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IDC reports third quarter 2012 results

Monday, November 12, 2012 9:00 AM


CALGARY, Nov. 12, 2012 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX: IDL) a global leader in the high growth digital radiography (DR) equipment market, today reported the financial results for the third quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Successfully closed on a non-brokered private placement of $2.25 million during the quarter;

  • Gross revenues were lower by 57 percent to $0.82 million compared to $1.92 million for the same quarter last year and were lower by 56 percent to $2.57 million compared to $5.91 million on a year to date basis, due to decrease in revenues from Emerging Markets due to working capital constraints;

  • Gross margins were 30 percent for the quarter compared to 28 percent for the same quarter last year and 30 percent compared to 28 percent on a year to date basis, largely due to lower margin sales into the Asia Pacific region;

  • Sales and marketing, general and administrative, production and manufacturing and research and development expenses were lower by 14 percent to $0.86 million from $1.00 million during the quarter compared to the same quarter last year and were reduced by 19 percent to $2.41 million from $3.00 million on a year to date basis compared to the same period last year;

  • Net loss for the quarter ended September 30, 2012 was $1.25 million compared to a net loss of $0.45 million for the same quarter last year and the net loss was $1.32 million compared to $1.66 million on a year to date basis compared to the same period last year;

  • Total expenses before finance costs for the quarter ended September 30, 2012 were $1.48 million compared to total expenses of $0.95 million for the same quarter last year and to $2.31 million compared to $3.09 million on a year to date basis compared to the same period last year;

  • Purchase orders received during the third quarter and opening backlog totaled $1.1 million ($0.82 million shipped and recognized, $0.28 million booked to closing backlog);

  • Trade and other receivables decreased by $0.48 million compared to December 31, 2011 on  collection of approximately $3.10 million (including $0.58 million collect from an old trade receivable that was fully allowed for as bad debts during previous periods) during the first half of 2012, Days Sales Outstanding (DSO) for the quarter was 13 days compared to 18 days for the same quarter last year;

  • Reduced inventory by $0.47 million compared to December 31, 2011;

  • Trade and other payables decreased by $0.94 million compared to December 31, 2011.

Net loss for the third quarter of 2012 was $1,249,204 or $0.00 per basic and diluted loss per share compared to a net loss of $449,219 or $0.00 per basic and diluted loss per share for the same quarter last year.  Year-to-date, net loss was $1,318,287 or $0.00 per basic and diluted loss per share compared to a net loss of $1,662,893 or $0.01 per basic and diluted loss per share for the same period last year.

"We are continuing to evaluate and identify new acquisition opportunities for the Company that will enable us to grow our operations specifically in the Asia Pacific region; in addition we also continue to work on potential tender contracts in this region, " commented T.T. Lee, IDC Chairman and Chief Executive Officer.

Lee continued, "The recent appointment of the new independent board and our strategic discussions with other signification stakeholders will allow us to kick start the business and focus on growth and profitability for the Company and I look forward to communicating more details over the coming months."


Imaging Dynamics Company Ltd.
Consolidated Statements of Financial Position
               
      September 30       December 31
      2012       2011
      (Unaudited)        (Audited)
               
Assets              
Current Assets              
  Cash and cash equivalents       $ 1,082,220     $ 134,629
  Trade and other receivables            147,191          631,020
  Inventory             1,820,111          2,293,494
  Prepaid expenses and other            173,991          91,601
      3,223,513         3,150,744
               
Property, plant and equipment              249,126       304,627
Intangible assets              265,475       318,876
               
    $ 3,738,114     $ 3,774,247
               
               
Liabilities              
Current Liabilities              
  Loan - short term portion       $ -     $ 1,000,000
  Trade and other payables            2,212,998         3,156,550
  Customer deposits            113,842          459,672
  Warranty provision            292,850        614,050
      2,619,690         5,230,272
               
Loan - long term portion              1,000,000       -
    $ 3,619,690     $ 3,774,247
               
               
Shareholders' Equity (Deficiency)              
Share capital           74,389,826          72,145,740
Share-based payments reserve            6,865,445          6,216,795
Contributed surplus            4,630,094         4,053,035
Warrants reserve           -          577,059
Deficit            (85,766,941)          (84,448,654)
               
      118,424         (1,456,025)
               
    $ 3,738,114     $ 3,774,247
               



 
 
Imaging Dynamics Company Ltd.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
     
    Three Months Ended   Nine Months Ended
      September 30      September 30      September 30        September 30
      2012       2011        2012       2011
                         
