Coda Octopus Group Reports Fiscal 2021 First Quarter Financial Results
Coda Octopus Group reported its fiscal first quarter results for the period ending January 31, 2021. Total revenue was approximately $5.050 million, a 24.4% decrease from $6.681 million in the same period last year. Net profit after taxes fell to $1.129 million or $0.10 per share, compared to $1.347 million or $0.13 per share in the prior year. CEO Annmarie Gayle attributed the decline to the ongoing Coronavirus Pandemic and delays in defense program orders. Despite this, CODA expects revenue growth in its products business and improved performance in its services segment moving forward.
- Product revenues increased in the first fiscal quarter compared to the same period last year.
- The company holds approximately $16.082 million in cash, up from $12.528 million year-over-year.
- Total revenue decreased by 24.4% compared to the prior year.
- Net profit after taxes declined from $1.347 million to $1.129 million year-over-year.
- The services business is expected to be significantly off plan for the first two quarters of the fiscal year.
ORLANDO, FL, March 17, 2021 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its fiscal first quarter ended January 31, 2021.
Annmarie Gayle, CODA’s Chairman and CEO, commented: “Our fiscal first quarter 2021 financial results were adversely impacted by the ongoing Coronavirus Pandemic, which has significantly curtailed our operations since the second quarter of fiscal year 2020. Our financial performance was also affected by delays in anticipated orders associated with the Defense Programs which our Services Business sell into. This is due to delays in approval of the Federal Defense Budget and line-item appropriation expenditures, and the change in Administration. Despite these ongoing challenges, we remain confident in our annualized outlook for both business segments.
“Our quarterly revenues are likely to be uneven and therefore not comparable to previous periods, but we believe with the lifting of restrictions, we can make up ground,” continued Ms. Gayle. “The products business revenues grew in the first fiscal quarter over the comparable period last year, and we believe this trend will continue on an annualized basis. Furthermore, even though the services business is expected to be significantly off plan for the first two quarters of this fiscal year, we believe that on an annualized basis its orders from customers will increase, thereby improving its financial performance.”
Coda Octopus Group reported total revenue of approximately
As of January 31, 2021, CODA had approximately
The Company’s full financial results are available at www.nasdaq.com/symbol/coda/sec-filings.
About Coda Octopus Group, Inc.
The Company, founded in 1994, manufactures and markets patented real-time 3D subsea sonar technology, the Echoscope®, which enables real-time 3D imaging and mapping in zero visibility conditions underwater. Echoscope® is used globally in numerous applications including defense, marine construction, subsea infrastructure installation and surveys, and port and harbor security. In addition to the Marine Products business, Coda Octopus Products Ltd., CODA’s two defense products and engineering services businesses are Coda Octopus Colmek and Coda Octopus Martech. For further information, please visit http://www.codaoctopusgroup.com or contact us at coda@codaoctopusgroup.com.
Forward Looking Statement
This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the ongoing Coronavirus Pandemic, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development, and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2020, filed with the Securities and Exchange Commission on January 28, 2021. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Contact:
MDC Group
Investor Relations:
David Castaneda
Arsen Mugurdumov
414.351.9758
Media Relations:
Susan Roush
805.624.7624
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