|By Marketwired .||
|January 28, 2013 06:48 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/28/13 -- Epic Data International Inc. (TSX VENTURE:EKD), a provider of manufacturing execution systems (MES), a provider of manufacturing operations management and real-time data collection solutions, today announced the results of operations for the three months and year ended September 30, 2012.
Highlights for the year:
-- Increased product development spending in 2012 compared to 2011 by nearly 150% to $1.6 million; -- Released IntegraMES 6.4, our newly architected, web-enabled MES platform; -- Developed UniView, our new rugged shop floor terminal that supports browser-based web applications and high security; -- Set up a majority-owned equity joint venture with Huazhong University of Science & Technology, one of China's most prominent engineering universities and grew the operations to 115 staff in Wuhan; and -- Completed a $2.4 million equity and debenture financing. Results of Operations Three months ended Year ended September 30, September 30, 2012 2011 2012 2011 ------------- ------------- ------------- ------------- Revenue $ 956,508 $ 935,869 $ 4,213,752 $ 4,202,974 Cost of sales 717,025 458,325 2,441,982 2,082,498 ---------------------------------------------------------------------------- Gross margin 239,483 477,544 1,771,770 2,120,476 ---------------------------------------------------------------------------- Expenses General and administration 638,641 500,444 2,435,705 1,814,415 Sales and marketing 527,396 284,708 1,852,273 987,761 Product development 365,706 182,475 1,570,417 632,137 Net finance charges 77,280 52,742 473,213 153,382 Deferred income tax (recovery) (117,768) - (117,768) (167,608) Foreign exchange (38,576) 7,640 8,421 84,833 ---------------------------------------------------------------------------- 1,452,679 1,028,009 6,222,261 3,504,920 ---------------------------------------------------------------------------- Net loss (1,213,196) (550,465) (4,450,491) (1,384,444) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Loss per share - basic and diluted $ (0.04) $ (0.02) $ (0.13) $ (0.05) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Results of Operations for the year ended September 30, 2012 compared with 2011
Revenue for the year ended September 30, 2012 increased $10,778 or 0.3% to $4,213,752 compared with $4,202,974 in the prior year. The increase in revenue was due to revenue from the start-up operations in China.
The gross margin for the year ended September 30, 2012 decreased $348,706 or 17% to $1,771,770 as compared with $2,120,476 in the prior year. The decrease was due to the start-up operations in China where a number of projects are in progress, however certain conditions necessary to allow revenue recognition have not yet been met.
General and administration
General and administration expenses for the year ended September 30, 2012 increased $621,290 or 34% to $2,435,705 compared with $1,814,415 in the prior year. The increase is principally due to the start up operations in China, which were for $605,834.
Sales and marketing
Sales and marketing expenses for the year ended September 30, 2012 increased $864,512 or 87% to $1,852,273 compared with $987,761 in the prior year. The increase is primarily due to the start-up operations in China which accounted for $324,132 and compensation and sales consulting related costs to new personnel, including the hiring of a new vice president of sales, totaling for $461,388.
Product development expenses for the year ended September 30, 2012 increased $938,280 or 148% to $1,570,417 compared with $632,137 in the prior year. We have development teams in Richmond, Canada and Wuhan, China. The increase in spending was comprised of the new development team in Wuhan, which accounted for $300,178 of the increase and the balance of the increase of $638,102 was incurred in Richmond. The increase is due to the development of the UniView, our new rugged shop floor terminal that supports browser-based web applications and high security and the release of IntegraMES 6.4, our newly architected, web-enabled MES platform.
Net finance charges
Net finance charges for the year ended September 30, 2012 increased $319,831 or 57% to $473,213 compared with $153,382 in the prior year. The increase is due to the interest accretion of $292,534, which was primarily related to the repayment of debt in the year, and to the interest charged on the debt.
Net loss for the year ended September 30, 2012 increased $3,066,047 or 221% to $4,450,491 compared with $1,384,444 in the prior year. The significant components are the start-up operations in China, which had a loss of 1,583,760 and the increased product development.
Results of operations for the fourth quarter
Revenue for the three months ended September 30, 2012 increased $20,639 or 2% to $956,508 compared with $935,869 in the same period of the prior year. The increase was due to project work in the fourth quarter. Cost of sales however increased by $258,700 as a result of the operations in China, which had a number of projects in progress, however certain conditions necessary to allow revenue recognition have not yet been met.
Expenses for the three months ended September 30, 2012 increased $424,670 or 55% to $1,452,679 compared with $1,028,009 in the same period of the prior year. In general the expenses for the three months ended September 30, 2012 are higher than last year due mainly to the operations in China.
Net loss for the three months ended September 30, 2012 increased $662,731 to a loss of $1,213,196 compared with a loss of $550,465 in the same period of the prior year.
The Company announces that it has received a term loan of $555,000 from Hua Zhuo Lin, a minority shareholder of the Company. The proceeds of the loan will be used to complete the Company's registered capital obligation for its 51% investment in Epic-Hust Technology (Wuhan) Co. Ltd ("Epic-Hust JV) in China. The principal amount of the loan is due on January 31, 2016 and will bear interest at the rate of 5% per annum payable semi-annually. In connection with this loan, the Company has granted a security against the Company's equity interest in Epic-Hust JV.
About Epic Data
Epic Data International Inc. has produced manufacturing execution and warehouse management solutions for 36 years. Epic Data solutions synchronize supply chain and production activities to achieve real-time visibility of manufacturing metrics that reduces cycle times and costs, optimizes production planning and control, and boosts quality and efficiency. The solutions are easily implemented either by module or as a completely integrated solution suite across the global enterprise. Customers include Lockheed Martin, Bell Helicopter, Komatsu, Hawker Beechcraft, 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.
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