CDOC News Coda Octopus Group, Inc. First Quarter Results

2012-03-27 09:18 ET - News Release

LAKELAND, FL -- (Marketwire) -- 03/27/12

Coda Octopus Group, Inc. (PINKSHEETS: CDOC) announced today its unaudited financial results for Q1 fiscal year 2012 following completion of the first phase of the restructuring of the Group over the previous two years.

For the three months ending January 31st, 2012, the Group achieved revenues of $4.1m, up from $3.6m for the previous year, and Net Income of $436k versus a Net Loss of $469k in the previous year. The full Quarterly Report is available at www.otcmarkets.com (symbol - CDOC).

These results benefit from the restructuring that was started in 2009, under which our Selling, General and Administrative Expenditure (SG&A) costs were brought down significantly (from $11.2m in 2009 to $5.3m in 2011), and during which time we have also advanced our innovative technology. These steps along with an increasing demand for our real time 3D sonar product, the Echoscope®, and the Underwater Inspection System (UIS?), where we have maintained our margins, have been key in bringing the Company to this improved level of performance.

The management feels that the Group is now in the final phase of its restructuring and hopes that with its completion the Group will be able to consolidate this recent profitability over the rest of 2012 and grow the business based around its leading patented real-time 3D sonar technology, the Echoscope®.