LAKELAND, FL -- (Marketwire) -- 06/18/12 -- Coda Octopus Group, Inc. (PINKSHEETS: CDOC) announced last Friday its unaudited financial results for Q2 fiscal year 2012 following completion of the first phase of the restructuring of the Group over the previous two years.
For the six months ending April 30th 2012, the Group achieved revenues of $9.6m, up from $6.8m for the previous year, and Net Income of $1.38m versus a Net Loss of $463k in the previous year. Another significant milestone for the Group is that it has recorded positive cash flow of $577k from its operations over the same period. The full Quarterly Report is available at www.otcmarkets.com (PINKSHEETS: CDOC).
Annmarie Gayle, Group CEO, said, "These results underline that the restructuring strategy which the new management embarked upon in 2009 was the right one for the Group. Under this strategy we reduced our Selling, General and Administrative Expenditure (SG&A) costs significantly (from $11.2m in 2009 to $5.3m in 2011, and $2.4m in the current year to date), and during which time we have also advanced our innovative patented technology on which our 3D sonar products including the Echoscope® and UIS are based. Our continuation on this path will yield the right results for our stakeholders and the Group as a whole.
"We look forward in the latter parts of this fiscal year and into next year to the positive effects on our future results of the new products we recently announced, notably our Dimension® ROV (Remotely Operated Vehicle) targeted real-time visualization sonar with ROV integration capabilities, and the F170 family of positioning units."
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 in Florida and Edinburgh, Scotland, and engineering businesses in Utah and 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, and oil and gas, companies, one of the Group's key products is the Coda Echoscope® - the first real time 3D sub sea sonar. The Echoscope® is also at the heart of the Underwater Inspection System 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 Colmek Systems Engineering, Inc and Martech Systems Engineering Ltd, the Coda Octopus Group believes they can become a world leading integrated sonar technology supplier.
Safe Harbor Statement:
This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Coda Octopus Group plans, expects, should, believes, anticipates or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in registration statement on Form SB-2 and include, but are not limited to, market acceptance of Coda Octopus' planned products and their level of sales, access to the capital necessary to finance and grow the business, a highly competitive environment in the security field that includes numerous large and well established companies much larger than ours, and our ability successfully to deploy our technologies and products to meet the technical demands and market requirements of our customers. These forward-looking statements are only made as of the date of this press release and Coda Octopus Group does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Director and Group Officer