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International Datacasting Corporation Announces Record First Quarter Revenues
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June 29, 2011
International Datacasting Corporation announced its financial results for the first quarter of fiscal 2012, ended April 30, 2011. All figures are in Canadian dollars unless otherwise stated.
International Datacasting posted its best fiscal first quarter revenue figure ever, as it continued to deliver solid top-line growth coupled with lower year-over-year operating expenses. This resulted in a significant reduction in year-over-year losses as compared to the same quarter of fiscal 2011. Revenue increased by 55% in the period, versus the same quarter in the prior year, to $8.4 million, and EBITDA(1) increased by $1.4 million from a loss of $1.7 million to a loss of $243,494. Excluding the impact of changes in foreign exchange from the relative strengthening of the Canadian dollar, IDC's revenues grew by 63% in the first quarter vs. the same quarter in the prior year.
IDC continues to invest in product innovation to maintain its global leadership position in digital content distribution for broadcasters. Research & Development spending increased by 9%, year-over-year due to various initiatives designed to improve the functionality and quality of our products and systems, even as total operating expenses as a whole declined by 16% year-over-year.
"While we saw some signs of an economic slowdown in the first quarter, our strong growth across the board is a testament to the quality and breadth of our global product offerings", stated Adam Adamou, IDC Executive Chairman. "We are cautiously optimistic and continue to monitor global economic developments. We expect to meet our profitability and growth expectations over the course of fiscal 2012, with the second half of the year expected to be stronger than the first half in terms of revenues and margins."
"IDC continues to focus on improvements to our core product and service offerings, as we maintain our leadership position in the key markets of audio, video and digital cinema worldwide," stated Frederick Godard, IDC President & CEO. "Through a culture of product innovation and operational efficiencies, IDC will actively seek out and exploit new business opportunities in the evolving landscape of digital content distribution."
Following finalization of the review to determine IDC's functional currency in accordance with IFRS, it was noted that there were conflicting results when looking at the primary and secondary indicators under International Accounting Standard (IAS) 21. In accordance with this Standard, management has determined that the Canadian dollar continues to be the appropriate functional currency for the Corporation.
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