CODA OCTOPUS GROUP, INC. 
Coda Octopus Group, Inc. Preliminary Unaudited
Financial Results for Fiscal Year 2016
LAKELAND, FL, January 11th, 2017 - Coda Octopus Group, Inc. (CODA) (OTC: CDOCD) announced its preliminary unaudited financial results for the fiscal year ended October 31, 2016. It is anticipated that audited results will be published by January 30, 2017.
CODA anticipates reporting total revenue of approximately $21.1 million for the year ended October 31, 2016 compared to $19.234 million for the year ended October 31, 2015, an increase of approximately 10%. The Company anticipates reporting net income of approximately $4.6 million for the year ended October 31, 2016 compared to $1.070 million for the year ended October 31, 2015. Operating expenses for the year ended October 31, 2016 were approximately $7.1 million compared to $8.481 million for the year ended October 31, 2015.
These are unaudited preliminary results and may be changed upon completion of the audit.
The Company's Fiscal Year 2016 Annual Report will be available on or around January 30, 2017 at http://www.otcmarkets.com/stock/CDOCD/filings.
Annmarie Gayle, CODA's CEO commented: "These preliminary unaudited results indicate another strong year for Coda Octopus Group. I look forward to giving a full breakdown later this month. All of our businesses have been successful during a difficult year when the price of oil has stayed low. When taken with our reverse stock split also announced today they underline management's determination to build the business and therefore shareholder value going forward."
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 us at: info@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 revenue. 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. Factors that could cause or contribute to differences include, but are not limited to, customer demand for our products and market prices; the outcome of our ongoing research and developments efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and those other examples of forward looking statement set forth in our annual report for the year ended October 31, 2015 filed with the OTC Markets on February 26, 2016 and subsequently filed quarterly reports. 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:
MDC Group
Investor Relations:
David Castaneda
Arsen Mugurdumov
414.351.9758
Media Relations:
Susan Roush
805.624.7624
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Coda Octopus Group, Inc. via Globenewswire
