Tickers: XTSX:IDL
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Calgary, Alberta / TheNewswire / May 1, 2019 - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV:IDL) reports its financial results for the December 31, 2018 fiscal year end.
2018 Summary:
- Gross revenues for the three and twelve months ended December 31, 2018 decreased by 43.7 and 14.5 percent respectively compared to the same periods in 2017. Gross revenues for the three and twelve months ended December 31, 2017 were $80,991 and $748,680, compared to $143,969 and $875,175 respectively in the same periods of 2017. For the 2018 year, 14.85 percent (2017 - 93 percent) of company sales were in China and 85.15 percent (2017 - 7 percent) were in the Americas.
- Gross margins were for the three and twelve months ended December 31, 2018 were negative $42,058 (-31 per cent) (negative $232,402 attributable to the parent and 190,344 attributable to the discontinued operations) and negative $428,599 (-31 percent) compared to $1,355,543 ($44,101 attributable to the parent and $1,311,442 attributable to the discontinued operations)(31 percent) and $1,665,447 ($123,837 attributable to the parent and $1,541,610 attributable to the discontinued operations )(14 percent), respectively, for the same periods in 2017. The decreased of Gross Margin Percentage in 2018 is attributed to the company record an inventory written off $476,529.
- Overhead costs (sales, general and administrative, production and manufacturing, and research and development expenses) for the year ended December 31, 2018 were $4,086,903($2,218,257 of SAR costs are for the discontinued operations), compared to $8,087,598 ($6,541,907 of SAR costs are for the discontinued operations) in 2017.
- Net Income for the three and twelve months ended December 31, 2018 was $ 5,503,747 ($0.09 per share) compared to a net loss of $3,882,889 ($0.07 per share) in the same period of 2017 and net income of 3,205,230 ($0.05 per share) compared to a net loss of $11,591,034 ($0.20 per share) in the same periods of 2017 on a post-consolidated basis. The losing of control in IDC Shanghai results a gain on the loss of control of $10,372,837 and a loss of $2,196,538 from discontinued operations.
- Trade and other receivables decreased to $7,842 at the end of December 31, 2018 compared to $9,032,012 ($143,713 attributable to the parent and $8,882,821 attributable to the discontinued operations) at the end of December 31, 2017 due to some customer paid receivable and no discontinue operation with a big receivable in China in 2018.
- Trade and other payables decreased from $9,241,522 ($1,846,060 from continued operations and $7,395,462 from discontinued operations) at December 31, 2017 to $3,302,136 at December 31, 2018. This decrease is due to no discontinued operations accounts payable is consolidate.
The Company's annual consolidated financial statements for the year ended December 31, 2018 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 technology growth field of digital radiography (DR). Digital Radiography is a form of X-ray imaging 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 with the use of Flat Panel detectors to enhance the digital image quality and improve the level of healthcare for their patients.
The Company has its corporate office in Calgary, Canada, a sales and marketing office in Beijing, China, and operations, research and development centres in Calgary, Canada and Shanghai, China.
For more information, please contact:
Ms. Rong Xue
Chief Financial Officer
1.403.769.1294 Office
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.
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.
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