Business
IDC reports third quarter 2009 results
IDC reports third quarter 2009 results
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 12 /CNW/ -- Imaging Dynamics Company Ltd. (IDC or the Company) (TSX: IDL) a global supplier in the growing digital radiography (DR) equipment market, today reported financial results for the three and nine months ended September 30, 2009.Third Quarter 2009 Highlights- Reduced receivables by $3.4 million compared to December 31, 2008 onthe collection of approximately $10.8 million during the nine monthsended September 30, 2009; Days Sales Outstanding (DSO) for the quarterreduced to 122 days from 301 days for the same quarter last year;- Reduced inventory by $1.3 million compared to December 31, 2008;- Reduced payables and accruals by $1.8 million compared to December 312008;- Cash and cash equivalents decreased by $0.6 million to $0.5 million atSeptember 30, 2009 from $1.1 million at December 31, 2008;- Sales and marketing, general and administrative, production andmanufacturing and research and development expenses were reduced by44.4 percent to $1.5 million from $2.7 million during the quartercompared to the same quarter last year and were reduced by 48.6percent to $5.2 million from $10.1 million on a year to date basiscompared to the same period last year;- Reduced total expenses by 38.6 percent to $1.9 million from $3.1million during the quarter compared to the same quarter last year andreduced by 44.8 percent to $6.7 million from $12.2 million on a yearto date basis compared to the same period last year;- Purchase orders received during the third quarter and opening backlogtotaled $3.2 million ($1.7 million shipped and recognized, $1.5million booked to closing backlog);- Gross revenues were lower by 16.6 percent compared to the same quarterlast year and lower by 40.1 percent on a year to date basis; which waslargely due to the decline in revenues in United States (\"US\") as aresult of the slowing economic conditions; and- Gross margins were 20.5 percent for the quarter compared to 20.2percent for the same quarter last year and 26.9 percent compared to27.5 percent on a year to date basis; which were also impacted due tolower margin sales during the period, the global pricing pressures ondigital radiography products and the continued utilization ofinventory that was purchased during previous quarters.Net loss was for the third quarter of 2009 was $1,542,205 or $0....