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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").
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% whilst 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®. 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® - the world`s first real time patented 3D sub-sea sonar. The Echoscope® 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.
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 but all statements other than of historical fact could be deemed forward-looking statements. Stockholders, potential investors and other readers are cautioned not to place undue reliance on these forward-looking statements that are predictions and opinions based only on current information as of the date of this press release 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.