International Datacasting Corporation Announces Solid Second Quarter FY2012 Results
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 09/06/11 -- Attn: Business/High-Tech Editors
International Datacasting Corporation (TSX: IDC), a global leader in digital content distribution solutions for the world's premiere broadcasters, announced its financial results today for the six and three month periods ended July 31, 2011. All figures are in Canadian dollars unless otherwise stated.
IDC's sequential quarterly results were impacted by a slowdown in economic activity, with a decrease in revenues of 12% from 1Q FY2012 to 2Q FY2012. This economic uncertainty was identified in IDC's 1Q results as being an ongoing factor. IDC's gross margins improved by 8 percentage points compared to 1Q FY2012 as a result of ongoing design and manufacturing cost efficiencies and changes in product mix during second quarter FY2012. Operating costs declined by 5% over 1Q FY2012 and net earnings increased to $88,000 in 2Q FY2012 from a loss of $511,000 in 1Q FY2012. Notwithstanding the decline in revenue, higher margins and lower operating expenses led to a positive EBITDA(1) of $313,000 in the quarter from a loss of $243,000 in the prior quarter.
Financial Highlights: 2Q FY2012 vs. 1Q FY2012 (quarter over quarter)
Financial Highlights: 2Q FY2012 vs. 2Q FY2011 (year over year)
Note that the results in 2Q FY2011 were positively impacted by the roll-out of digital cinema products related to the FIFA 2010 World Cup.
International Datacasting showed a stronger first half FY2012 compared to the same six month period in FY2011. IDC posted revenues of $15.7 million in the first half FY2012, up 13% from $14 million in the same period FY2011. Revenues increased by 18%, when excluding the impact of changes in foreign exchange from the relative strengthening of the Canadian dollar. The first half of FY2012 also showed an increase in gross margins to 48% in the IDC Product segment compared to 43% for the IDC Product segment in the first half of FY2011.
Financial Highlights: 1H FY2012 vs. 1H FY2011 (six month period)
"We realized some effect of the global economic slowdown in the second quarter as expected," stated Adam Adamou, IDC Executive Chairman. "While our revenues were lower, our gross margins improved due to ongoing product line enhancements and cost efficiencies in manufacturing. This resulted in an increase in our gross profits versus the prior quarter. We remain cautiously optimistic that our economic activity for the second half of the year will be stronger than in the first half."
"IDC continues to strengthen our core product offerings for broadcasters worldwide," stated Frederick Godard, IDC President & CEO. "With a focus on emerging geographic markets, product innovation, and a tight control on costs, our goal is to weather the near term economic uncertainty without losing site of operating efficiency or customer's interests. We expect to stay ahead of the competition curve in this evolving content distribution market."
Financial Summary & Conference Call
A summary presentation and financial analysis of our financial results will be available on our website at on Tuesday, September 6, 2011. A conference call will be held on Wednesday, September 7, 2011 at 8:30a.m. ET to discuss this announcement. The call may be accessed by dialing 1-613-233-1979/1-866-696-5910 with the participant pass code 6052866. A taped replay will be available until September 8, 2011 at 10:00a.m. ET by dialing 1-800-408-3053 and reference pass code 8365116. To access the live audio webcast visit: . The webcast will be archived here for 365 days. Related slides and transcripts will be posted on the Investor section of the website at:
A complete set of Financial Statements and Management's Discussion and Analysis for the six and three months ended July 31, 2011 will be available at or on the Investor Information section of IDC's website at .
Forward-Looking Statements
This release may contain forward-looking statements reflecting IDC's objectives, estimates and expectations. Such statements may be marked by the use words such as "believe", "anticipate", "estimate", "looking ahead", "outlook" and "expect" as well as the conditional or future tense. Such statements involve risks and uncertainties and future results may differ materially from the Corporation's expectations. The forward-looking statements are subject to change and IDC disclaims any intention and assumes no obligation to update or revise any forward-looking statement whether as a result of new information or events or otherwise unless required to do so by the applicable securities legislation.
About International Datacasting Corporation (IDC)
International Datacasting Corporation (TSX: IDC) is a global leader in digital content distribution for the world's premiere broadcasters in radio, television and digital cinema. IDC offers a broad portfolio of advanced solutions including Pro Audio, Pro Video, Pro Cinema and Pro Data for implementing broadcast content contribution and distribution applications. IDC's solutions and IDC Systems are in demand for radio and television networks, digital cinema, 3D live events, distance learning, satellite news gathering, sport contribution, digital signage, and IPTV among others. IDC is headquartered in Ottawa, Canada, with regional offices in Arnhem, the Netherlands and in San Diego, California. IDC has installations in over 100 countries and service offices in Australia, Singapore and China with an international network of value-added partners and distributors.
(1) Earnings before interest, taxes, depreciation and amortization ("EBITDA") are a non-Canadian GAAP, non-IFRS financial measure. EBITDA is not an earnings measure recognized by Canadian GAAP and IFRS and does not carry standard prescribed significance. Our method for calculating EBITDA may differ from that used by other companies that use the same designation and the reader is advised that EBITDA should not be substituted for determining net income as an indicator of operating results or as a substitute for cash flows from operating and investing activities.
Contacts:
International Datacasting Corporation
Christine Rozak
Director, Marketing and Communications
613-596-4120
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Datum: 06.09.2011 - 21:00 Uhr
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