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IDC reports first quarter 2010 results

^{Published on 2010-05-14 13:40:18 - Market Wire}
 

 First Quarter 2010 Highlights - Sales and marketing, general and administrative, production and manufacturing and research and development expenses were all down by 15.7 percent to $1,599,529 from $1,898,435 during the quarter compared to the same quarter last year; - Purchase orders received during the first quarter and opening backlog totaled $1.3 million ($0.9 million shipped and recognized, $0.4 million booked to closing backlog); - Reduced receivables by $0.6 million compared to December 31, 2009 on the collection of $1.5 million during the quarter; Days Sales Outstanding (DSO) for the quarter was 88 days, one of the lowest in the last sixteen quarters; - Reduced inventory by $0.5 million compared to December 31, 2009; - Reduced payables and accruals by $0.2 million compared to December 31 2009; - Reduced total expenses by 16.3 percent to $1.8 million from $2.2 million during the quarter compared to the same quarter last year; - Gross revenues were lower by 64.5 percent compared to the same quarter last year; which was largely due to the decline in revenues from Asia Pacific, where the orders have been pushed into second and third quarters of 2010 and slower purchasing decisions in other regions; and - Gross margins were 27.7 percent for the quarter compared to 25.9 percent for the same quarter last year. 

 Imaging Dynamics Company Ltd. Consolidated Balance Sheets As at March 31 December 31 2010 2009 ------------------------------------------------------------------------- Assets (Unaudited) (Audited) Current Assets Cash and cash equivalents $ 307,919 $ 310,957 Receivables 611,461 1,187,101 Inventory 4,334,136 4,830,116 Prepaids and deposits 336,911 447,704 -------------- -------------- 5,590,427 6,775,878 Property, plant and equipment 489,535 524,154 Intangible assets 482,393 511,603 -------------- -------------- $ 6,562,355 $ 7,811,635 -------------- -------------- -------------- -------------- Liabilities and Shareholders' Equity Current Liabilities Loan $ 1,000,000 $ 500,000 Payables and accruals 3,277,886 3,516,738 Customer deposits 365,862 438,876 Warranty liability 1,409,800 1,457,661 -------------- -------------- 6,053,548 5,913,275 -------------- -------------- Shareholders' Equity Share capital 70,246,559 70,246,559 Contributed surplus 5,963,522 5,930,955 Warrants 4,381,787 4,238,599 Deficit (80,083,061) (78,517,753) -------------- -------------- 508,807 1,898,360 -------------- -------------- $ 6,562,355 $ 7,811,635 -------------- -------------- -------------- -------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- Imaging Dynamics Company Ltd. Consolidated Statements of Operations, Comprehensive Loss and Deficit For the three months ended March 31 (Unaudited) 2010 2009 ------------------------------------------------------------------------- Revenues, net $ 933,818 $ 2,633,554 Cost of goods sold 675,243 1,952,548 -------------- -------------- Gross profit 258,575 681,006 -------------- -------------- -------------- -------------- Expenses Sales and marketing 398,805 590,072 General and administrative 763,489 730,737 Production and manufacturing 210,794 236,306 Research and development 226,441 341,320 Foreign exchange (gain) loss (24,958) 9,286 Warranty 13,100 124,200 Stock-based compensation 32,567 81,098 Amortization 63,829 90,278 Interest 17,518 - Financing costs 143,188 - -------------- -------------- 1,844,773 2,203,297 -------------- -------------- Loss before interest and other income (1,586,198) (1,522,291) Interest and other income 20,890 8,698 -------------- -------------- Net loss, being comprehensive loss $ (1,565,308) $ (1,513,593) -------------- -------------- -------------- -------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net loss per share Basic and diluted $ (0.02) $ (0.02) -------------- -------------- -------------- -------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- Deficit, beginning of period $(78,517,753) $(72,547,251) Net loss, being comprehensive loss (1,565,308) (1,513,593) -------------- -------------- Deficit, end of period $(80,083,061) $(74,060,844) -------------- -------------- -------------- -------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- Imaging Dynamics Company Ltd. Consolidated Statement of Cash Flows For the three months ended March 31 (Unaudited) 2010 2009 ------------------------------------------------------------------------- Cash flows used in operating activities Net loss $ (1,565,308) $ (1,513,593) Items not affecting cash Financing costs 143,188 - Amortization 63,829 90,278 Stock-based compensation 32,567 81,098 Warranty (47,861) 100,945 -------------- -------------- (1,373,585) (1,241,272) Change in non-cash working capital 870,547 598,434 -------------- -------------- (503,038) (642,838) -------------- -------------- Cash flows used in financing activities Loan 500,000 - -------------- -------------- Net change in cash and cash equivalents (3,038) (642,838) Cash and cash equivalents Beginning of period 310,957 1,104,268 -------------- -------------- End of period $ 307,919 $ 461,430 -------------- -------------- -------------- -------------- ------------------------------------------------------------------------- -------------------------------------------------------------------------