Coda Octopus Group, Inc. Reports Earnings Results for the Third Quarter Ended July 31, 2020
September 14, 2020 at 12:02 pm
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Coda Octopus Group, Inc. announced earnings results for the third quarter ended July 31, 2020. For the third quarter, the company announced sales was USD 5.396 million compared to USD 6.668 million a year ago. Operating income was USD 1.321 million compared to USD 2.140 million a year ago. Net income was USD 1.022 million compared to USD 1.775 million a year ago. Basic earnings per share from continuing operations was USD 0.1 compared to USD 0.17 a year ago. Diluted earnings per share from continuing operations was USD 0.09 compared to USD 0.17 a year ago. For the nine months, sales was USD 15.366 million compared to USD 19.210 million a year ago. Operating income was USD 2.454 million compared to USD 5.765 million a year ago. Net income was USD 2.104 million compared to USD 4.988 million a year ago. Basic earnings per share from continuing operations was USD 0.2 compared to USD 0.47 a year ago. Diluted earnings per share from continuing operations was USD 0.19 compared to USD 0.47 a year ago.
Coda Octopus Group, Inc. is a supplier to the underwater/subsea market. The Company operates through two business: marine technology business and marine engineering business. Its marine technology business provides technology solution to the subsea and underwater market. It owns technology comprising its real time volumetric imaging sonar technology (Echoscope technology) and diving technology (DAVD or Diver Augmented Vision Display), both of which are applicable to the underwater defense and commercial markets. Its imaging sonar technology products and solutions are marketed under the name of Echoscope and Echoscope PIPE. Its diving technology is marketed under the name of CodaOctopus DAVD. The Company's marine engineering business supplies embedded solutions and sub-assemblies, which it designs and manufactures and sells into integrated defense systems. The marine engineering business model entails designing sub-assembly prototypes, which are utilized in broader defense programs.
CODA OCTOPUS GROUP, INC. 
