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"We are pleased with the progress made in Q3 FY2013. Delivering solid revenue and margins combined with reduced operating costs translated to a net profit in the quarter and break-even for the first nine months of the fiscal year 2013," stated Rick Clements, Chief Financial Officer, IDC.
Financial Summary & Conference Call
This announcement will be followed by a Management conference call at 8:30 a.m. ET on Wednesday, December 12, 2012, to discuss the results, and to respond to questions from investors.
Del Lippert, IDC's Interim CEO, invites all interested parties to participate in the conference call.
CONFERENCE CALL DETAILS:
DATE: Wednesday, December 12, 2012TIME: 8:30 a.m. ETDIAL-IN NUMBERS: 613-233-1979 / 1-866-696-5910PARTICIPANT CODE: 1746780INSTANT REPLAY: 1-800-408-3053 Passcode: 1689868 Available until December 13, 2012 10:00 a.m. ET
WEBCAST: A live audio webcast of the conference call will be available at the following link: http://www.gowebcasting.com/4021. This webcast will be archived here for 365 days. Please connect to the website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to access the webcast.
About International Datacasting Corporation
IDC is a global leader in digital content distribution for the world's premiere broadcasters in radio, television, data 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 products and solutions are in demand for radio and television networks, digital cinema, 3D live events, ad insertion, satellite news gathering, sport contribution, ad insertion, 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 Thailand and Singapore with an international network of value-added partners and distributors.
Forward-Looking Statements
This press release contains forward-looking statements reflecting the current Board and management's operating and strategic plans, next steps and vision for IDC; and IDC's objectives, estimates and expectations, including statements about expected revenue impacts. All of these forward-looking statements are subject to risks and uncertainties. IDC's actual results, performance, achievements and developments may differ materially from the results, performance, achievements or developments expressed or implied by such statements. Factors that might cause actual results to differ materially include, but are not limited to, IDC's ability to successfully recruit new Board members and identify, hire, integrate and/or retain senior personnel and other key employees, competitive developments; risks associated with IDC's growth and the development and implementation of the Company's strategies; any difficulties with integrating acquired product lines into IDC's business and/or manufacturing procedures; any difficulties or disputes with IDC's subcontractors, contract manufacturers and suppliers; IDC's dependence on the development and growth of the satellite datacasting market; a lengthy and variable sales cycle for IDC's products and services; IDC's reliance on a small number of customers for a large percentage of its revenue; regulatory risks and intellectual property infringement. IDC assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof, except as expressly required by applicable law. Forward-looking statements are provided to assist external stakeholders in understanding the current Board and management's expectations as at the date of this release and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such statements. More detailed information about potential factors that could affect IDC's financial and business results is included in the public documents IDC files from time to time with Canadian securities regulatory authorities and which are available on SEDAR at www.sedar.com, including, without limitation, IDC's Annual Information Form dated April 30, 2012.
International Datacasting Corporation Unaudited Condensed Consolidated Statements of Financial Position As at October 31, 2012 and January 31, 2012 (Canadian dollars) October 31, 2012 January 31, 2012 --------------------------------------ASSETSCurrent Assets Cash $ 5,167,748 $ 4,914,766 Short-term investments 75,000 2,336,800 Available-for-sale investments 1,996,170 - Accounts receivable 6,123,101 4,673,727 Inventories 2,933,872 4,247,470 Other assets 508,150 722,882 --------------------------------------Total Current Assets 16,804,041 16,895,645 --------------------------------------Non-Current Assets Other assets 84,231 631,607 Capital assets 1,576,953 1,852,739 Deferred taxes 2,800,000 2,800,000 --------------------------------------Total Non-Current Assets 4,461,184 5,284,346 --------------------------------------TOTAL ASSETS $ 21,265,225 $ 22,179,991 -------------------------------------- --------------------------------------LIABILITIES AND SHAREHOLDERS' EQUITYCurrent Liabilities Accounts payable and accrued liabilities $ 3,515,581 $ 3,128,708 Customer deposits 246,772 755,761 Deferred revenue - current portion 743,062 882,827 Provisions 423,855 660,474 Obligations under capital leases - current portion 11,887 36,714 Current tax liability 17,537 - --------------------------------------Total Current Liabilities 4,958,694 5,464,484 --------------------------------------Non-Current Liabilities Deferred tax liability 26,283 - Deferred revenue 61,661 - Obligations under capital leases - 3,002 --------------------------------------Total Non-Current Liabilities 87,944 3,002 --------------------------------------TOTAL LIABILITIES 5,046,638 5,467,486 --------------------------------------Shareholders' Equity Capital stock 23,406,260 23,977,481 Contributed surplus 3,263,245 3,212,923 Accumulated other comprehensive loss (233,549) (229,729) Accumulated deficit (10,217,369) (10,248,170) --------------------------------------TOTAL SHAREHOLDERS' EQUITY 16,218,587 16,712,505 --------------------------------------TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 21,265,225 $ 22,179,991 -------------------------------------- -------------------------------------- International Datacasting Corporation Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) For the periods ended October 31, 2012 and 2011 (Canadian dollars, except for share data)
