tiedyed1
2 years ago
September 14, 2022 - Fiscal Third Quarter Revenue Increased 8% Year-Over-Year
- Company Remained Profitable with Net Income of $1.8 Million, or $0.16 per Share
- Material Progress Made in Key Markets for Growth of both Echoscope® and DAVD
ORLANDO, FL, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its third quarter (“TQ2022”) and nine months (“YTD 2022”) ended July 31, 2022.
Annmarie Gayle, CODA’s Chairman and CEO, commented: “I am very pleased with our TQ2022 results as we grew revenue and net income over the same period a year ago while making further progress in penetrating markets which are key for our growth strategy around Echoscope PIPE® and our Diver Augmented Vision Display System (“DAVD”).
In the TQ2022, a significant portion of our sales were generated from our real time imaging sonar, Echoscope PIPE®, to US Prime Defense Contractors for integration into their new generation of underwater vehicle programs that are currently being designed. This is supportive of our business development strategy to increase sales of our real time imaging sonar, the Echoscope®, into defense programs around the world. We expect this success to pave the way for multiple sales into these programs with long term recurring revenues. In addition, the new generation of underwater vehicles that are currently being developed increases the market opportunity to have our technology embedded into these new programs, realize multiple sales of the technology and increase our market share.
We have also made solid progress on our new diving management system, DAVD. Specifically, we have started to supply GEN 3 DAVD systems to the Navy and are currently delivering DAVD GEN 3 upgrades for GEN 2. We also have a US-based marine engineering provider already using the DAVD system and the Echoscope® in a commercial diving project. Looking ahead, we will be demonstrating the DAVD to the UK Ministry of Defence in October 2022 and expect adoption of the DAVD system from multiple customers later this calendar year including foreign navies as well as several construction and offshore service providers that operate in the commercial diving sector. Lastly, we are currently customizing the DAVD technology for the single largest potential adopter of the DAVD and anticipate having prototypes for this particular US defense customer by the end our fiscal year, October 31, 2022.
Finally, our Services Business had a solid improvement in performance with TQ2022 revenue increasing 14.2% over the same period a year ago. Recall, last two quarters we had a slower pace of orders that contributed to this part of our business realizing a loss, so we are pleased to see the performance return to more normalized levels, as we expected.”
Coda Octopus Group reported total revenue of approximately $6.27 million for the TQ2022, compared to $5.83 million for the comparable TQ2021 period, representing an increase of 7.6%. The Company reported net profit before taxes of approximately $2.04 million for the TQ2022, compared to $1.32 million for the comparable TQ2021 period. Net profit after taxes was $1.77 million or $0.16 per share for the TQ2022, compared to $1.52 million or $0.14 per share, in the comparable TQ2021 period.
Net income before tax as a percentage of revenues in the TQ2022 was 32.5%. Research and Development expenditures for the TQ2022 were $0.58 million compared to $0.68 million in the TQ2021 period representing a decrease of 14.7%. Selling, General & Administrative Expenses (SG&A) for the TQ2022 were $1.96 million, compared to $2.21 million for the TQ2021 period, representing a decrease of 11.3%.
For the YTD2022 the Company reported total revenue of approximately $17.09 million compared to $16.25 million for the comparable prior year (YTD2021) period, representing an increase of 5.2%. The Company reported net income before taxes of approximately $3.98 million for the YTD2022, compared to $4.26 million for the comparable YTD2021 period, representing a reduction of 6.6%. Net profit after taxes was $3.60 million or $0.33 per share for the YTD2022, compared to $4.86 million or $0.45 per share, in the comparable YTD2021 period. Note results in the YTD2021 period included a $0.65 million one-time benefit related to funding from the Payroll Protection Program. In addition, net income was impacted in the YTD2022 period due to a higher tax rate resulting from the Company having consumed its net operating losses with the effective tax rate in the YTD2022 period of 9.6% compared to (14.2) % in the YTD2021 period.
Net profit before tax as a percentage of revenues for the YTD2022 was 23.3%, compared to 26.2% in the comparable YTD2021 period. Research and Development expenditures for the YTD2022 were $1.77 million, a decrease of 6.8%, compared to $1.90 million, for the comparable YTD2021 period. SG&A for the YTD2022 were $6.12 million, compared to $5.82 million for the comparable YTD2021 period, an increase of 5.2%.
As of July 31, 2022, CODA had approximately $21.37 million of cash on hand and has repaid in full its HSBC Debenture. This compares to $17.75 million of cash on hand and approximately $0.06 million outstanding on the HSBC Debenture on October 31, 2021.
