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November 25, 2009

Odesia Q3 sales decreases to $3.2m

Posts net earnings of $23,971, compared to net loss of $132,077 in same period last year

By CBR Staff Writer

Odesia, a provider of business intelligence offerings, decision processes and data warehousing, has reported sales of $3.2m for the third quarter of 2009, compared to $4.4m for the same period last year.

Net earnings realised for the third quarter of 2009 amounted to $23,971 or $0.001 per share, compared to a net loss of $132,077 or $0.005 per share for the third quarter of 2008, representing the first profitable quarter since December 2006.

The operating cash flows were $50,722 in the third quarter of 2009 and $206,375 for the first nine months of its fiscal year.

For the first nine months, the company posted sales of $10.67m, compared to $12.86m in the same period last year. Net loss was $499,225 or $0.017 per share, compared to $1.55m or $0.055 per share in the same period last year.

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Nicolas Bonnafous, president and CEO of Odesia, said: Our performance in the third quarter of 2009 clearly demonstrates our capacity to adjust our cost structure to our revenues, and reflects the effectiveness of the company’s recently implemented cost-control measures.

“Despite the severe economic downturn affecting several markets, we have restored profitability and are now better positioned to transition from a consulting model to a value-added business model featuring turnkey business solutions.”

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