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Epic Data Announces Third Quarter Results
August 8, 2008
Epic Data International Inc. (TSX-V: EKD) today announced financial results for its third quarter ended June 30, 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 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 Fincentric Corporation, a global provider of enterprise software solutions to the financial services industry. On June 12, 2008, the Company announced the appointment of Alex Sventitsky to the position of Vice President, Sales. Mr. Sventitsky brings over 25 years of manufacturing solution sales and business development experience to Epic Data. Most recently he held the position of Director of Global Strategic Sales at Invensys Wonderware, a provider of industrial automation software solutions.
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."
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About Epic Data International Inc.
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, automotive, high technology and industrial equipment & machinery manufacturers, 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.
For Information contact:
Imre Togyi
VP, Marketing
Epic Data International Inc.
imre.togyi@epicdata.com
604.273.9146 |
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Epic Data offers the below resources to both its customers and prospective customers:
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"Epic Data addresses three major objectives for our operation including improving employee productivity, enhancing our inventory accuracy and improving the quality and level of service offered to our customers."
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USA/Canada: 
