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April 25, 2012
International Datacasting Corporation
announced results for the fourth quarter and
fiscal year-end periods ended January 31,
2012.
Revenue decreased 44% in the fourth quarter
versus the same quarter in 2011, to $6.4
million, and EBITDA(1) decreased to a loss
of $1.5 million. Excluding the impact of
changes in foreign exchange from the
strengthening of the Canadian dollar, IDC's
revenues decreased by 45% in fourth quarter
fiscal 2012 versus the same fiscal quarter
in 2011.
International Datacasting's fiscal year-end
2012 revenue was $29.4 million, down 15%
from fiscal 2011, and down 12% excluding the
impact of foreign exchange.
4Q Fiscal 2012 Financial Summary
-- Revenue was $6.4 million, down 44%, compared to $11.5 million in 4Q
fiscal 2011, and down 45% excluding the impact of changes in foreign
exchange from the strengthening of the Canadian dollar.
-- Normalized gross profit margin, excluding an inventory write-off of
$700,000 in 4Q fiscal 2012, decreased to 36% from 42% in 4Q fiscal 2011
due to product mix in the IDC Systems Segment.
-- EBITDA(1) decreased to a loss of $1.5 million or ($0.03) per share,
compared to earnings of $1.3 million or $0.02 per share in 4Q fiscal
2011.
-- Net earnings decreased by $3.3 million to a loss of $1.7 million, or
($0.03) per share, compared to net earnings of $1.6 million, or $0.03
per share, in 4Q fiscal 2011.
Fiscal Year-End 2012 Financial Summary
-- Revenue was $29.4 million, down 15%, as compared to $34.4 million for
fiscal 2011, and down 12% excluding changes in foreign exchange.
-- Gross profit was $11.3 million, or 38% of revenues compared to 43% in
fiscal 2011.
-- EBITDA(1) decreased by $3.0 million to a loss of $1.4 million or ($0.02)
per share, as compared to earnings of $1.6 million or $0.03 per share
for fiscal 2011.
-- Net earnings decreased by $3.3 million to a loss of $2.3 million, or
($0.04) per share, compared to net earnings of $1.0 million, or $0.02
per share, for fiscal 2011.
"IDC has been in a steady process of
streamlining its operations over the past two
years. More importantly, through the
introduction of new products and technologies
IDC has been seeking to expand its addressable
markets from its current base to include markets
with more breadth and scope. This is not to
abandon historic markets and customer
relationships, but to build upon our existing
strengths to increase the addressable market
reach of IDC. The introduction of two new major
market thrusts launched at the recent National
Association of Broadcasters' Convention marks
the beginning of the next phase in this
transformation of IDC. This long-term
transformation is being executed with the
objective of launching IDC into markets capable
of driving sustained growth.
Fiscal 2012 was a disappointing year from a
financial perspective. This was due in part to
the effect of a significant write down in the
value of inventory associated with legacy
businesses of IDC, as well softening in our
legacy markets. However, seeds were planted
which we expect will germinate in fiscal 2013
and create a much more competitive and
successful IDC," stated Frederick Godard,
President and CEO, IDC. "Fortunately, IDC
remains well capitalized with a solid working
capital base as we continue to invest in new
product introductions and enter into new
markets. With a renewed culture of innovation,
IDC is well positioned to take advantage of
growth opportunities in emerging geographic
markets, and we remain focused on innovation in
global broadcast content distribution." |
