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CALGARY, Nov. 13 /CNW/ - Imaging Dynamics Company Ltd. (IDC or the Company) (TSX: IDL) a global supplier in the high growth digital radiography (DR) equipment market, today reported financial results for the third quarter and September 30, 2008. For the third quarter of 2008, IDC reported a loss of $0.03 per share on revenues of $2,089,039 as compared to a loss of $0.06 per share on revenues of $7,124,229 for the same quarter last year.
Third Quarter Highlights
- Purchase Orders received during the quarter and opening backlog
totaled $3.0 million ($2.0 million shipped and recognized, $1.0
million booked to closing backlog);
- Reduced receivables by $6.4 million compared to December 31, 2007 on
the collection of $19.3 million during the nine months and by $2.2
million compared to June 30, 2008 on the collection of $4.4 million
during the quarter;
- Reduced inventory by $3.4 million compared to December 31, 2007 and
by $0.1 million compared to June 30, 2008;
- Reduced payables and accruals by $9.8 million compared to December
31, 2007 and by $0.8 million compared to June 30, 2008;
- Reduced expenses by 49.5% or $3.0 million compared to the same
quarter last year and by 31.8% or $5.7 million on a year to date
basis compared to the same period last year;
- Gross revenues were lower by 70.7% compared to the same quarter last
year and by 42.9% on a year to date basis compared to the same period
last year; which was largely due to the decline in revenues in United
States ("US") as a result of the slowing economic conditions and
Asia-Pacific due to business slow down during the Beijing Olympics;
- Gross margins were 20.2% for the quarter and on a year to date basis
were 27.5% which were also impacted due to lower margin sales during
the quarter, foreign exchange impact on gross revenues, the continued
utilization of inventory that was purchased during previous quarters
when the US-Canadian dollar exchange rate was much higher and
inventory adjustments during the quarter to ensure proper valuation.
Commenting on the third quarter 2008 results, Tom Boon, IDC's President and CEO said, "Although our results are disappointing and well below our expectations for the quarter, they are not reflective of ongoing customer interest in IDC's digital radiography systems in the markets that we serve. Like others in this industry, we have been challenged by the global economic and financial events that have occurred during the past several months. I am optimistic that we will see good improvement in this quarter based on our backlog and pending opportunities in the non-domestic markets. In fact, as of today we already have purchase orders in excess of the amount of revenue we booked in Q3." Mr. Boon continued, "having said that we are taking aggressive steps to increase our cash inflow, reduce our cash burn and restructure the company to be more reflective of the new economic reality."
A conference call to review the results will take place on Friday, November 14, 2008 at 8:00 a.m. EDT (6:00 a.m. MDT). To participate in the call, please dial 416.644.3433 or 800.590.1508 approximately 5 minutes prior to the conference call.
Imaging Dynamics Company Ltd.
Consolidated Balance Sheets
As at September 30 December 31
2008 2007
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Assets (Unaudited) (Audited)
Current Assets
Cash and cash equivalents $ 672,472 $ 1,460,554
Receivables 5,785,969 12,219,209
Inventory 10,783,383 14,142,710
Prepaids and deposits 938,938 1,100,558
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18,180,762 28,923,031
Property, plant and equipment 1,615,435 1,880,932
Intangible assets 226,544 244,912
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$ 20,022,741 $ 31,048,875
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Liabilities and Shareholders' Equity
Current Liabilities
Short-term borrowing $ - $ 1,260,244
Payables and accruals 4,576,082 14,421,090
Customer deposits 174,359 345,140
Loan payable - 45,013
Warranty liability 774,761 1,098,287
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5,525,202 17,169,774
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Shareholders' Equity
Share capital 70,246,559 65,983,374
Contributed surplus 5,426,690 4,743,668
Warrants 4,053,035 -
Deficit (65,228,745) (56,847,941)
------------- -------------
14,497,539 13,879,101
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$ 20,022,741 $ 31,048,875
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Imaging Dynamics Company Ltd.
