Odesia Announces Increase in Revenue for the First Quarter of Fiscal 2012
29 Mayo 2012 - 7:00AM
Marketwired Canada
ODESIA Group Inc. ("ODESIA" or "the Company") (TSX VENTURE:ODS), a corporation
specialized in delivering business-intelligence and decision-process solutions
today announced its 2012 first quarter financial results.
Highlights for the first quarter ended March 31st, 2012
-- Increase in revenue of 28% from $2,359,000 in Q1 2011 to $3,013,000 in
Q1 2012;
-- Invested in stronger sales and marketing team in Canada and France;
-- Implemented a new acquisition program directed by Richard Brossoit
-- resulted in a first acquisition, Interfacing, in early May 2012;
-- Hired contractual resources to support revenue growth;
-- Net earnings of $15,000 compared to a net loss of $22,000 in Q1 2011;
-- Vittorio Violo was nominated director of the Company;
"We are pleased that our sales strategy has generated organic growth. We have
also put more efforts communicating our Unified Business Intelligence concept,
thus reaching more Business partners for ODESIA. Our acquisition program is also
progressing well with the conclusion in May of a first acquisition under our new
acquisition program. We expect that these concerted efforts will continue to
generate growth for Odesia" declared Nicolas Bonnafous, President and CEO of
ODESIA.
Selected financial information
Income statement
For the first quarter
ended March 31,
($000's except per share amounts) (unaudited)
2012 2011
----------------------------------------------------------------------------
Revenue 3,013 2,359
Gross profit 852 745
Operating profit 64 108
Net earnings (loss) 15 (22)
Basic and diluted net earnings (loss) per share
attributable to owners of ODESIA 0.000 (0.001)
Statement of financial position
($000's) December 31,
March 31, 2012 2011
(unaudited) (audited)
----------------------------------------------------------------------------
Current Assets 3,824 3,485
Current liabilities 3,156 2,834
Total assets 4,454 4,119
Convertible debentures including short-term
portion 561 565
The financial information regarding the first quarter ended March 31, 2012
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
Post-reporting date events
On May 10th 2012, ODESIA acquired all issued and outstanding shares of
privately-held Interfacing Technologies Corporation ("Interfacing"), a Business
Process Management ("BPM") software company, for an estimated amount of
$1,250,000 in cash and the issuance of 4,000,000 shares of ODESIA. The purchase
price is subject to an adjustment based on the net tangible assets remaining in
Interfacing following the audit of Interfacing's figures as at April 30, 2012.
The estimated purchase price is the following:
Estimated cash $1,250,000
ODESIA's common shares (4,000,000 x $0.22)(1): $880,000
----------------------------------------------------------------------------
Estimated purchase price: $2,130,000
(1) Based on the closing price of the Company's stock on the TSX Venture
Exchange on the transaction day. The common shares have been issued on
the transaction day and are in escrow for 24 months with partial
releases on a straight line basis every 6 months.
The $1,250,000 in cash is expected to be paid following the calendar below:
Paid on the transaction day $400,000
2012 $100,000
2013 $200,000
2014 $550,000
--------------------------------------------------------
$1,250,000
Based on its internal financial projections and the estimated working capital
delivered by Interfacing on the transaction closing, ODESIA expects cash flows
from Interfacing's operations to be sufficient to meet the future liquidity
needs shown in the table above.
About ODESIA Group Inc.
ODESIA is an international corporation specialized in business-intelligence and
decision-process solutions for large and medium-sized companies. ODESIA's
mission is to help managers monitor the performance of their business by
accessing all relevant information at the right time and the right place. 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 and may involve risks or
uncertainties. Actual results could differ materially from those projected
herein.
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