Epic Data Announces Second Quarter Results for Fiscal Year 2003.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--April 17, 2003 Epic epic, long, exalted narrative poem, usually on a serious subject, centered on a heroic figure. The earliest epics, known as primary, or original, epics, were shaped from the legends of an age when a nation was conquering and expanding; such is the foundation of the Data International Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :EKD EKD Evangelische Kirche in Deutschland (Protestant Church in Germany) EKD Electronic Key Distribution EKD Early Kick Detection (oil drilling) ), today reported results for the second quarter ended March 31st, 2003. Second quarter revenues of $7.7 million yielded earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
For the six-month period ended March 31st, revenue was $13.9 million compared to $13.1 million in the prior fiscal year. Net income for the six-month period of $321 thousand, or $0.03 per share compares to the prior year's net loss of $2.8 million or $0.22 per share. The company reported that initial deliveries of its recently introduced MPT MPT Maryland Public Television MPT Modern Portfolio Theory (investing) MPT Ministry of Posts and Telecommunications MPT Message-Passing Toolkit MPT Master of Physical Therapy MPT Mitochondrial Permeability Transition 9100 data collection terminal positively impacted gross margins, which stood at 50% in the quarter compared to 35% for the same period last year, and now stand at 52% year to date compared to 36% in 2002. The company's cash position at March 31, 2003 is $9.9 million, up $853 thousand for the quarter, and the contracted sales backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. now stands at $12 million. The company was awarded contracts during the quarter from both existing and new customers including Socomec Group of France, CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. Inc., Waterville Waterville, city (1990 pop. 17,173), Kennebec co., S Maine, at the falls of the Kennebec River; settled 1754, inc. as a city 1888. It is the trade and medical center of a lake resort area, with textile and paper and pulp mills. TG Inc. and Listowell Technology, Inc. Subsequent to quarter end, on April 17th, 2003, the company announced it has been selected by General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world[1]. The company has changed markedly in the post-Cold War era of defense consolidation. Corporation to upgrade and extend data-collection systems at its Electric Boat facilities in Groton, Connecticut
Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. . The value of the agreement is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3 million and has not been included in the second quarter's reported backlog. Epic Data has scheduled a conference call today at 2:30 pm PST PST Paroxysmal supraventricular tachycardia, see there to discuss these results. Please visit our website for information on how to participate. About Epic Data International Inc. Building on over 25 years of innovation, Epic Data enables companies to increase productivity and make better business decisions by improving business processes and supply chain efficiencies. With over 2000 installations on four continents, Epic Data offers electronic data capture (eDC) and wireless technologies for enterprise applications and e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. collaboration Working together on a project. See collaborative software. . Information about Epic Data is available at www.epicdata.com. Note: Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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.
EPIC DATA INTERNATIONAL INC.
Consolidated Statement of Operations
For the periods ended March 31
3 months ended 6 months ended
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(Stated in thousands of
Canadian dollars - unaudited) 2003 2002 2003 2002
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Revenue $ 7,717 $ 6,631 $ 13,912 $ 13,142
Cost of sales 3,867 4,321 6,661 8,371
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Gross margin 3,850 2,310 7,251 4,771
Gross margin percentage 50% 35% 52% 36%
Expenses:
Selling and administrative 2,809 3,010 5,267 5,316
Product development
costs 649 596 1,231 1,403
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3,458 3,606 6,498 6,719
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Income (Loss) before
interest, taxes, and
amortization 392 (1,296) 753 (1,948)
Other expenses
(earnings):
Amortization of capital
assets 205 230 467 999
Net investment and other
(income) expense (6) (24) (41) (163)
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199 206 426 836
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Net Income (Loss) before
income taxes 193 (1,502) 327 (2,784)
Income taxes - 20 6 (2)
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Net Income (Loss) $ 193 $ (1,522) $ 321 $ (2,782)
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Weighted average of
outstanding common
shares (thousands) 12,463 12,453 12,463 12,443
Income (loss) per common share:
basic $ 0.02 $ (0.12) $ 0.03 $ (0.22)
fully diluted $ 0.01 $ (0.12) $ 0.02 $ (0.22)
Certain comparative figures have been reclassified to conform with
the financial statement presentation adopted for Fiscal 2003
EPIC DATA INTERNATIONAL INC.
Consolidated Balance Sheet
As at:
31-Mar 30-Sep
(Stated in thousands of Canadian
dollars - unaudited) 2003 2002
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Assets:
Cash and short term investments $ 7,142 $ 6,349
Short term investments pledged as
security 2,800 3,200
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Total Cash and short term investments 9,942 9,549
Accounts receivable 5,243 5,675
Other current assets 1,577 996
Capital and other long term assets 1,844 2,259
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$ 18,606 $ 18,479
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Liabilities and Shareholders' Equity:
Accounts payable and other current
liabilities $ 7,912 $ 7,833
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7,912 7,833
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Shareholders' Equity:
Capital stock 58,517 58,790
Deficit (47,823) (48,144)
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10,694 10,646
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$ 18,606 $ 18,479
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Certain comparative figures have been reclassified to conform with
the financial statement presentation adopted for Fiscal 2003
EPIC DATA INTERNATIONAL INC.
Consolidated Statement of Cash Flows
For the periods ended March 31
3 months ended 6 months ended
--------------------------------------------------------------------
(Stated in thousands of
Canadian dollars - unaudited) 2003 2002 2003 2002
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Cash provided by (used in):
Operations:
Net Income(Loss) $ 193 $ (1,522) $ 321 $ (2,782)
Items not involving cash:
Amortization of capital
assets 205 230 467 999
Change in non-cash
operating working capital 670 2,943 (71) 2,763
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1,068 1,651 717 980
Financing:
Repurchase of common
shares (175) (383) (273) (3,383)
Investments:
Acquisition of capital
assets (40) (158) (51) (489)
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Increase (decrease) in
cash position 853 1,110 393 (2,892)
Cash and marketable
securities, beginning of
period 9,089 11,046 9,549 15,048
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Cash and marketable
securities, end of
period $ 9,942 $ 12,156 $ 9,942 $ 12,156
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Certain comparative figures have been reclassified to conform with
the financial statement presentation adopted for Fiscal 2003
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