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     131  0 Kommentare Coda Octopus Group Reports Fiscal 2020 Financial Results

    ORLANDO, FL, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its audited financial results for its fiscal year ended October 31, 2020.

    Annmarie Gayle, CODA’s Chairman and CEO, commented: “I am pleased to report our annual results for fiscal year ended October 31, 2020. Although our financial results in the 2020 fiscal year were significantly down over the prior fiscal year due to the curtailment of our business operations caused by the coronavirus pandemic, I believe that despite these challenges our team performed exceptionally well in continuing to execute and deliver customer projects, where possible. We were severely limited in our ability to travel to provide offshore activities that are key to our business. We therefore focused our primary operational goals around advancing ongoing development projects, such as the Diver Augmented Vision Display (DAVD) diver management system for the U.S. Navy. We have now completed the Gen 2 DAVD system, which is currently with the Project Sponsor, NAVSEA, for field trials. In fiscal year 2020 we completed several additional significant developments around our sonar technology solution portfolio and the new Thermite Octal mission computers, which we plan to bring to the market in fiscal year 2021, when the restriction on travel lifts.”

    CODA reported total revenue of approximately $20.043 million for the fiscal year ended October 31, 2020, compared to $25.057 million for the prior fiscal year, a decrease of 20%. The Company reported net income before taxes of approximately $3.402 million for the fiscal year ended October 31, 2020, compared to $6.233 million for the prior fiscal year, a decrease of 45.5%. Net income after taxes reduced to $3.344 million for the fiscal year ended October 31, 2020, compared to $5.225 million in the prior fiscal year, a decrease of 36.0%. These reductions in revenues and profitability are the result of the impact of the coronavirus pandemic.

    Net income before tax as a percentage of revenues was 17.0% for the fiscal year ended October 31, 2020, versus 24.9% during the prior fiscal year. Operating expenses for the fiscal year ended October 31, 2020 were $9.926 million compared to $10.176 million for the prior fiscal year, a decrease of 2.5%, attributable to a decrease in Selling, General and Administrative (SG&A) expenditures of $673,297. For FY 2021, the Company anticipates both R&D and SG&A expenditures to remain broadly at the same level of FY 2020. Earnings per share on an undiluted basis were $0.31 per share for the fiscal year ended October 31, 2020 versus $0.49 for the prior fiscal year and on a diluted basis $0.30 versus $0.49 for the same period.

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    Coda Octopus Group Reports Fiscal 2020 Financial Results ORLANDO, FL, Jan. 28, 2021 (GLOBE NEWSWIRE) - Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its audited financial results for its fiscal year ended October 31, 2020. Annmarie Gayle, CODA’s Chairman and CEO, commented: “I am …