CALGARY, Aug. 28, 2014 /CNW/ - Imaging Dynamics Company
Ltd. ("IDC" or the "Company") (TSX Venture: IDL-X) is pleased to
report today the financial results for the second quarter for the
period ended June 30, 2014 and
announces a new addition to the senior executive team of the
Company.
2014 Second Quarter Highlights
Gross revenues for the second quarter were higher by 66 percent
to $0.72 million compared to
$0.43 million for the same quarter
last year, and sales were higher by 33 percent to $1.11 million compared to $0.84 million on a year-to-date basis. The
increase in revenues is mainly due to sales in the Asia-Pacific region which has been a focus of
IDC this year.
Sales and marketing, general and administrative, production and
manufacturing and research and development expenses were lower by
28 percent to $0.47 million from
$0.62 million during the second
quarter compared to the same quarter last year, and were reduced by
33 percent to $1.01 million from
$1.50 million for last year due to
IDC's continued cost reduction initiatives.
Net loss for the quarter ended June 30,
2014 was $0.23 million
compared to a net loss of $0.49
million for the same quarter last year, and the net loss
year-to-date was $0.61 million
compared to $1.24 million for last
year, a significant improvement over the prior period results.
Dr. Sidong Huang, President and CEO of the Company stated:
"I would like to express my appreciation to the management
team and Board of Directors of IDC as well as all Company employees
who have worked hard to generate increased sales activity and for
the improved operating results for the last two quarters. The
Company's sales and marketing efforts have been successful in
increasing sales from IDC's existing customers. In addition,
the Company is developing relationships with potential distribution
partners. The Company is also in the process of developing of new
product lines that it hopes to be registered and introduced into
the marketplace later in 2014. IDC's plans for the dental segment
are progressing and is expected to add to the Company's revenues in
the coming periods.
New Addition to the Senior Executive Team
The Company is pleased to announce that Daniel Tsai, JD, LLM, MBA has been appointed as
Corporate Secretary and General Counsel and joins the senior
executive team at IDC. Daniel has worked with a number of TSXV
listed companies, national and multinational companies, private
businesses and entrepreneurs. He has written on business and legal
issues for the Globe and Mail, the Vancouver Sun, the Vancouver Province, the Advocate, the Lawyers'
Weekly and legal texts. Daniel is a graduate of Queen's University
and Cornell University. Mr. Tsai replaces Jeffrey Graham, who was the previous Corporate
Secretary for the Company.
About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology provider and
innovative force in the high growth field of digital radiography
(DR) technology.
The Company has over 4,000 installations in 50 countries of its
proprietary, award winning direct capture DR technology, which
replaces conventional film-based diagnostic imaging and provides a
cost-effective solution for medical facilities of all sizes to
provide high quality diagnostic X-ray images and improve the level
of healthcare for their patients.
Throughout its history, IDC has been recognized by multiple
industry organizations and research analysts such as: Frost &
Sullivan and Deloitte Technology; for its dedication to innovation,
global market growth, and customer focused value proposition.
The Company has its corporate office in Calgary, Alberta, Canada, and a representative
office in Beijing, China.
Visit the IDC web site: www.imagingdynamics.com
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.
SOURCE Imaging Dynamics Company Ltd.