IDC sees growing losses for Q2

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Imaging Dynamics Company (IDC), a Canadian supplier of digital radiography equipment, has reported financial results for the second quarter of 2008, which ended June 30.

For the quarter, IDC reported a net loss for the second quarter of CAD$3.25 million (USD$3.1 million), in comparison with a net loss of CAD$2.63 million (USD$2.5 million) in the same quarter last year.

The 2008 second quarter net revenues declined to CAD$5.33 million (USD$5.08 million) from CAD$9.27 million (USD$8.84 million) in the corresponding quarter a year-ago, according to the Calgary, Alberta-based company.

For the six-month period, net loss was CAD$5.71 million (USD$5.44 million), compared to a net loss of CAD$4.7 million (USD$4.48 million) in the same period last year. Net revenues for the period were CAD$11.72 million (USD$11.17 million), which represents a drop from CAD$17.06 million(USD$16.25 million)  in the year-ago period.

“While I am pleased with IDC’s ability to raise money and in the overall improvement in our balance sheet, we must offset the softness on the U.S. market with growth opportunities in the international and emerging markets where the IDC brand is strong and our value proposition gives IDC a competitive advantage,” said Tom Boon, IDC’s president and CEO.