Revenues    $ 819,060   $ 1,921,652   $ 2,573,865   $ 5,905,819
                         
Cost of sales     571,938        1,391,601        1,791,504       4,258,778
                         
Gross profit        247,122        530,051        782,361       1,647,041
                         
Expenses                        
  Sales and marketing       285,742        238,789        755,808       777,128
  General and administrative        404,978        508,556        1,121,389        1,308,592
  Production and manufacturing        126,692        169,416        378,906        484,253
  Research and development        39,345        82,105        155,337        429,662 
  Foreign exchange loss (gain)        2,300        108,681        (11,941)        54,948
  Warranty (recovery) expense        (48,900)        (228,400)       (267,309)        (305,300)
  Share-based payments        636,895       26,402        648,650       199,521
  Bad debts (recovery) expense        -        -       (580,151)        -
  Amortization        34,160       43,508        108,902       139,129
      1,481,212        949,057        2,309,591       3,087,933
                         
Loss before finance costs        (1,234,090)        (419,006)       (1,527,230)       (1,440,892)
                         
Finance costs                        
  Interest recovery       -     -       257,178     -
  Interest (expense)       (15,124)        (30,246)        (48,329)     (90,453)
  Finance (expense)       -     -     -     (138,687)
  Interest and other income        10       33        94        7,139
                         
Net loss and comprehensive loss     $ (1,249,204)   $ (449,219)   $ (1,318,287)   $ (1,662,893)
                         
                         
Net profit (loss) per share                        
  Basic and diluted    $ (0.00)   $ (0.00)   $ (0.00)   $ (0.01)
                           



                                     
                                     
Imaging Dynamics Company Ltd.
Consolidated Statements of Changes in Equity
(Unaudited)                             
      Share capital     Share-based
payments
reserve
    Contributed
surplus
    Warrants
reserve
    Deficit     Total equity
                                     
Balance, January 1, 2012   $ 72,145,740   $ 6,216,795   $ 4,053,035   $ 577,059   $ (84,448,654)   $ (1,456,025)
Issued for cash - private placement     2,250,000     -     -     -     -     2,250,000
Share issue costs     (5,914)     -     -     -     -     (5,914)
Share-based compensation     -     648,650     -     -     -     648,650
Expired warrants     -     -     577,059     (577,059)     -     -
Loss for the period      -     -     -     -     (1,318,287)        (1,318,287)
Balance, September 30, 2012   $ 74,389,826   $ 6,865,445   $ 4,630,094   $ -   $ (85,766,941)   $ 118,424
                  -                  
Balance, January 1, 2011   $ 71,527,873   $ 6,020,671   $ 4,053,035   $ 328,752   $ (82,534,955)   $ (604,624)
Issued for cash - private placement     880,000     -     -     -     -     880,000
Share issue costs     (13,826)     -     -     -     -     (13,826)
Share-based compensation     -     199,521     -     -     -     199,521
Warrants     (248,307)     -     -     248,307     -     -
Loss for the period      -     -     -     -     (1,662,893)     (1,662,893)
Balance, September 30, 2011   $ 72,145,740   $ 6,220,192   $ 4,053,035   $ 577,059   $ (84,197,848)   $ (1,201,822)
                                     


             
             
Imaging Dynamics Company Ltd.
Consolidated Statements of Cash Flows
For the nine months ended September 30 (Unaudited)       2012        2011
               
Cash provided by (used in)              
Operating activities              
  Net loss      $ (1,318,287)     $ (1,662,893)
    Items not affecting cash              
      Finance expense          -          138,687
      Amortization          108,902          139,129
      Share-based payments          648,650          199,521
      Warranty          (321,200)       (372,719)
               
      (881,935)       (1,558,275)
    Change in non-cash working capital          (414,560)       1,029,405
               
      (1,296,495)        (528,870)
Financing activities              
    Issuance of shares, net of issuance costs      2,244,086          866,174
               
               
Net increase (decrease) in cash and cash equivalents         947,591          337,304
               
Cash and cash equivalents, beginning of period         134,629          18,373
               
Cash and cash equivalents, end of period   $ 1,082,220     $ 355,677
                     

About Imaging Dynamics Company (IDC):

IDC is a medical devices technology company and innovative force in the high growth field of digital radiography (DR) technology with approximately 3,000 installations in 50 countries. IDC's product line of CCD-based X-Series direct capture technology and innovaXion Flat Panel technology replaces conventional film-based diagnostic imaging and provides a cost-effective solution for producing high quality diagnostic images, enhancing patient care and improving workflow; all without the use of film, environmentally unfriendly chemicals, and cassettes.

Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan, Deloitte Technology and PROFIT; for its dedication to innovation, global growth, and customer focused value proposition.

The IDC head office is based in Calgary, Canada with business offices in Hong Kong and China.

Visit the IDC Web site:  www.imagingdynamics.com

Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.

SOURCE: Imaging Dynamics Company Ltd.

Contacts: 

Mr. T.T.Lee
Chairman and Chief Executive Officer
1.403.251.9939
ttlee@imagingdynamics.com

(Source: CNW )
(Source: Quotemedia)

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