IDC generated a slight loss on an adjusted EBITDA basis for the quarter, a $0.2 million improvement over the comparable period. IDC's balance sheet remains healthy with a working capital ratio of 3.2 to 1 and liquid assets of $7.0 million at January 31, 2013.
Del Lippert, Interim CEO and Chairman of the Board of IDC, stated, "During fourth quarter of Fiscal 2013, we made solid progress in building a stronger management team and expect to benefit from this over the course of Fiscal 2014 and beyond." Lippert added, "We are confident that our next generation STAR and LASER solutions position us well to gain share in the global broadcast markets."
Rick Clements, Chief Financial Officer of IDC, stated, "During the fourth quarter of Fiscal 2013, we continued to focus on delivering strong revenue growth at higher gross margin within the IDC Products segment, enabling IDC to incur only a small loss on an adjusted EBITDA basis despite the management shake-up during the quarter. For fiscal year 2013, we executed against our cost reduction goals with an operating loss improvement of $1.4 million primarily due to corporate restructuring." Clements added, "We remain very focused on delivering a significant improvement in our operating margin in Fiscal 2014 and beyond, which we believe will drive increased shareholder value. In addition, the improvement in our pipeline as a result of a successful NAB event is a further step toward ultimately realizing revenue goals over the long-term."
For further information on IDC's fourth quarter and fiscal year-end 2013 results, refer to the audited consolidated financial statements and Management's Discussion and Analysis that will be available on SEDAR (www.sedar.com) after the Toronto Stock Exchange closes on April 29, 2013.
Financial Summary & Conference Call
This announcement will be followed by a Management conference call at 8:30 a.m. ET on Tuesday, April 30, 2013, 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: Tuesday April 30, 2013TIME: 8:30 a.m. ETDIAL-IN NUMBERS: 613-233-1979 / 1-866-696-5910PARTICIPANT CODE: 9700180INSTANT REPLAY: 1-800-408-3053 Passcode: 2957964 Available until May 1, 2013 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/4319. 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:
International Datacasting Corporation (TSX: 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 the STAR Pro Audio solution, LASER Targeted Ad Insertion platform, and the Digital Tattoo DTH Over IP Gateway. The company's products and solutions are in demand for radio and television networks, targeted ad insertion, digital cinema, 3D live events, satellite news gathering, sports contribution, VOD, and IPTV. IDC is headquartered in Ottawa, Canada, with regional offices in Arnhem, the Netherlands and in San Diego, California. The company has installations in over 100 countries and service offices in Thailand and Singapore, and an international network of value-added partners and resellers. For more information visit: www.datacast.com.