MONTREAL, QUEBEC--(Marketwired - Apr 30, 2015) - ODESIA Group Inc. (TSX VENTURE:ODS), a Canadian Information Technology consulting and solutions company, specialized in Business Intelligence (BI), Business and Big Data Analytics is pleased to announce its financial results for the fourth quarter and year ended December 31, 2014.

Q4-2014 Key Highlights

  • Revenues of $1,468,000, a decrease of $638,000 or 30% compared to Q4 2013;
  • Gross profit of 21% or $302,000, from 25% or $586,000 in Q4 2013.
  • Operating loss of $77,000, before non-recurring expenses, from a loss of $131,000 in Q4 2013;
  • Non-recurring expenses of $328,000 and write-off of $191,000 in deferred income tax due to variation of unrecognized tax benefits occurred in Q4;
  • Continued operational reduction of administration expenses to $200,000 from $396,000 or 50% in Q4 2013;
  • Research and development expenses decreased to $19,000 from $152,000 or 87% in Q4 2013;
  • Net loss of $612,000, from earnings of $325,000 in Q4 2013.

2014 Financial Highlights

  • Revenue of $6,419,000, a decrease of $1,188,000 or 16% compared to 2013;
  • Gross profit of 20% or $1,274,000;
  • Operating loss of $458,000 before non-recurring expenses and Net loss of $1,047,000;
  • Basic and diluted net loss per share attributable to owners of ODESIA of $0.026;
  • Reduction of long term debt to $123,000 from $175,000 in 2013;
  • Completion of operational expenses down sized 44% to $828,000 from $1,490,000;
Selected financial information
For the years ended December 31,20142013
$$
Revenue6,419,0007,608,000
Gross profit1,274,0001,936,000
Operating loss(786,000)(430,000)
Net loss(1,047,000)(603,000)
Basic and diluted net loss per share attributable to shareholders of ODESIA
From continuing operations(0.026)(0.015)
From discontinued operations(0.001)
(0.026)(0.016)
Comprehensive income(1,047,000)(710,000)
December 31, 2014December 31, 2013
$$
Total assets3,242,0004,309,000
Convertible debentures and long-term debt including short-term portion303,000546,000

Quarterly data (unaudited)

The following table is a summary of certain information on the Company's last four quarters:

Q1 Q2 Q3 Q4
March 31 June 30 September 30 December 31
2014 $ $ $ $
Revenue 1,745,000 1,685,000 1,521,000 1,467,000
Net earnings (loss) (187,000 ) (220,000 ) (28,000 ) (612,000 )
Basic and diluted net earnings (loss) per share attributable to shareholders of ODESIA
From continuing operations (0.005 ) (0.005 ) (0.001 ) (0.015 )

Additional information on the fiscal year ended December 31, 2014

The financial information regarding the year ended December 31, 2014 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

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 which 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.