Business
IDC reports 2014 second quarter results and new addition to senior executive team
CALGARY , Aug. 28, 2014 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (T...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\nCALGARY, Aug. 28, 2014 /CNW/ - Imaging Dynamics Company Ltd. (\"IDC\" or the \"Company\") (TSX Venture: IDL-X) is pleased to report today the financial results for the second quarter for the period ended June 30, 2014 and announces a new addition to the senior executive team of the Company.\n\n2014 Second Quarter Highlights\n\nGross revenues for the second quarter were higher by 66 percent to $0.72 million compared to $0.43 million for the same quarter last year, and sales were higher by 33 percent to $1.11 million compared to $0.84 million on a year-to-date basis. The increase in revenues is mainly due to sales in the Asia-Pacific region which has been a focus of IDC this year.\n\nSales and marketing, general and administrative, production and manufacturing and research and development expenses were lower by 28 percent to $0.47 million from $0.62 million during the second quarter compared to the same quarter last year, and were reduced by 33 percent to $1.01 million from $1.50 million for last year due to IDC's continued cost reduction initiatives.\n\nNet loss for the quarter ended June 30, 2014 was $0.23 million compared to a net loss of $0.49 million for the same quarter last year, and the net loss year-to-date was $0.61 million compared to $1.24 million for last year, a significant improvement over the prior period results.\n\nDr. Sidong Huang, President and CEO of the Company stated:  \"I would like to express my appreciation to the management team and Board of Directors of IDC as well as all Company employees who have worked hard to generate increased sales activity and for the improved operating results for the last two quarters.  The Company's sales and marketing efforts have been successful in increasing sales from IDC's existing customers.   In addition, the Company is developing relationships with potential distribution partners. The Company is also in the process of developing of new product lines that it hopes to be registered and introduced into the marketplace later in 2014. IDC's plans for the dental segment are progressing and is expected to add to the Company's revenues in the coming periods.\n\nNew Addition to the Senior Executive Team\n\nThe Company is pleased to announce that Daniel Tsai, JD, LLM, MBA has been appointed as Corporate Secretary and General  Counsel and joins t...