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, innovates, develops, manufactures, and markets subsea products (software and hardware) including its flagship real-time 3D, 4D,5D and 6D underwater imaging sonar technology, marketed under the name “Echoscope®” and Echoscope PIPE® and also it recently launched Diver Augmented Vision System (“DAVD”). This sonar technology generates real-time 3D, 4D, 5D and 6D imaging and mapping underwater. Echoscope® is used globally in numerous applications including the commercial and defense underwater market. Applications for the Echoscope® technology includes underwater mapping, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, decommissioning, diving applications and port and harbor security. In addition to the Marine Products business, Coda Octopus Products Ltd., CODA’s two defense 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 revenues. 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. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify 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 real time 3D, 4D, 5D and 6D underwater sonar technology solutions; changes in the volume or timing of previously delayed defense orders, and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2021, filed with the Securities and Exchange Commission on February 14, 2022. 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:
Cody Slach or Jeff Grampp, CFA
Gateway Group, Inc.
(949) 574-3860
CODA@GatewayIR.com
tiedyed1
3 years ago
Coda Octopus Group Reports Financial Results for the 2022 First Quarter
6:05 am ET March 16, 2022 (Globe Newswire)
Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its first quarter ended January 31, 2022 ("FQ2022").
Annmarie Gayle, CODA's Chairman and CEO, commented: "I am very pleased that our financial results for the FQ2022 improved over the comparable period last year ("FQ2021"). In the Products Business we continue to see strong interest in both the Echoscope PIPE and DAVD. We believe that in this fiscal year we will start seeing adoption of the DAVD in foreign navies and the commercial diving market. Our Services Business is still experiencing delays in receiving orders under defense acquisition programs. However, we believe that with the recent approval of the US Defense Budget and with the ongoing conflict in Ukraine, increased defense spending is likely in the near future, both in the USA and the UK where our Services Businesses are based. Accordingly, we are seeing an increase in the level of inquiries as they relate to defense acquisition programs including inquiries for Coda Octopus Martech Decontamination Systems ("CDU") that are used for decontaminating fighter pilots' headset which may have been exposed to chemical weapons. The CDU forms part of the ground fleet equipment list of the Eurofighter aircraft.
We remain concerned, however, about the ongoing disruption in the components supply chain which may impact on our ability to fulfil any such orders. This uncertainty around lead times for components may affect the pace at which we can convert and thus recognize any new orders as revenues.
Despite these anticipated delays and the continued challenges with COVID-19, at this time, we do not intend to materially revise the broad outline of our 2022 revenue targets previously published (see our Form 8-K filed with the SEC on October 4, 2021). This, of course, assumes that there will not be a global recession due to geo-political issues and inflationary pressures in world's largest economies and that the Ukraine conflict and COVID-19 Pandemic are contained.
In addition, I am also pleased to report that in December 2021, we reached a critical milestone by repaying the HSBC NA Loan in full. This loan formed part of the debt obligation which existed during our restructuring of the Group. We are very pleased to have arrived at the point where our assets are completely unleveraged. We also note that with the exhaustion of our carry-forward net operating losses, in the fiscal year 2022 we anticipate that we will be paying additional corporation taxes which will have an effect on our Net Income.
Finally, we anticipate bolstering our management team in the fiscal year 2022 with a focus on complementing our management with business development and marketing resource. We also expect our current CFO, who has held this position for over 12 years to retire in this fiscal year and we will be bringing on board in the next 30 to 60 days, a new CFO. Alongside the financial responsibilities of the Group, we anticipate the new CFO will be actively leading our investor relations program and earnings call and future M&A strategy"
Coda Octopus Group reported total revenue of approximately $5.84 million for FQ2022, compared to $5.05 million for the FQ2021, representing an increase of 15.6%. The Company reported net profit before taxes of approximately $1.44 million for FQ2022, compared to a net profit before taxes of $996k, for the comparable FQ2021 period. Net profit after taxes was $1.22 million for FQ2022, or $0.11 per share, compared to a net profit after tax of $1.13 million, or $0.10 per share, in the FQ2021 period. Net profit before tax as a percentage of revenues in FQ2022 was 24.7% compared to 19.7% for the comparable prior year period. Research and Development expenditures for FQ2022 were $673k compared to $583k, an increase of 15.4% in the FQ2022 period. Selling, General & Administrative Expenses (SG&A) for FQ2022 were $2.11 million, compared to $1.81 million in the FQ2021, an increase of 16.4%.
