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Epic Data Announces Third Quarter Results Aug 8, 2008 5:00:00 PM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2008) - Financial Summary - Q3 2008 revenue of CDN $3.4 million, up from CDN $2.5 million in Q3 2007. Year to date revenue of CDN $7.3 million, down from CDN $8.4 million for the first 9 months of fiscal 2007. - Q3 gross margin of 51%, up from 50% for the same period in 2007. Year to date gross margin of 49%, compared to 50% for the first 9 months of 2007.
- Q3 operating expense of CDN $1.22 million, a reduction of 26% from Q3 2007 levels of CDN $1.64 million. Year to date operating expense of CDN $3.61 million, a reduction of 28% from operating expenses in the first 9 months of fiscal 2007. - Q3 positive net income of CDN $0.45 million, compared to a net loss in Q3 2007 of CDN $0.30 million. Year to date net loss of CDN $0.18 million, compared to a net loss of CDN $0.67 million in the first 9 months of fiscal 2007. - June 30, 2008 contracted sales backlog of CDN $5.2 million, compared to the quarter's opening backlog position of CDN $7.4 million. - June 30, 2008 cash position of CDN $0.19 million, down from the quarter's opening position of CDN $0.29 million. Balance of funds borrowed against the Company's $0.50 million operating facility at June 30, 2008 was $0.38 million. Subsequent to quarter end these funds have been repaid by the Company. During the quarter, on May 27, 2008, the Company announced the appointment of Robert Nygren as President and CEO. Mr. Nygren is the former President and CEO of Mr. Nygren commented: "Epic Data delivered its highest quarterly revenue in over 2 years on the strength of significant third quarter activity under a $4.8 million contract awarded in our previous quarter. This project is continuing to progress on schedule for completion by the end of our fiscal year in September 2008. I am looking forward to building on these encouraging results with Alex and the other members of our leadership team." About For over 30 years Epic Data has been a leader in automatic identification and data collection solutions for the world's most progressive organizations. In aerospace and defense, industrial equipment, automotive and technology, our systems are used to increase plant productivity and production velocity while identifying the continuous improvement initiatives vital to winning in today's competitive manufacturing environments. People and technology make Epic Data a global leader in automated data collection solutions for the extended enterprise. Information about Epic Data is available at www.epicdata.com. Note: Forward-looking statements in this news release are based on current expectations of management. Epic Data cautions investors that, due to risks and uncertainties, actual events may differ materially from current expectations. EPIC DATA INTERNATIONAL INC. Consolidated Balance Sheets (Thousands of Canadian dollars)
As at
June 30 September 30
2008 2007
(unaudited) (audited)
----------------------------------
Assets:
Current assets
Cash and cash equivalents $ 190 $ 759
Accounts receivable - Net 2,243 1,546
Inventory 420 180
Prepaid expenses 659 669
------------ --------------
3,512 3,154
Prepaid expenses 66 421
Capital assets 225 271
------------ --------------
$ 3,803 $ 3,846
------------ --------------
------------ --------------
Liabilities and Shareholders' Deficiency Current liabilities: Accounts payable and accrued liabilities $ 1,626 $ 1,362 Deferred revenue 1,911 2,328 Related party loan, net of equity portion of $29 (September 30, 2007 - $51) 1,346 -
------------ --------------
4,883 3,690
------------ --------------
Related party loan, net of equity Portion (September 30, 2007 - $51) - 949 Deferred Revenue 313 429 Deficiency in assets: Share capital and contributed surplus 59,080 59,072 Deficit (60,473) (60,294)
------------ --------------
(1,393) (1,222)
------------ --------------
$ 3,803 $ 3,846
------------ --------------
