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Coda Octopus Group, Inc.: Third Quarter 2013 Results


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-09-18 15:42:02 -

Lakeland, FL September 18(th), 2013 - Coda Octopus Group, Inc. (OTC: CDOC.PK)
yesterday announced its unaudited financial results for Q3 fiscal year 2013.

For the nine months ending July 31, 2013, the Group achieved revenues of $17.2m,
up 11% from $15.5m for the comparable period last year, and Net Income of $3.9m
up 12.1% from $3.5m in the previous year. The Group also generated a positive
cash flow from its operating activities of $4.1m in the nine month period.
These results once again show the excellent progress the Group has made under
its restructuring since September 2009.  The full Quarterly Report is available
at  www.otcmarkets.com/stock/CDOC/filings.

Annmarie  Gayle, Group CEO said "These are  another set of good results from the
Group,  again showing  progress in 
all major areas.  Our Selling, General and Administrative Expenditures (SG&A) expenditures are running at around 24% of revenues in the nine month period and is in keeping with our plans. Although our financial performance as a business is susceptible to governmental procurement cycles and seasonal fluctuations we believe with the right strategy over the years we are confident of seeing continued progress the performance of our Group". Company Contact: Geoff Turner,   Executive Director   Email: info@codaoctopusgroup.com 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, USA 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(TM) Echoscope(®) - the first real time 3D subsea 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 Coda Octopus Colmek Systems Engineering, Inc. and Coda Octopus Martech Systems Engineering Ltd, the Coda Octopus Group believes they can become a world leading integrated sonar technology supplier. For further information, please visit www.codaoctopus.com, www.colmek.com, www.martechsystems.co.uk, or www.codaoctopusgroup.com or contact Coda Octopus Group at info@codaoctopusgroup.com. 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. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Coda Octopus Group, Inc. via Thomson Reuters ONE [HUG#1729943]


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