IDC reports 2014 second quarter results and new addition to senior executive team
CALGARY, Aug. 28, 2014 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX Venture: IDL-X) is pleased to report today the financial results for the second quarter for the period ended June 30, 2014 and announces a new addition to the senior executive team of the Company.
2014 Second Quarter Highlights
Gross revenues for the second quarter were higher by 66 percent to $0.72 million compared to $0.43 million for the same quarter last year, and sales were higher by 33 percent to $1.11 million compared to $0.84 million on a year-to-date basis. The increase in revenues is mainly due to sales in the Asia-Pacific region which has been a focus of IDC this year.
Sales and marketing, general and administrative, production and manufacturing and research and development expenses were lower by 28 percent to $0.47 million from $0.62 million during the second quarter compared to the same quarter last year, and were reduced by 33 percent to $1.01 million from $1.50 million for last year due to IDC's continued cost reduction initiatives.
Net loss for the quarter ended June 30, 2014 was $0.23 million compared to a net loss of $0.49 million for the same quarter last year, and the net loss year-to-date was $0.61 million compared to $1.24 million for last year, a significant improvement over the prior period results.
Dr. Sidong Huang, President and CEO of the Company stated: "I would like to express my appreciation to the management team and Board of Directors of IDC as well as all Company employees who have worked hard to generate increased sales activity and for the improved operating results for the last two quarters. The Company's sales and marketing efforts have been successful in increasing sales from IDC's existing customers. In addition, the Company is developing relationships with potential distribution partners. The Company is also in the process of developing of new product lines that it hopes to be registered and introduced into the marketplace later in 2014. IDC's plans for the dental segment are progressing and is expected to add to the Company's revenues in the coming periods.
New Addition to the Senior Executive Team
The Company is pleased to announce that Daniel Tsai, JD, LLM, MBA has been appointed as Corporate Secretary and General Counsel and joins the senior executive team at IDC. Daniel has worked with a number of TSXV listed companies, national and multinational companies, private businesses and entrepreneurs. He has written on business and legal issues for the Globe and Mail, the Vancouver Sun, the Vancouver Province, the Advocate, the Lawyers' Weekly and legal texts. Daniel is a graduate of Queen's University and Cornell University. Mr. Tsai replaces Jeffrey Graham, who was the previous Corporate Secretary for the Company.
About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology provider and innovative force in the high growth field of digital radiography (DR) technology.
The Company has over 4,000 installations in 50 countries of its proprietary, award winning direct capture DR technology, which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images and improve the level of healthcare for their patients.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan and Deloitte Technology; for its dedication to innovation, global market growth, and customer focused value proposition.
The Company has its corporate office in Calgary, Alberta, Canada, and a representative office in Beijing, 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.For further information: Sidong Huang, President and Chief Executive Officer, Imaging Dynamics Company Ltd.,1.403.251.9939 Office, 1.866.975.6737 Toll Free, firstname.lastname@example.org