International Datacasting… Financially Speaking…

[SatNews] International Datacasting Corporation, (TSX:IDC) has announced its financial results for the three and nine-month FY2011 periods ended October 31, 2010 — all figures are in Canadian dollars unless otherwise stated.

Financial Highlights: Q3 2011 vs. Q3 2010

• Revenue of $ 8.9 million, up 53 percent from $ 5.8 million
• Excluding the impact of foreign exchange, sales increased by 67 percent
• Gross margin improved to 45 percent from 40 percent
• EBITDA(1)increased to $ 1.1 million vs. a loss of $ 0.2 million making it the highest EBITDA quarter in the Company’s history
• GAAP net income increased from $ 0.1 million to $ 0.9 million

Financial Highlights: Q3 2011 vs. Q2 2011

• Sequential revenue up by 4 percent from $ 8.6 million to $ 8.9 million
• Gross margin remained consistent at 45 percent
• EBITDA(1)increased by 29 percent to $ 1.14 million from $ 0.9 million
• GAAP net income increased by $ 0.6 million

Consolidated FY2011 third quarter revenues were $ 8.9 million or 53 percent higher than in the same quarter in FY2010 and 4 percent higher than in the second quarter of FY2011. Excluding the impact of foreign exchange, sales increased by 67 percent over FY2010. These improvements in revenues were driven by increased sales in the Radio market, the roll out of Digital Cinema in European and North American markets, and greater demand for IPTV product lines. EBITDA, GAAP net income and gross margin realized significant improvements over FY2010. Cash levels continue to be strong with cash totaling $ 8.3 million at the end of the third quarter, up from $7.6 million in the second quarter, with net working capital at $ 11.5 million, up from $ 10.4 million at the end of the previous quarter. To read the entire financial report, access this direct link.