A complete set of financial statements and management’s discussion and analysis for the year ended January 31, 2012, FY2012 will be available at.
International Datacasting Corporation (TSX:IDC), a global provider in digital content distribution for the world’s premiere broadcasters, today announced results for the fourth quarter and fiscal year-end periods ended January 31, 2012.
Revenue decreased 44 percent 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 percent 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 percent from fiscal 2011, and down 12 percent excluding the impact of foreign exchange.
“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.”
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