IDC reports first quarter 2008 results

About this update from Imaging Dynamics Company, Ltd.

[{"type":"text","content":"\n\n\n\nCALGARY, April 23 /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 first quarter\nending March 31, 2008.\n\n\nCommenting on the first quarter 2008 results, Tom Boon, IDC's President &\nCEO said, "I am pleased with the progress we have made on most aspects of the\nbusiness. Cash was up, receivables were down, inventory was down, payables\nwere down; even short term borrowing was down. These are all good indicators\nthat the changes we are making are working and that we are well on our way to\nbuilding the foundation of a Company that can live up to its potential."\n\n\n"On the sales front, the revenue recognized is lower when reported in\nCanadian dollars although it is nearly the same in US dollars when compared to\nfirst quarter last year. More importantly, the Company's shift to a\nBuild-to-PO business model defers sales recognition to future periods and\ncreates an order backlog. The Company is exiting first quarter with\napproximately $3.0 Million in order backlog for total purchase orders on hand\nof $9.4 million. This should alleviate any concerns around sales momentum or\nIDC's growth opportunities," said Mr. Boon.\n\n\nFirst quarter highlights:\n\n- New President and CEO recruited and on board;\n- Purchase orders totaling $9.4 Million ($6.4 shipped and recognized,\n $3.0 booked to backlog);\n- Cash and cash equivalents net of short-term borrowing increased by\n $0.6 million compared to December 31, 2007;\n- Reduced receivables by $2.1 million compared to December 31, 2007 on\n the collection of $8.5 million during the quarter;\n- Reduced inventory by $1.8 million compared to December 31, 2007;\n- Reduced payables and accruals by $1.9 million compared to\n December 31, 2007;\n- Achieved positive cash flows from operating activities;\n- Reduced expenses by 13% compared to the same quarter last year;\n- Transition to a "Build to Purchase Order" model from a "Build to\n Forecast" model is now completed and fully implemented in order to\n achieve operational efficiencies and reduce cash to cash cycle;\n- Gross revenues were lower by 17.9% compared to same quarter last year\n which was largely due to the decline in average US - Canadi...

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