IDC Reports Second Quarter 2011 Results

About this update from Imaging Dynamics Company, Ltd.

[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 12, 2011 /CNW/ - Imaging Dynamics Company Ltd. (\"IDC\" or\n the \"Company\") (TSX: IDL) a global leader in the high growth digital\n radiography (DR) equipment market, today reported financial results for\n the second quarter (Q2) ended June 30, 2011.\n\n\nSecond Quarter 2011 Highlights\n\n\nGross revenues were higher by 30 percent to $2.0 million compared to\n $1.5 million for the same quarter last year and were higher by 61\n percent to $4.0 million compared to $2.5 million on a year to date\n basis, due to increase of revenues from emerging markets;\n\nGross margins were 26 percent for the quarter compared to 37 percent for\n the same quarter last year and 28 percent compared to 33 percent on a\n year to date basis, largely due to lower margin sales into Asia Pacific\n region;\n\nSales and marketing, general and administrative, production and\n manufacturing and research and development expenses were all down by 22\n percent to $0.9 million from $1.2 million during the quarter compared\n to the same quarter last year and were reduced by 29 percent to $2.0\n million from $2.8 million on a year to date basis compared to the same\n period last year;\n\nNet loss for the quarter ended June 30, 2011 was $0.4 million compared\n to $0.9 million for the same quarter last year and was $1.2 million\n compared to $2.4 million on a year to date basis compared to the same\n period last year which was one of the lowest quarterly losses since\n 2007;\n\nReduced total expenses before finance costs for the quarter ended June\n 30, 2011 to $0.9 million compared to $1.4 million for the same quarter\n last year and to $2.1 million compared to $3.1 million on a year to\n date basis compared to the same period last year which was one of the\n lowest quarterly expenses since 2007;\n\nPurchase orders received during the second quarter and opening backlog\n totaled $2.6 million ($2.0 million shipped and recognized, $0.6 million\n booked to closing backlog);\n\nTrade and other receivables remained similar compared to December 31,\n 2010 on collection of approximately $4.0 million during the first half\n of 2011, Days Sales Outstanding (DSO) for the quarter was 21 days, one\n of the lowest in the last sixteen quarters;\n\nReduced inventory by $0.3 million compared to December 31, 2010;\n\nReduced trade and other payables ...

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