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Epic Data Announces Q1 Results
Thursday, March 1, 2012

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Vancouver, BC, March 1, 2012--(T-Net)--Epic Data International Inc. (TSX-V: EKD.V), a provider of manufacturing operations management and real-time data collection solutions, today announced the results of operations for the three months ended December 31, 2011.


Highlights in the Quarter


  • Hired a Vice President of Sales
  • Hired a Director of Product Development
  • Formed a wholly owned subsidiary in Shanghai, China, hired a sales team and commenced hiring for our new research and development centre in Wuhan, China
  • Entered into a joint venture arrangement with Huazhong University of Science & Technology in Wuhan China, which is expected to be operational early in the third quarter
Results of Operations        
 
    Three months ended  
        December 31,  
    2011     2010  
   
Revenue $ 869,503   $ 1,281,452  
   
Cost of sales   405,438     610,736  
   
Gross margin   464,065     670,716  
   
Expenses            
  General and administration   479,765     379,695  
  Sales and marketing   444,697     277,434  
  Product development   232,368     145,586  
  Net finance charges   22,886     11,163  
  Foreign exchange   5,179     32,055  
  Interest accretion   2,128     -  
   
    1,187,023     845,933  
   
Net loss for the period   (722,958 )   (175,217 )
   
Loss per share - basic and diluted $ (0.02 ) $ (0.01 )


Results of Operations for the Three Months ended December 31, 2011


Revenue


Revenue for the three months ended December 31, 2011 decreased $411,949 or 32% to $869,503 compared with $1,281,452 in the same period last year. The decrease in revenue was due mainly to the slower sales in the quarter.


Gross Margin


The gross margin for the three months ended December 31, 2011 decreased $206,652 or 31% to $464,064 as compared with $670,716 in the same period last year. The decrease was due to the lower revenue.


The gross margin as a percentage of revenue for the three months ended December 31, 2011 increased to 53% compared with 52% in the same period last year. The increase in the period was due mainly to the amount of staffing costs being allocated to cost of sales based on the amount of project work.


General and administration


General and administration expenses for the three months ended December 31, 2011 increased $95,003 or 26% to $460,793 compared with $365,790 in the same period last year. The increase is principally due to the operations in China.


Sales and marketing


Sales and marketing expenses for the three months ended December 31, 2011 increased $167,263 or 60% to $444,697 compared with $277,434 in the same period last year. The increase is due primarily to additional sales personnel plus the operations in China.


Product development


Product development expenses for the three months ended December 31, 2011 increased $86,782 or 60% to $232,368 compared with $145,586 in the same period last year. The increase is due to the development of the Epic Data MES suite of applications and the new development team in Wuhan, China.


Net Finance Charges


Net finance charges for the three months ended December 31, 2011 increased $11,723 or 105% to $22,886 compared with $11,163 in the same period last year. The increase is due to the term loan received January 31, 2011.


Net loss


Net loss for the three months ended December 31, 2011 increased $546,699 or 312% to $721,916 compared with $175,217 in the same period last year.


New Director


The Company announces that effective today Mr. Frank Pho has been appointed to the Board of Directors. Mr. Pho is a Chartered Accountant and is currently the Vice-President of Global Expansion for the Business Development Bank of Canada. "The Board welcomes Frank Pho to Epic Data", said Iain Mant, Chairman of the Board. "He brings a wealth of experience in international business expansion to Epic Data, which will be of great benefit as the Company executes on its corporate growth strategies."


Appointment of Officer


The Company announces that Mr. Mike Barnsley has been appointed Chief Financial Officer. Mr. Barnsley is a Chartered Accountant and has been a financial consultant to the Company since 2008.


Grant of Stock Options


The Company announces that it has granted 275,000 stock options to non-management directors and an employee. The term of the options will be 7 years and the exercise price will be the greater of the closing price on March 1, 2012 or $0.10 per share.


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 Hawker Beechcraft, Lockheed Martin, Bell Helicopter, Komatsu, 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.


Contact:
Epic Data International Inc.
Robert Nygren
President & CEO
604-273-9146
robert.nygren@epicdata.com
www.epicdata.com


Epic Data International Inc.

Richmond (Wireless)
50 Employees In BC (50 Total)
Founded: 1975 | Revenues: $4.20 Million

A trusted provider of manufacturing execution systems (MES) & warehouse management solutions (WMS).

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Epic Data International Inc.

Posted: Mar 1, 2012

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