                                      For the six-month
     ended June 30,              Q2/2009     Q2/2008        period ended

    (In dollars, except for      June 30     June 30     June 30     June 30
     the loss per share)            2009        2008        2009        2008
    -------------------------------------------------------------------------
    Sales                      3,456,999   4,270,627   7,453,599   8,506,665
    -------------------------------------------------------------------------
    EBITDA(*)                   (343,390)   (167,771)   (205,955)    (95,701)

    Net loss and comprehensive
     loss                       (506,052) (1,198,982)   (523,196) (1,416,653)
    -------------------------------------------------------------------------
    Basic and diluted net loss
     per share                   ($0.017)    ($0.043)    ($0.018)    ($0.051)
    -------------------------------------------------------------------------

    (*) EBITDA is defined as earnings before amortization of tangible and
        intangible assets, financial expenses, and income taxes


    Additional highlights

    - The Company decreases its quarterly net loss as compared to the
      previous year and reports positive cash-flows relating to operating
      activities of $390,305 as compared to funds used by operating
      activities of $51,392 in the second quarter of last year.

    - ODESIA continues to implement efficiency measures including the
      reorganization of its sales force in Mexico. Overall, the Company is
      pursuing its transition from a consulting model to a value-added
      business model based on the implementation of turnkey business
      solutions.

    - The Company announces after the end of the second quarter a strategic
      partnership with InterTrade allowing for the launch of a new business
      solution to help decision-making for supply chain optimization. This
      agreement will allow for the combination of ODESIA's Business
      Intelligence expertise and InterTrade's network of customers, mostly
      located in the United States.
    

    Additional information on the three month period ending on June 30, 2009

    The financial information regarding the quarter ending June 30, 2009
should be read in parallel with the Company's financial statements and MD&A
(Management Discussion and Analysis) as of August 28, 2009. These documents
can be found on www.sedar.com

    Hiring of an Investor Relations Firm

    The Company announces that it has retained the services of the Investor
Relations Firm Jasmin-Dumais Financial Communications Inc. The contract has an
initial term of six months and provides for total compensation of $19,500.

    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 a complete solution,
no matter the technical challenge. 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. Readers are cautioned against
exaggerated confidence in any information of a prospective nature. ODESIA
rejects any obligation to revise or update the forward-looking statements
contained in this press release.

    
    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.
    
    %SEDAR: 00021845EF




For further information:

For further information: ODESIA Group Inc.: Nicolas Bonnafous, President
and CEO, (514) 876-1155, nbonnafous@odesia.com; Jasmin-Dumais Financial
Communications inc.: Mr. Frédéric Dumais, Partner, (514) 862-1251,
fred@comjamais.com; Mr. Marc Jasmin, Partner, (514) 231-2360,
marc@comjamais.com

Organization Profile

ODESIA GROUP INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890