A decline in U.S. revenue due to slowing economic conditions hampered financial results from Canadian digital radiography firm Imaging Dynamics (IDC) in the second quarter (end-June 30), although the company narrowed its net loss.
The Calgary, Alberta-based company reported a revenue decline to $3.9 million ($3.6 million U.S.) in the second quarter, compared with revenue of $5.3 million ($4.9 million U.S.) in the second quarter of 2008. IDC also posted a net loss of $1.4 million ($1.3 million U.S.), compared with a net loss of $3.2 million ($3 million U.S.) in the same quarter a year ago.
The improved net loss was helped, in part, by a 42% reduction in expenses to $2.6 million ($2.4 million U.S.) in the second quarter, compared with $4.5 million ($4.2 million U.S.) in the second quarter of 2008.
For the six-month period, revenue slipped to $6.5 million ($6 million U.S.), a drop of 44% compared with $11.7 million ($10.8 million U.S.) in the same period of 2008. The company's net loss improved to $2.9 million ($2.7 million U.S.), compared with a net loss of $5.7 million ($5.3 million U.S.) in the first six months of 2008.
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