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 results.

"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,
Sales 3,265,305 3,456,999
EBITDA1 118,370 (343,390)
Net earnings (loss) and comprehensive income (loss)       10,930 (506,052)
Basic net earnings (loss) per share 0.000 (0.017)
Diluted net earnings (loss) per share 0.000 (0.017)

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


For further information: For further information:

ODESIA Group Inc.
Mr. Nicolas Bonnafous, President and CEO    
Tel. 514.876.1155
Groupe évolution inc.
Mr. Sylvain Archambault, President
Tel. 1.866.703.4887

Organization Profile


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