Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Epic Data Announces Year End Results

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

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.

Gross Margin

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

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

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.

Loan Financing

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.

Contacts:
Epic Data International Inc.
Robert Nygren
President & CEO
604-273-9146
[email protected]
www.epicdata.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Enroute Lab will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enroute Lab is an industrial design, research and development company of unmanned robotic vehicle system. For more information, please visit http://elab.co.jp/.
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, will discuss how data centers of the future will be managed, how th...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that TMC has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo and Big Data at Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Global buyers rely on TMC’s content-driven marketplaces to make purchase decisions and navigate markets. Learn how we can help you reach your marketing goals.
There is huge complexity in implementing a successful digital business that requires efficient on-premise and cloud back-end infrastructure, IT and Internet of Things (IoT) data, analytics, Machine Learning, Artificial Intelligence (AI) and Digital Applications. In the data center alone, there are physical and virtual infrastructures, multiple operating systems, multiple applications and new and emerging business and technological paradigms such as cloud computing and XaaS. And then there are pe...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...