|IDC REPORTS 2014 FINANCIAL RESULTS AND AWARDING OF SALES CONTRACTS|
IDC REPORTS 2014 FINANCIAL RESULTS AND AWARDING OF SALES CONTRACTS
Calgary, Alberta, April 30, 2015 - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV: IDL) is pleased to report its financial results for the December 31, 2014 fiscal year-end and announces the awarding of sales contracts.
2014 Annual Highlights
Gross revenues for the 2014 year were $2.55 million compared to $2.99 million for the prior year, a decrease of 14.7 percent over last year. The sales revenues during the year were mainly from the Asia-Pacific and the USA which have been the focus of IDC this year.
Sales and marketing, general and administrative, production and manufacturing, and research and development expenses were significantly lower by 25.6 percent to $2.03 million from $2.75 million as compared to last year, due to IDC's continued cost reduction initiatives.
Net loss for the year ended December 31, 2014 was $1.38 million compared to a net loss of $1.96 million for last year, a significant improvement of 29.7% in performance over the prior year results.
Dr. Sidong Huang, President and CEO of IDC, stated: "I am very pleased with the ongoing efforts demonstrated by the Company, its valued employees, management team and Board of Directors in making improvements in sales and operating results for the 2014 year." IDC's sales and marketing efforts for the past year continue to be focused on increasing sales from IDC's existing customer base and in developing new strategic relationships with potential new distribution partners globally.
A conference call to discuss the 2014 annual results is not planned at this time. The Company expects to announce the date and location of its Annual General Meeting in the near future.
Awarding of Sales Contracts
IDC also announces that it has been awarded a purchase order by China High Standard Military Medical Service to supply bulk mobile digital radiography (DR) systems with Wi-Fi enabled flat panel and newer version of the Magellan software. China High Standard Military Medical Service, one of the most comprehensive and modern medical facilities in China, went through an extensive testing process to determine that IDCís products provided the best cost-benefit in the market for its needs.
Dr. Sidong Huang, stated: "IDC
has a rich history for innovation and quality control in digital radiography
industry. It is a great compliment to be
recognized by military medical facilities as this validates our leading-edge
technology in terms of product's performance, reliability and cost effectiveness. IDC
will continue to maintain a competitive advantage in technology to meet the demand
for increased mobility, portability, intelligence, and ease of use for our
The Company is also pleased to announce today the re-signing of a strategic distribution agreement with White Mountain Imaging of New Hampshire, USA to distribute IDC products over the continental U.S. including Alaska and Hawaii plus all provinces in Canada. This contract is estimated to have the potential of generating up to US$ 2.2 million of revenue per year for the Company.
White Mountain Imaging is one of IDCís former distribution partners and currently has 300 dealers in the U.S.A. and Canada area.
Dr. Huang commented, "The re-signing of the distribution agreement with White Mountain Imaging is a milestone in IDC's global market development strategy, with the potential to add significant sales momentum. We look forward to collaborating with White Mountain Imaging, who is already familiar with our products and has a well developed sales network, to realize the full potential that this opportunity presents for both companies.Ē
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, Canada and also has a representative office in Beijing, China.
Visit the IDC web site: www.imagingdynamics.com
information, please contact:
Mr. Eugene Woychyshyn
Chief Financial Officer
Statements in this press 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.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.