Business
IDC reports 2008 year end and fourth quarter results
CALGARY, March 26 /CNW/ - Imaging Dynamics Company Ltd. (IDC or the Company) (TSX: IDL) a global...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, March 26 /CNW/ - Imaging Dynamics Company Ltd. (IDC or the\nCompany) (TSX: IDL) a global supplier in the high growth digital radiography\n(DR) equipment market, today reported financial results for the fourth quarter\nand the full year ended December 31, 2008.\n\n\n2008 Year and Fourth Quarter Highlights\n\n- Cash and cash equivalents increased by $0.4 million during fourth\n quarter to $1.1 million at December 31, 2008 from $0.7 million at\n September 30, 2008;\n- Revenue for the fourth quarter increased by 47% when compared to the\n third quarter of 2008 while maintaining gross margins;\n- Sales and marketing, general and administrative, production and\n manufacturing and research and development expenses were all down\n year over year from 2007 to 2008 by 26.5 percent and quarter over\n quarter from Q3 2008 to Q4 2008 by 11.3 percent;\n- Purchase orders received during the fourth quarter and opening\n backlog totaled $4.1 million ($3.1 million shipped and recognized,\n $1.0 million booked to closing backlog);\n- Receivables reduced by $7.3 million when compared to December 31,\n 2007 on the collection of $23.7 million and by $0.8 million compared\n to September 30, 2008 on the collection of $4.4 million during the\n fourth quarter;\n- Inventory reduced by $7.9 million compared to December 31, 2007 and\n by $4.5 million compared to September 30, 2008 which included a\n $3.4 million write down of inventory during the fourth quarter;\n- Reduced payables and accruals by $9.2 million compared to\n December 31, 2007 and payables and accruals increased by $0.7 million\n compared to September 30, 2008;\n- Reduced expenses by 34.8 percent or $2.2 million compared to the same\n quarter last year and by 33.7 percent or $8.1 million on a year to\n date basis compared to the same period last year;\n- Gross revenues were lower by 62.8 percent compared to the same\n quarter last year and by 48.0 percent on a year to date basis\n compared to the same period last year; which was largely due to the\n decline in revenues in United States ("US") as a result of the\n slowing economic conditions and Asia-Pacific due to business slow\n down during the Beijing Olympics during the third quarter and foreign\n exchange impact as majority of the sales are in US dollars (US dollar\n was weak against the CDN dollar for most part...