LAKELAND, FL, June 15, 2016 - Coda Octopus Group, Inc. (CODA) (OTC: CDOC.PK) announced its unaudited financial results for the fiscal second quarter ended April 30, 2016.
CODA reported total revenue of $5.746 million for the three months ended April 30, 2016 compared to $5.222 million for the three months ended April 30, 2015. The Company reported net income of $1.583 million for its fiscal second quarter 2016 compared to approximately $546,000 for the comparable quarter of 2015. Operating expenses for the fiscal second quarter were $1.791 million compared to $2.407 million for the comparable quarter of 2015.
For the six months ended April 30, 2016 CODA achieved revenues of $10.522 million, up from $9.583 million for the first half of fiscal year 2015, and net income of $1.872 million, up from approximately $815,000 for the first half of 2015. In the first half of the 2016 fiscal year, beginning November 1, 2015, revenues increased by 9.8% and net income increased by 129.7%, compared to the first half of fiscal year 2015. Total operating expenses for the first half of fiscal year 2016 compared to the first half of fiscal year 2015 were reduced by 15.4%, from $4.228 million to $3.578 million. The Company's quarterly reports and Fiscal Year 2015 Annual Report are available at http://www.otcmarkets.com/stock/CDOC/filings.
Annmarie Gayle, CODA's CEO commented: "These first half results show a continuation of the solid progress made by the Group over recent years, with strong achievements in profitability and in our balance sheet as a whole. Additionally, we are pleased that key indicators in our latest balance sheet include stockholders' equity that reached $8.9 million on April 30, 2016, compared to $4.3 million on October 31, 2015.
"We believe that the fundamentals are firmly in place for our operating business segments to continue to grow. Although our products business is still affected by the contraction in oil and gas expenditures, we maintain and improve our position in alternative markets for our industry-leading real-time 3D sub-sea sonar technology. We are also expanding our product sets to include new offerings to our markets. In addition, our engineering service business is looking forward to another strong year of continued growth from both existing and new defense programs that it supports."
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group's patented real-time 3D subsea sonar technology, Echoscope®, enables real-time 3D imaging and mapping in zero visibility conditions underwater, and is used globally in numerous applications including defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security. For further information, please visit http://www.codaoctopusgroup.com or contact Coda Octopus 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.
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