Business
Coda Octopus Group Reports Fiscal 2020 First Quarter Financial Results
ORLANDO, FL, March 16, 2020 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its fiscal
About this update from Coda Octopus Group, Inc.
[{"type":"text","content":"ORLANDO, FL, March 16, 2020 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its fiscal first quarter ended January 31, 2020.\n Annmarie Gayle, CODA’s Chairman and CEO commented: “I am very pleased to report a strong first quarter of fiscal year 2020.” CODA reported total revenue of approximately $6.681 million for the three months ended January 31, 2020, compared to $5.759 million for the prior comparable quarter, an increase of 16%. The Company reported net income before taxes of approximately $1.448 million, or $0.14 per share of earnings, for the quarter ended January 31, 2020, compared to $1.350 million, or $0.13 per share, for the prior comparable quarter, an increase of 7%. Net income after taxes increased to $1.347 million, or $0.13 per share, for the quarter ended January 31, 2020, compared to $1.239 million, or $0.12 per share, in the prior comparable quarter, an increase of 9%. Net income before tax as a percentage of revenues was 22% for the quarter ended January 31, 2020, versus 23% during the prior comparable quarter. Operating expenses for the quarter ending January 31, 2020 were $2.820 million compared to $2.191 million for the prior comparable quarter, an increase of 29%, attributable to an increase in R&D of $356,939 and an increase in Selling, General and Administrative (SG&A) expenditures of $272,403. Earnings per share after tax were $0.13 per share for the quarter ending January 31, 2020, compared to $0.12 for the prior comparable quarter. Ms. Gayle continued: “We had a strong and promising start to our first quarter. However, we expect our annual results for the 2020 fiscal year to be negatively impacted by the COVID-19 global pandemic. Of our two operating businesses, we expect that our marine products business will be impacted the most since most of its activities require international and offshore travel, where we see only essential offshore projects moving forward to protect our personnel. In addition, R&D, manufacturing and engineering of our products for both businesses require an onsite presence of our personnel. We do not know the exact impact this pandemic will have on our business. We will continue to review daily, and adjust as needed, our strategic plan that’s in place for company-wide continuity and to mitigate impact. The Co...