Consolidated Statements of Operations, Comprehensive Loss and Deficit
(Unaudited)
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Three Months Ended Nine Months Ended
------------------------- -------------------------
September 30 September 30 September 30 September 30
2008 2007 2008 2007
------------- ------------- ------------- -------------
Revenues, net $ 2,089,039 $ 7,124,229 $ 13,805,799 $ 24,183,298
Cost of goods
sold 1,667,423 4,562,914 10,009,660 14,622,698
------------- ------------- ------------- -------------
Gross profit 421,616 2,561,315 3,796,139 9,560,600
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Expenses
Sales and
marketing 1,107,928 1,684,343 3,918,250 5,276,372
General and
administrative 863,482 974,160 3,209,442 3,568,289
Production and
manufacturing 383,257 472,293 1,394,135 1,264,925
Research and
development 364,376 852,392 1,550,045 1,991,605
Foreign exchange
(gain) loss (309,836) 552,189 (245,043) 1,671,752
Warranty 147,460 87,467 466,304 632,609
Stock-based
compensation 121,395 271,315 683,022 1,090,525
Bad debts 176,182 772,941 428,048 999,301
Amortization 178,329 344,254 536,617 1,026,733
Interest 61,355 114,070 263,166 359,290
------------- ------------- ------------- -------------
3,093,928 6,125,424 12,203,986 17,881,401
------------- ------------- ------------- -------------
Loss before interest
and other income (2,672,312) (3,564,109) (8,407,847) (8,320,801)
Interest and other
income 207 30,100 27,043 83,033
------------- ------------- ------------- -------------
Net loss, being
comprehensive
loss $ (2,672,105) $ (3,534,009) $ (8,380,804) $ (8,237,768)
------------- ------------- ------------- -------------
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Net loss per share
Basic and
diluted $ (0.03) $ (0.06) $ (0.12) $ (0.14)
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
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Deficit, beginning
of period $(62,556,640) $(47,286,328) $(56,847,941) $(42,582,569)
Net loss, being
comprehensive
loss (2,672,105) (3,534,009) (8,380,804) (8,237,768)
------------- ------------- ------------- -------------
Deficit, end of
period $(65,228,745) $(50,820,337) $(65,228,745) $(50,820,337)
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Imaging Dynamics Company Ltd.
Consolidated Statement of Cash Flows
(Unaudited)
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Increase (decrease) in cash and cash equivalents are as follows:
Three Months Ended Nine Months Ended
------------- ------------- ------------- -------------
September 30 September 30 September 30 September 30
2008 2007 2008 2007
------------- ------------- ------------- -------------
Cash flows from
operating
activities
Net loss $ (2,672,105) $ (3,534,009) $ (8,380,804) $ (8,237,768)
Items not
affecting
cash
Amortization 178,329 344,254 536,617 1,026,733
Stock-based
compensation 121,395 271,315 683,022 1,090,525
Warranty (181,722) (69,697) (323,526) 254,878
------------- ------------- ------------- -------------
(2,554,103) (2,988,137) (7,484,691) (5,865,632)
Change in non-
cash working
capital 1,199,315 2,463,188 (61,602) 3,649,513
------------- ------------- ------------- -------------
(1,354,788) (524,949) (7,546,293) (2,216,119)
------------- ------------- ------------- -------------
Cash flows from
financing
activities
Proceeds from
share issuances,
net - 40,000 8,316,220 448,568
Short-term
borrowing, net (498,975) (2,647,588) (1,260,244) (2,872,424)
Repayment of
loans payable - - (45,013) (25,000)
------------- ------------- ------------- -------------
(498,975) (2,607,588) 7,010,963 (2,448,856)
------------- ------------- ------------- -------------
Cash flows used in
investing
activities
Property, plant
and equipment
additions (9,691) (115,374) (252,752) (379,546)
------------- ------------- ------------- -------------
Net change in cash
and cash
equivalents (1,863,454) (3,247,911) (788,082) (5,044,521)
Cash and cash
equivalents
Beginning of
period 2,535,926 4,104,582 1,460,554 5,901,192
------------- ------------- ------------- -------------
End of period $ 672,472 $ 856,671 $ 672,472 $ 856,671
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About IDC:
Imaging Dynamics Company (IDC) is a medical technology company and an innovative force in the fast-growing field of digital radiography (DR) technology.
IDC's X-Series of direct capture technology replaces conventional film-based X-rays and provides a cost-effective alternative to cassette based film or computed radiography (CR) systems.
Each IDC DR solution provides high resolution radiographic images in the digital format required for today's electronic medical record networks, all without the use of film, environmentally harming chemicals, cassettes or expensive imaging plates.
IDC is based in Calgary, Alberta, Canada.
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.