Epic Data International Inc. (TSX VENTURE: EKD) (the "Company" or
"Epic Data"), a provider of manufacturing operations management and
real-time data collection solutions, today announced the results of
operations for the three and nine months ended June 30, 2011.
Results of Operations
Three months ended Nine months ended
June 30, June 30,
2011 2010 2011 2010
-------------- ------------ ------------ ------------
Revenue $ 1,024,998 $ 1,059,987 $ 3,267,105 $ 3,610,633
Cost of sales 490,908 539,804 1,624,173 1,770,063
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Gross margin 534,090 520,183 1,642,932 1,840,570
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Expenses
General and
administration 375,761 378,691 1,058,902 1,201,871
Sales and
marketing 327,524 324,598 903,497 809,620
Product
development 150,484 114,685 447,669 382,819
Amortization of
property, plant
and equipment 3,507 10,912 31,377 47,662
Net finance
charges 29,442 11,179 58,159 40,587
Stock based
compensation 10,029 23,441 25,241 34,205
Foreign exchange 11,023 (18,076) 77,193 53,691
Interest
accretion 2,127 - 3,546 -
Severance - (8,531) - 37,460
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909,897 836,899 2,605,584 2,607,915
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Net loss for the
period $ (375,807) $ (316,716) $ (962,652) $ (767,345)
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Loss per share -
basic and diluted $ (0.02) $ (0.02) $ (0.04) $ (0.05)
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Results of Operations for the Three and Nine months ended June
30, 2011
Revenue
Revenue for the three months ended June 30, 2011 decreased
$34,989 or 3% to $1,024,998 compared with $1,059,987 in the same
period last year. Revenue for the nine months ended June 30, 2011
decreased $343,528 or 10% to $3,267,105 compared with $3,610,633 in
the same period last year. The decrease in revenue for both periods
was due mainly to the stronger Canadian dollar, which negatively
impacted revenue for the three and nine months ended June 30, 2011
by approximately $45,000 and $211,000, respectively.
Gross Margin
The gross margin for the three months ended June 30, 2011
increased $13,907 or 3% to $534,090 as compared with $520,183 in
the same period last year. The gross margin for the nine months
ended June 30, 2011 decreased $197,638 or 11% to $1,642,932 as
compared with $1,840,570 in the same period last year. The decrease
was due to the lower revenue and foreign exchange.
The gross margin as a percentage of revenue for the three months
ended June 30, 2011 increased to 52% compared with 49% in the same
period last year, while for the nine months ended June 30, 2011 it
decreased to 50% compared with 51% in the same period last year.
The changes in the current periods was due mainly to the amount of
staffing costs being allocated to cost of sales based on the amount
of project work.
General and administration
General and administration expenses for the three months ended
June 30, 2011 decreased $2,930 or 1% to $375,761 compared with
$378,691 in the same period last year. General and administration
expenses for the nine months ended June 30, 2011 decreased $142,969
or 12% to $1,058,902 compared with $1,201,871 in the same period
last year. The decrease is principally due to lower staff levels,
lower head office rent and a recovery of building operating costs
in the second quarter of 2011 of approximately $63,000.
Sales and marketing
Sales and marketing expenses for the three months ended June 30,
2011 increased $2,926 or 1% to $327,524 compared with $324,598 in
the same period last year. Sales and marketing expenses for the
nine months ended June 30, 2011 increased $93,877 or 12% to
$903,497 compared with $809,620 in the same period last year. The
increase in both periods is due primarily to the opening of the
representative office in China for the new marketing initiatives in
China.
Product development
Product development expenses for the three months ended June 30,
2011 increased $35,799 or 31% to $150,484 compared with $114,685 in
the same period last year. Product development expenses for the
nine months ended June 30, 2011 increased $64,850 or 17% to
$447,669 compared with $382,819 in the same period last year. The
increases in both periods is due to the development of the Epic
Data MES suite of applications, including for the China market, and
staffing costs being allocated to product development rather than
to cost of sales as a result of less project work in the current
periods compared to the same periods last year.
Net loss
Net loss for the three months ended June 30, 2011 increased
$59,091 or 19% to $375,807 compared with $316,716 in the same
period last year. Net loss for the nine months ended June 30, 2011
increased $195,307 or 26% to $962,652 compared with $767,345 in the
same period last year.
Financing Activities
On August 8, 2011 the Company closed a non-brokered private
placement of 6,000,000 common shares at $0.20 per share for gross
proceeds of $1,200,000. The 6,000,000 common share issued are
subject to a four month hold period expiring on December 9, 2011.
The proceeds will be used to market the Company's manufacturing
operations management software products, to fund product
development and for general working capital purposes.
Grant of Stock Options
The Company announces that effective August 30, 2011 it has
granted 150,000 stock options to an employee. The term of the
options will be 7 years and the exercise price will be the greater
of the closing price on August 29, 2011 or $0.10 per share.
About Epic Data
Epic Data International Inc. is a provider of manufacturing
operations management and warehouse management solutions. For 36
years Epic Data has delivered real-time data collection and
production information to discrete manufacturers through turnkey
data collection, warehouse management and lean manufacturing
operations management solutions. Defense contractors, aerospace,
automotive, high technology and industrial equipment &
machinery manufacturers, employ Epic Data solutions to optimize the
ROI of their manufacturing IT infrastructure investments and
operations by increasing plant productivity, materials visibility
and production velocity. Customers include Hawker Beechcraft,
Lockheed Martin, Bell Helicopter, Komatsu, Bombardier Learjet, CAE
Inc., Kingfisher (B&Q) plc, Joy Mining Machinery, Cobham
Defence Communications Ltd., GE Aircraft Engine, Contour Premium
Aircraft Seating, McBride plc, Phoenix Contact, Rolls-Royce and
Volvo.
More information about Epic Data is available at
www.epicdata.com
Caution Regarding Forward-looking Statements
In this document and in other documents filed with Canadian
regulatory authorities or in other communications, the Company may
from time to time make written or oral forward-looking statements
within the meaning of applicable securities legislation, including
statements regarding the Company's business plans and financial
objectives. These statements typically use words such as prospects,
believe, estimate, forecast, project, expect, anticipate, plan,
may, should, could and would, or the negative of these terms,
variations thereof or similar terminology. By their very nature,
forward-looking statements are based on assumptions and involve
inherent risks and uncertainties, both general and specific in
nature. It is therefore possible that the forecasts, projections
and other forward-looking statements will not be achieved or will
prove inaccurate. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, it provides no assurance that these expectations will
prove to have been correct. The Company cautions readers against
placing undue reliance on forward-looking statements when making
decisions, as the actual results could differ considerably from the
opinions, plans, objectives, expectations, forecasts, estimates and
intentions expressed in such forward-looking statements due to
various material factors. Among other things, these factors include
fiscal and economic policies, changes in interest and foreign
exchange rates, and general economic conditions, legislative and
regulatory developments, competition and access to capital. The
Company further cautions that the foregoing list of factors is not
exhaustive. For more information on the risks, uncertainties and
assumptions that would cause the Company's actual results to differ
from current expectations, please also refer to the Company's
public filings available at www.sedar.com. The Company does not
undertake to update any forward-looking statements, whether oral or
written, made by itself or on its behalf, except to the extent
required by securities regulations.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Epic Data International Inc. Robert Nygren President
& CEO 604-273-9146 robert.nygren@epicdata.com
www.epicdata.com
Epic Data International Inc. (TSXV:EKD)
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