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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 $ 4,202,974Cost 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.
