Business
IDC reports 2007 Q1 results
IDC reports 2007 Q1 results.
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, May 14 /CNW/ - Imaging Dynamics Company Ltd. (IDC or the\nCompany) (TSX: IDL) today reported financial results for the first quarter\nended March 31, 2007.\n\n\nCommenting on the results, Darryl Stein, IDC's President and CEO says,\n"As I stated previously in the Q4 press release, we made a deliberate decision\nto slow down sales in Q1 and allow the Company to put in place the appropriate\ninfrastructure and controls required to grow revenues in a prudent manner. Our\nfirst quarter reflects many of the changes and is evidenced by the following:\n\n\n1. Improved Gross Margins from 36% in 2006 to 40.5% in Q1.\n2. Operational expenses were reduced by over 20% from the previous\n quarter.\n3. Product demand continues to grow with an order backlog exceeding 2006\n YTD.\n4. New controls and processes show improved shipment performance,\n margins and financial terms.\n\n\nThe company continues to add depth and experience to the management team\nand the Board of Directors.\n\n\nThe company is pleased to announce the appointment of Mr. John Cooper to\nthe Board of Directors. Mr. Cooper has over 20 years of public company\nexperience in operations and management as the past President of Superior\nPropane (TSX:SPF) and currently as a General Manager of Waste Management of\nCanada Corporation (NYSE:WMI). Mr. Cooper brings expertise in business process\nand organizational structure to large, growing companies.\n\n\nIn addition, the Company has nominated Mr. Jerry Cirino as a candidate\nfor Chairman, pending his election to the Board at the Annual General Meeting\nin June.\n\n\nMr. Cirino has over 25 years of Medical Imaging experience including past\nPresident and CEO of SourceOne Healthcare Technologies, and Executive Vice\nPresident of Marconi Medical Systems and President of their Global Health Care\nProducts Business. Mr. Cirino has global experience in operations, corporate\nrestructuring, mergers and acquisitions, public and private equity and\nstrategic planning.\n\n\nImaging Dynamics Company Ltd.\nConsolidated Balance Sheets\nAs at March 31 December 31\n 2007 2006\n-------------------------------------------------------------------------\nAssets (Unaudited) (Audited)\nCurrent Assets\n Cash and cash equivalents $ 2,996,793 $ 5,901,192\n Receivables 19,607,373 21,222,060\n Inventory 16,128,766 16,556,720\n Prepaid...