|IDC Q1 2016 Results|
IMAGING DYNAMICS COMPANY LTD. Reports First Quarter 2016 Results
Calgary, Alberta, May 30, 2016 - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV: IDL) reports its financial results for the first quarter ended March 31, 2016.
2016 First Quarter Highlights
The first quarter of 2016 saw IDC begin to execute its new strategy to renew the Company and its products as follows:
Investments in people and Research and Development were made.
Gross revenues for the first quarter were $836,432 compared to $485,385 for the prior year quarter, which is an increase of 72% percent over last year. Most of the increase is attributed to increased activity in the Asia-Pacific region and new product sales. Gross margins were $244,194 or 29% vs 55% for the prior year quarter. Margins in 2015 were unusually high as IDC sold several parts with low inventory costs due to previous write-downs.
Operating costs (sales and marketing, general and administrative, production and manufacturing, and research and development) were up by 150 percent to $1,242,570 from $476,441 as compared to the prior year. The increase reflects the investment in people and is directly attributed to establishing operations in Calgary, Shanghai, and Beijing. Included in this total is research and development costs which increased by 571%. The Company is focusing on building and investing in its new strategic direction to address its goals of achieving further product development, diversification and operating efficiencies to build on its global brand recognition.
Financing costs increased to $213,191 from $14,794 in the prior period due to IDC`s commitments arising from the convertible debentures.
For the reasons mentioned above, the net loss for the quarter ended March 31, 2016 was $1,295,582 compared to a net loss of $288,968 for the same period of 2015.
“In the first quarter of 2016, IDC began making tangible investments in its future. We are pleased with our efforts so far and expect to see the first positive results of the hard work of our people in the second half of 2016,” said Mr. Yucheng Zhou, IDC’s CEO and Chairman.
A conference call to discuss the quarters results is not planned at this time, but the Company will hold its Annual General Meeting in Calgary, Alberta on Monday, July 18, 2016.
About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology and device 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, a sales and marketing office in Beijing, China, and also an operations and research and development centres in Calgary, Canada and Shanghai, China.
Visit the IDC web site: www.imagingdynamics.com
For more information, please contact:
Assistant Corporate Secretary
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.
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