Business
IDC Reports Fourth Quarter and Year End 2012 Results
CALGARY, April 2, 2013 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX: I...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 2, 2013 /CNW/ - Imaging Dynamics Company Ltd. (\"IDC\" or\n the \"Company\") (TSX: IDL) a global leader in the high growth medical\n imaging technology and digital radiography (DR) equipment market, today\n reported financial results for the fourth quarter and year ended\n December 31, 2012.\n\n\n2012 Fourth Quarter and Annual Highlights \n\n\n\nGross revenues were lower by 69 percent to $0.54 million compared to\n $1.73 million for the same quarter last year and were lower by 59\n percent to $3.11 million compared to $7.63 million for the year, due to\n decrease in revenues from Emerging Markets;\n\n\n\n\nGross margins were 24 percent for the quarter compared to 18 percent for\n the same quarter last year and 29 percent compared to 26 percent for\n the year;\n\n\n\n\nSales and marketing, general and administrative, production and\n manufacturing and research and development expenses were higher by 20\n percent to $1.02 million from $0.86 million during the quarter compared\n to the same quarter last year and were reduced by 11 percent to $3.44\n million for the current year as compared to $3.86 million for last year\n due to cost reduction initiatives;\n\n\n\n\nNet loss for the quarter ended December 31, 2012 was $0.74 million\n compared to a net loss of $0.25 million for the same quarter last year\n and the net loss was $2.06 million for the current year as compared to\n $1.91 million for last year, primarily due to lower revenue;\n\n\n\n\nTotal expenses before finance costs for the quarter ended December 31,\n 2012 were $0.98 million compared to total expenses of $0.54 million for\n the same quarter last year and to $3.29 million for the current year as\n compared to $3.63 million for last year;\n\n\n\n\nTrade and other receivables decreased by $0.44 million compared to\n December 31, 2011, Days Sales Outstanding (DSO) for the quarter was 29\n days compared to 26 days for the same quarter last year;\n\n\n\n\nReduced inventory by $0.70 million compared to December 31, 2011;\n\n\n\n\nTrade and other payables decreased by $0.86 million compared to December\n 31, 2011.\n\n\n\n\nThe Company has undertaken to consolidate the common shares on the basis\n of one (1) post-consolidation share for every five (5)\n pre-consolidation shares prior to the next Annual Meeting of\n Shareholders unless the share pric...