Imaging Dynamics Company Announces 2015 Second Quarter Results, Establishes Shanghai Free Trade Zone Subsidiary and Announces Resignation of a Director
CALGARY, AB / CRWEPRESSRELEASE / August 28, 2015 / Imaging Dynamics Company, Ltd. (“IDC” or the “Company”) (TSX Venture: IDL) announces today the financial results for the 2015 second quarter period ended June 30, 2015, the establishment of a Shanghai Free Trade Zone Subsidiary, and the resignation of a Director.
2015 Second Quarter Highlights
Gross revenues for the second quarter of 2015 were $0.617 million compared to $0.715 million for the same quarter last year representing a decrease of 13.7% in revenues. The decrease in revenues during the period is mainly due to lower sales in the Asia-Pacific due to an economic downturn in this area, and offset by higher sales in the USA and Latin America regions. On a year-to-date basis, revenues were $1.102 million compared to $1.113 million in the prior year, a decrease of 1.0% over the comparative period.
Sales and marketing, general and administrative, production and manufacturing, and research and development expenses for the second quarter increased to $0.663 million from $0.485 million during the same quarter last year, and were $1.139 million on a year-to date basis compared to $1.007 million in the prior year.
Net loss for the second quarter ended June 30, 2015 was $0.620 million compared to a net loss of $0.238 million for the same quarter last year, and the net loss was $0.909 million on a year-to-date basis compared to $0.607 million for the same period last year.
Dr. Sidong Huang, President and CEO of the Company stated: “IDC is committed to and continues to focus on sales and marketing efforts to generate sales revenues from IDC’s existing customer base and distribution partners, and in the development of new business relationships with new potential major customers globally.”
IDC Shanghai Free Trade Zone Subsidiary
IDC also announces that it has established a subsidiary company in the Shanghai Free Trade Zone in China to expand IDC’s business in the China market for the following purposes: (1) to set up an IDC Shanghai R&D Centre in China, and (2) to explore, develop and market new medical industry related products for sales in this region and throughout the global marketplace.
Resignation of a Director
The Company announces that Mr. George Chen has resigned as a Director of the Board of Directors of IDC to pursue other endeavours. On behalf of the Board of Directors, Dr. Huang would like to thank Mr. Chen for his service and contribution to the Company.
About Imaging Dynamics Company
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
For more information, please contact:
President and Chief Executive Officer
Imaging Dynamics Company Ltd.
1.866.975.6737 Toll Free
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.