IDC reports second quarter 2009 results

About this update from Imaging Dynamics Company, Ltd.

[{"type":"text","content":"\n\n\n\nCALGARY, July 30 /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 three and six\nmonths ended June 30, 2009.\n\n\nSecond Quarter 2009 Highlights\n\n- Increased revenue by 48.1 percent to $3.9 million during the second\n quarter of 2009 compared to $2.6 million during the first quarter of\n 2009;\n\n- Increased gross margins to 30.4 percent for the second quarter of\n 2009 compared to 25.9% for the first quarter of 2009;\n\n- Reduced receivables by $1.8 million compared to December 31, 2008 on\n the collection of approximately $8.0 million during the first half of\n 2009; Days Sales Outstanding (DSO) for the quarter reduced to 72 days\n from 156 days for the same quarter last year and, lowest in the last\n four years;\n\n- Reduced inventory by $1.2 million compared to December 31, 2008;\n\n- Reduced payables and accruals by $1.3 million compared to December 31\n 2008;\n\n- Established a $1 million credit facility during the quarter which has\n not been drawn as of today;\n\n- Cash and cash equivalents decreased by $0.8 million to $0.3 million\n at June 30, 2009 from $1.1 million at December 31, 2008;\n\n- Sales and marketing, general and administrative, production and\n manufacturing and research and development expenses were reduced by\n 48.6 percent to $1.8 million from $3.4 million during the quarter\n compared to the same quarter last year and were reduced by 50.1\n percent to $3.7 million from $7.4 million on a year to date basis\n compared to the same period last year;\n\n- Reduced total expenses by 41.8 percent to $2.6 million from $4.5\n million during the quarter compared to the same quarter last year and\n reduced by 46.9 percent to $4.8 million from $9.1 million on a year\n to date basis compared to the same period last year;\n\n- Purchase orders received during the second quarter and opening\n backlog totaled $4.6 million ($3.9 million shipped and recognized,\n $0.7 million booked to closing backlog);\n\n- Gross revenues were lower by 26.8 percent compared to the same\n quarter last year and lower by 44.2 percent on a year to date basis;\n which was largely due to the decline in revenues in United States\n ("US") as a result of the slowing economic conditions...

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