Business
IDC reports 2007 Q2 results
IDC reports 2007 Q2 results.
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 13 /CNW/ - Imaging Dynamics Company Ltd. (IDC or the\nCompany) (TSX: IDL) a global supplier in the digital radiography (DR)\nequipment market, today reported financial results for the second quarter\nended June 30, 2007.\n\n\n2007 Q2 Financial Results\n\n\nRevenues for the three-month period ended June 30, 2007 were $9.3 million\ncompared to $8.9 million for the same quarter last year. This excludes\n$0.8 million in deferred revenues and $2.5 million in orders not shipped at\nJune 30, 2007.\n\n\nGross margins on sales were at 41.5% for the quarter and 41% for the six\nmonths ended June 30, 2007. This compares to 33.6% and 35.2% for the same\nperiods the previous year.\n\n\nGross profit for the three-month period ended June 30, 2007 was higher at\n$3.8 million compared to $3.0 million for the same quarter last year. Gross\nprofit for the six month period ended June 30, 2007 was higher at $7.0 million\ncompared to $6.7 million for the same period last year.\n\n\nNet loss for the quarter before foreign exchange was $1.7 million or\n$0.03 per share and net loss including foreign exchange was $2.6 million or\n$0.04 per share compared to a loss of $1.3 million or $0.02 for the same\nperiod last year. Net loss year-to-date before foreign exchange was\n$3.6 million or $0.06 per share and net loss including foreign exchange was\n$4.7 million or $0.08 per share compared to $1.4 million or $0.02 per share\nfor the same period last year.\n\n\nCommenting on the results, Swapan Kakumanu, IDC's CFO says, "We continue\nto focus on strengthening the balance sheet and on the operations of the\ncompany. We expect to see continued improvements on both initiatives for the\nbalance of the year."\n\n\nFinancial Performance Summary\n\n1. Positive cash flow from operating activities for the quarter of\n $1.9 million;\n2. Increased cash and cash equivalents by $1.1 million from $3.0 million\n at March 31, 2007 to $4.1 million;\n3. Reduced receivables by $3.0 million from $19.6 million at March 31,\n 2007 to $16.6 million;\n4. Reduced inventories by $2.4 million from $16.1 million at March 31,\n 2007 to $13.7 million;\n5. Reduced short-term borrowing by $1.0 million from $5.1 million at\n March 31, 2007 to $4.1 million;\n6. Reduced payables and accruals by $2.4 million from $10.9 million at\n March 31, 2007 to $8.5 million;...