Business
IDC reports fourth quarter and year end 2009 results
IDC reports fourth quarter and year end 2009 results
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 29, 2010 (Canada NewsWire Group) -- /CNW/ -- Imaging Dynamics Company Ltd. (\"IDC\" or the \"Company\") (TSX: IDL) a global leader in the high growth digital radiography (DR) equipment market, today reported financial results for the fourth quarter and year ended December 31, 2009.2009 Fourth Quarter and Year End Highlights- Sales and marketing, general and administrative, production andmanufacturing and research and development expenses were all downyear over year from 2008 to 2009 by 45.3 percent;- Purchase orders received during the fourth quarter and openingbacklog totaled $1.9 million ($1.5 million shipped and recognized,$0.4 million booked to closing backlog);- Reduced receivables by $3.8 million compared to December 31, 2008 onthe collection of $14.0 million and by $0.3 million compared toSeptember 30, 2009 on the collection of $2.3 million during thefourth quarter;- Reduced inventory by $1.4 million compared to December 31, 2008 andby $0.1 million compared to September 30, 2009;- Reduced payables and accruals by $1.7 million compared to December31, 2008 and payables and accruals increased by $0.1 million comparedto September 30, 2009;- Reduced expenses by 51.7 percent or $2.1 million compared to the samequarter last year and by 46.5 percent or $7.6 million on a year todate basis compared to the same period last year;- Gross revenues were lower by 52.2 percent compared to the samequarter last year and by 42.3 percent on a year to date basiscompared to the same period last year; which was largely due to thedecline in revenues in United States (\"US\") as a result of theslowing economic conditions; and- Gross margins were 30.5 percent for the quarter and on a year to datebasis were 27.4 percent which were also impacted due to lower marginsales during the year and the global pricing pressures on digitalradiography products, the continued utilization of inventory that waspurchased during previous quarters when the US-Canadian dollarexchange rate was much higher and inventory adjustments during thequarter to ensure proper valuation.Net loss before interest and other items for the fourth quarter ended December 31, 2009 was $1,503,425 or $0.02 loss per share compared to $3,387,083 or $0.04 loss per share for the same period last year. Net loss before interest and other items for the year ended December 31, ...