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Epic Data Announces First Quarter Results
february 26 , 2008
Epic Data International Inc. (TSX-V: EKD) today announced financial results for its first quarter ended December 31, 2007. Financial Summary
- Q1 2008 revenue of CDN $1.8 million, down from CDN $2.9 million in Q1 2007.
- Q1 gross margin percentage of 47%, down from 50% in Q1 2007.
- Q1 operating expense of CDN $1.1 million, a reduction of 30% for Q1 2007 levels of CDN $1.64 million.
- Q1 net loss of CDN $343,000, compared to a net loss in Q4 2007 of CDN $188,000.
- December 31, 2007 cash position of CDN $563,000, down from the quarter's opening position of CDN $759,000.
- December 31, 2007 contracted sales backlog of CDN $3.6 million, down from the quarter's opening backlog position of CDN $4.2 million.
- Subsequent to quarter end, on February 27, 2008, the Company announced that it was in the process of finalizing a CDN $4.8 million data collection system contract with a U.S. defense contractor. No financial impact on Q1 results, system scheduled for substantial completion by end of September 2008.
- To support working capital requirements driven by the pending Q2 contract win, payment terms on the Company's existing financing facility were amended. Any outstanding draws on the CDN $500,000 operating facility are now repayable by July 31, 2008 (versus original date of June 2009) and the $1.0 million principal amount is now repayable by December 2008 (versus June 2009) if certain conditions related to the new contract are satisfied.
"These first quarter results highlight the importance of our current initiatives targeted to improve top-line performance" said James Dodds, Epic Data's President and CEO. "Last Page 2 Page 2 year's focus was on increasing the effectiveness and efficiency of our integration services and product development organizations and we've achieved significant benefits from these efforts. With the current year's focus on marketing and sales, we are targeting our second consecutive fiscal year of profitability and with the help of our expected major contract win, our first fiscal year of sequential revenue growth in a number of years."
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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