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IDC Files First Quarter Financial Statements on SEDAR
CALGARY, ALBERTA / ACCESSWIRE / May 30, 2017 / Imaging Dynamics Company Ltd. ("IDC" or the "...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"IDC Files First Quarter Financial Statements on SEDARCALGARY, ALBERTA / ACCESSWIRE / May 30, 2017 / Imaging Dynamics Company Ltd. (\"IDC\" or the \"Company\") (TSX-V: IDL) reports its financial results for the March 31, 2017 fiscal year-end.\nFirst Quarter 2017 Results:\n\n Gross revenues for the three months ended March 31, 2017 increased by 19 percent compared to the same period in 2016. \n Gross margin for the three months ended March 31, 2017 was $205,866 (21 percent), compared to $244,194 (29 percent) for the same period in 2016. \n Overhead costs (sales, general and administrative, production and manufacturing, and research and development expenses) were $2,046,772 for the three months ended March 31, 2017, up from $1,242,570, during the same period in 2016. \n Net loss for the three months ended March 31, 2017 was $2,507,580 ($0.04 per share), compared to a net loss of $1,295,582 ($0.02 per share) in the same period of 2016 on a post-consolidated basis. \n Trade and other receivables increased to $5,011,802 at the end of March 31, 2017 from $4,842,506 at December 31, 2016. \n Trade and other payables increased from $4,311,686 at December 31, 2016 to $4,416,353 at March 31, 2017. \n\nIDC (Guangzhou) Ltd.:\nOn April 10, 2017, the Company closed on the acquisition of 51% of the common shares of Guangzhou Service Medical Tech. Ltd. Co. (\"Guangzhou Service\"), a Chinese company for an equivalent $98,635 (510,000 CNY). Guangzhou Service is a Chinese Company that will provide servicing of equipment in the medical device industry. The name of this subsidiary has been changed from Guangzhou Service to IDC (Guangzhou) Ltd. \nA conference call to discuss the quarter's results is not planned at this time. The Company's annual consolidated financial statements for the year ended December 31, 2016 and the related management discussion and analysis are available on Sedar.com. \nAbout Imaging Dynamics Company (IDC):\nIDC is a global medical imaging technology provider and innovative force in the high growth field of digital radiography (DR) technology. \nThe Company has thousands of 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 diagnos...