CALGARY, Nov. 28, 2014 /CNW/ - Imaging Dynamics Company, Ltd. ("IDC" or the "Company") (TSX Venture: IDL-X) is pleased to announce today the financial results for the third quarter ended September 30, 2014.
2014 Third Quarter Highlights
Gross revenues for the third quarter were $0.52 million compared to $0.59 million for the same quarter last year, and sales on a year-to-date basis were higher by 14 percent to $1.63 million compared to $1.42 million. The increase in revenues during the period 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 26 percent to $0.43 million from $0.58 million during the third quarter compared to the same quarter last year, and were reduced by 31 percent to $1.44 million year-to-date from $2.08 million for last year due to IDC's continued cost reduction initiatives.
Net loss for the third quarter ended September 30, 2014 was $0.20 million compared to a net loss of $0.33 million for the same quarter last year, and the net loss year-to-date for 2014 was $0.81 million compared to a net loss $1.57 million for last year, a significant improvement of 48% in performance over the prior period results.
Dr. Sidong Huang, President and CEO of the Company stated: "I am pleased with the continued efforts demonstrated by IDC, its employees, management team and Board of Directors in making improvements in sales and operating results during the 2014 year". The Company's sales and marketing efforts have been focused on increasing sales from IDC's existing customers and in developing relationships with potential new distribution partners.
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 historicalfacts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which maycause the actual results, performances or achievements of IDC to be materially different from any future results, performances orachievements 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 anduncertainties 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 attractand 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, [email protected]