CDOC..announced full year audited financial results
Coda Octopus Group Inc.
Financial Results for the Year Ended October 31st 2012.
Lakeland, FL February 4, 2013 - Coda Octopus Group, Inc. (OTC: CDOC.PK) announced today its full
year audited financial results for the year ended October 31, 2012 ("2012 Financial Year").
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For the 2012 Financial Year the Group achieved revenues of $21.1m (up from $15.7m in the previous
year) and Net Income of $4.9m (up from $1.1m. in the previous year). In the 2012 Financial Year
our sales increased by 34% and net income by 349% inwhilst our Selling, General and Administrative
(SG&A) expenditures were reduced by nearly 8%. In the 2012 Financial Year our marine technology
business saw strong increase in the sales of its flagship product, the Echoscope(R). We continue
to believe that this will be a strong contributor to our growth platform in the future.
Annmarie Gayle, Group CEO said "While there is still much work to do, these results continue to
reinforce the good work done by the Company since 2009 when our restructuring exercise started. We
are now looking to invest in our new generation of products and technology that we hope will
continue to drive up our financial performance as a Group"
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group is now headquartered in
Lakeland, Florida. The Group consists of a Marine Products business located in Lakeland, Florida,
Edinburgh, Scotland and Bergen, Norway, and engineering businesses, Coda Octopus Colmek in Salt
Lake City, Utah and Coda Octopus Martech in Weymouth, England. Each of the Group companies are
technology innovators with a particularly high level of sonar expertise. The Group has facilities
in Florida, Utah, the UK and Norway.
Alongside providing custom engineering and development for defense applications, one of the
Group's key products is the Coda Octopus Echoscope(R) - the world's first real time patented 3D
sub-sea sonar. The Echoscope(R) is also at the heart of the Underwater Inspection System(TM),
which is being adopted for homeland security, and other applications in ports around the world.
With this patented revolutionizing sub-sea visualization capability, and the existing systems
integration skills within the Group, the Coda Octopus Group believes it can become a world leading
integrated sonar technology supplier.
For further information, please visit http://www.codaoctopusgroup.com
http://www.codaoctopusgroup.com/ or contact Coda Octopus at info@codaoctopusgroup.com
mailto:info@codaoctopusgroup.com .
http://www.reuters.com/article/2013/02/04/idU...NE20130204
http://www.otcmarkets.com/stock/CDOC/filings
