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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- Epic Data International Inc. (TSX VENTURE: EKD), a provider of manufacturing execution systems (MES) today announced the results of operations for the three months ended December 31, 2012.
Highlights for the quarter ended December 31, 2012 include:
-- The first sale of the newly developed UniView hardware terminal to a significant US based aerospace and defense company;-- The completion of several small projects in China;-- Working capital financing of approximately $240,000 from related parties; and-- A term loan financing for $555,000, completed shortly after the quarter end, the proceeds of which were used to complete the Company's required capital contribution for its investment in the Epic-HUST joint venture company in China.Results of Operations For the three months ended December 31, 2012 2011 -------------- --------------Revenue $ 1,173,418 $ 869,503Cost of sales 919,635 405,438----------------------------------------------------------------------------Gross Margin 253,783 464,065----------------------------------------------------------------------------Expenses General and administration 622,634 515,931 Sales and marketing 404,653 388,054 Product development 387,545 252,845 Net finance costs 88,171 308,702 Other expenses 1,024 5,179---------------------------------------------------------------------------- 1,504,027 1,470,711----------------------------------------------------------------------------Net loss (1,250,244) (1,006,646)--------------------------------------------------------------------------------------------------------------------------------------------------------Loss per share - Basic and diluted $ (0.03) $ (0.03)--------------------------------------------------------------------------------------------------------------------------------------------------------
Results of Operations for the three months ended December 31, 2012 compared with 2011
Revenue
Revenue for the three months ended December 31, 2012 increased $303,915 or 35% to $1,173,418 compared with $869,503 in the same period of the prior year. The increase in revenue was due to primarily to revenue from the Epic-HUST JV in China, which completed several small projects in the quarter accounting for $232,438 of the increase. In addition, the Epic-HUST JV is working on a number of other projects which involve the rendering of services, however certain elements required to allow revenue to be recognized have not yet been met so no revenue has been recorded for these projects.
