CALGARY, AB / ACCESSWIRE / April 6, 2017 / Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV: IDL) reports its financial results for the December 31, 2016 fiscal year-end.
2016 Summary:
- Gross revenues for the three and twelve months ended December 31, 2016 were $4,351,943 and $7,543,199, compared to $458,448 and $2,435,667 respectively in the same periods of 2015.
- Gross margins were for the three and twelve months ended December 31, 2016 were $1,258,986 (29 percent) and $2,302,058 (31 percent) compared to ($424,518) (-93 percent) and $541,206 (22 percent), respectively, for the same periods in 2015.
- Overhead costs (sales, general and administrative, production and manufacturing, and research and development expenses) were $2,231,670 and $7,035,773 for the three and twelve months ended December 31, 2016, up from $1,750,047 and $3,597,018, respectively, during the same periods in 2015.
- Net loss for the three and twelve months ended December 31, 2016 was $1,385,170 ($0.02 per share) and $5,672,660 ($0.10 per share), compared to a net loss of $2,553,436 ($0.05 per share) and $3,828,253 ($0.07 per share) in the same periods of 2015 on a post-consolidated basis.
- Trade and other receivables increased to $4,842,506 at the end of December 31, 2016 from $169,637 at December 31, 2015, due to an increase in sales and several of those customers having extended payment terms of up to 12 months as dictated by the market.
- The inventory value of $2,198,902 at December 31, 2016 was for finished goods and purchased components.
- Trade and other payables increased from $2,317,683 at December 31, 2015 to $4,311,686 at December 31, 2016.
- In 2016, a total of $11,750,000 was received from convertible debenture financings closing on January 22, 2016 and October 7, 2016, as compared to $6,250,000 received from a convertible debenture financing closing on September 28, 2015. Interest payments on these debentures will be due in the 3rd and 4th quarters.
Due to the Chinese New Year in the first quarter of 2017, the Company does not expect the same level of sales revenue in the upcoming quarter.
A conference call to discuss the quarter's results is not planned at this time. The Company's annual consolidated financial statements for the year ended December 31, 2016 and the related management discussion and analysis are available on Sedar.com.
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 thousands of 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 operations, research and development centres in Calgary, Canada and Shanghai, China.
Visit the IDC web site: www.imagingdynamics.com
For more information, please contact:
Mr. Eugene Woychyshyn
Chief Financial Officer
1.403.251.9939 Office
1.866.975.6737 Toll Free
ewoychyshyn@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.
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.