------------ --------------
Certain comparative figures have been reclassified to conform with the financial statement presentation adopted for Fiscal 2008. EPIC DATA INTERNATIONAL INC. Consolidated Statements of Operations, Comprehensive Income (Loss) and Deficit (Thousands of Canadian dollars except per share amounts - unaudited)
Three months ended Nine months ended
June 30 June 30
---------------------- -----------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Revenue $ 3,402 $ 2,509 $ 7,327 $ 8,418
Cost of sales 1,654 1,265 3,704 4,181
--------- --------- --------- ---------
Gross margin 1,748 1,244 3,623 4,237
Gross margin percentage 51% 50% 49% 50%
Operating expenses:
Selling, marketing and
administrative 1,066 1,346 3,193 4,035
Product development 153 290 415 984
--------- --------- --------- ---------
1,219 1,636 3,608 5,019
--------- --------- --------- ---------
Income (Loss) before
undernoted items 529 (392) 15 (782)
Other expenses (income):
Amortization of capital
assets 43 58 144 188
Unused leased
facilities - (112) - (327)
Net finance charges 35 36 95 102 Other Income - (78) (45) (78)
--------- --------- --------- ---------
78 (96) 194 (115)
--------- --------- --------- ---------
Net income (loss) and
comprehensive income
(loss) for the period 451 (296) (179) (667)
Deficit, beginning of
period (60,924) (61,064) (60,294) (60,693)
--------- --------- --------- ---------
Deficit, end of period $ (60,473) $ (61,360) $ (60,473) $ (61,360)
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average number
of shares
Basic 12,904 12,897 12,904 12,899
Diluted 12,929 12,920 12,929 12,939
Earnings per share
Basic $ 0.03 $ (0.02) $ (0.01) $ (0.05)
Diluted $ 0.03 $ (0.02) $ (0.01) $ (0.05)
Certain comparative figures have been reclassified to conform with the financial statement presentation adopted for Fiscal 2008. EPIC DATA INTERNATIONAL INC. Consolidated Statements of Cash Flows (Thousands of Canadian dollars except per share amounts - unaudited)
Three months ended Nine months ended
June 30 June 30
--------------------- --------------------
2008 2007 2008 2007
--------- -------- -------- ---------
Cash provided by (used in):
Operating: Profit (Loss) for the period $ 451 $ (296) $ (179) $ (667) Items not involving cash: Amortization of capital assets 43 58 144 188 Provision for unused leased facilities - (111) - (328) Accretion of related party loan 8 15 22 46 Stock-based compensation expense (recovery) 4 5 6 (36) Change in non-cash operating working capital: Accounts receivable (948) 213 (697) (421) Inventory (187) 52 (240) 53 Prepaid expenses 134 (761) 365 (971) Accounts payable & accrued liabilities 117 (354) 266 (468)
Deferred revenue 4 (830) (533) 713
(374) (2,009) (846) (1,891)
--------- -------- -------- ---------
Investing: Net acquisition of capital assets (76) (9) (98) (34) Cash equivalents pledged as security - 1,200 - 1,600
--------- -------- -------- ---------
(76) 1,191 (98) 1,566
Financing:
Related party loan 250 - 375 - Refund of share purchase - (1) - (1)
--------- -------- -------- ---------
250 (1) 375 (1)
--------- -------- -------- ---------
Increase (decrease) in cash and cash equivalents (200) (819) (569) (326) Cash and cash equivalents, beginning of period 390 1,111 759 618
--------- -------- -------- ---------
Cash and cash equivalents, end of period $ 190 $ 292 $ 190 $ 292
--------- -------- -------- ---------
--------- -------- -------- ---------
The Company's cash position consists of: Cash and cash equivalents $ 190 $ 292 $ 190 $ 292 --------- -------- -------- ---------
Cash position $ 190 $ 292 $ 190 $ 292
--------- -------- -------- ---------
--------- -------- -------- ---------
Supplementary information: Interest paid $ 35 $ 35 $ 70 $ 70 Interest received $ 2 $ 12 $ 9 $ 43 Certain comparative figures have been reclassified to conform with the financial statement presentation adopted for Fiscal 2008.
FOR FURTHER INFORMATION PLEASE CONTACT:
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