As of January 31, 2022, CODA had approximately $20.71 million of cash on hand, as compared to $17.75 million at October 31, 2021.
The Company's full financial results are available at www.nasdaq.com/symbol/coda/sec-filings.
tiedyed1
3 years ago
Coda Octopus Group reported total revenue of approximately $5.37 million for the quarter ended April 30, 2021, compared to $3.29 million for the comparable prior year period, representing an increase of 63.4%. The Company reported net profit before taxes of approximately $1.94 million for the second quarter ended April 30, 2021, compared to a net loss before taxes of $340,000, for the comparable 2020 period. Net profit after taxes was $2.21 million for the second quarter ended April 30, 2021, or $0.20 per share, compared to a net loss of $265,000, or $0.02 per share, in the prior year comparable period. Net profit before tax as a percentage of revenues in the second quarter was 36%. Research and Development expenditures for the second quarter were $645,000, a decrease of 9.6%, compared to $714,000, for the comparable period of 2020. Selling, General & Administrative Expenses (SG&A) for the second quarter were $1.78 million, compared to $1.53 million for the comparable period last year, an increase of 16.1%.
For the six months ended April 30, 2021, the Company reported total revenue of approximately $10.42 million compared to $9.97 million for the comparable prior year period, representing an increase of 4.5%. The Company reported net profit before taxes of approximately $2.93 million for the six months ended April 30, 2021, compared to a net profit before taxes of $1.11 million, for the comparable 2020 period. Net profit after taxes was $3.34 million for the six months ended April 30, 2021, or $0.31 per share, compared to a net profit of $1.08 million or $0.10 per share, in the prior year comparable period. Net profit before tax as a percentage of revenues in for the six months ended April 30, 2021 was 28.2%. Research and Development expenditures for the six months ended April 30, 2021 were $1.23 million, a decrease of 25.2%, compared to $1.64 million, for the comparable period of 2020. Selling, General & Administrative Expenses (SG&A) for the six months ended April 30, 2021 were $3.59 million, compared to $3.43 million for the comparable period last year, an increase of 4.9%.
As of April 30, 2021, CODA had approximately $16.59 million of cash on hand and approximately $321,000 outstanding on its HSBC Debenture, as compared to $12.81 million of cash on hand and approximately $819,000 million outstanding on the HSBC Debenture at the same date in 2020.
The Company's full financial results are available at www.nasdaq.com/symbol/coda/sec-filings.
multivalue
4 years ago
Sign Up for our new DAVD Webinar Series
Coda Octopus is delighted to announce that we will be hosting a series of webinars designed to educate the market on our recently released product - Diver Augmented Vision Display (DAVD) on:
14th of April at 15:00 GMT (10:00 EST)
About the DAVD
DAVD is a complete end-to-end diver management solution incorporating a uniquely innovative, high-resolution, transparent glass, head-up display (HUD) embedded directly into the visor of the industry standard Kirby Morgan® KM37 and KM97 dive helmets.
The DAVD HUD is controlled from the surface by the Dive Supervisor via the DAVD-Control Panel and accompanying Coda Octopus 4G USE® DAVD Edition software. They are able to control all the information displayed to the diver including the ability to send critical messages, detailed step-by-step mission instructions, drawings, images, and even augmented reality videos. The real-time scene can be further augmented with 3D Models, charts, and maps overlaid with real-time 3D imagery from Coda Octopus patented Echoscope® technology of the divers' environment in 1st or 3rd perspective, regardless of the water visibility conditions facing the diver.
The DAVD is funded by the Office of Naval Research (ONR) through its Future Naval Capabilities (FNC) program, and continues to be managed by NAVSEA 00C3. The system was originally developed under a CRADA agreement with Naval Surface Warfare Center, Panama City Division (NSWC PCD) and our sponsor NAVSEA.
DAVD is a multi-generation project and the DAVD GEN 1 and 2 products are now Approved Navy Use (ANU) products which are currently in use by the Navy.
Join Our Webinar Series
In our DAVD webinar series, our President of Technology, Blair Cunningham, will lead the series demonstrating:
The full equipment breakdown of the DAVD System including support diver equipment and optional components
How the DAVD improves diver safety, operational workflow and tasking
An immersive simulation of the DAVD in action
Different use cases for DAVD applications
Future DAVD Roadmap
If you are interested in attending our DAVD series, please click the button below:
Sign Up
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TinkerBelle
3 years ago
