…the Company’s Board of Directors of IDC, effective immediately. Mr. Hall also ceases to serve as Chairman of the Board and Chairman of the Corporation’s Audit Committee. As previously announced, IDC is conducting a review of its Board composition. Each of Mr. Hall and Mr. Little has advised that he would not seek re-election as a director at IDC’s next Annual General Meeting of Shareholders (the “AGM”) and after the conclusion of approving the Q1, fiscal 2013 results, they have stepped down to make way for potential new directors to be put forward to shareholders at the AGM.
Prior to the AGM, the remaining four directors of IDC consisting of Graham McBride and Frank Ruffolo (each an independent director) and Adam Adamou and Frederick Godard (each a non-independent director) will be on all Committees.
The Company has also announced results for the first quarter fiscal 2013 period ended April 30, 2012.
The Corporation’s consolidated revenue for first quarter fiscal 2013 was $9.7 million, an increase of 16 percent from $8.4 million in first quarter fiscal 2012. When excluding the impact of foreign exchange, revenue increased by 14 percent in first quarter fiscal 2013 compared to first quarter fiscal 2012. EBITDA(1) improved to a loss of ($63,350) versus a loss of ($243,494) in the first quarter fiscal 2012. For the Three Months Ended April 30 FY2013 vs. April 30 FY2012
- Revenue was $9.7 million, an increase of 16 percent, compared to $8.4 million in 1Q fiscal 2012, and up 14 percent excluding the impact of changes in foreign exchange from the weakening of the Canadian dollar
- Gross margin, as a percentage of revenue, decreased from 38 percent in 1Q fiscal 2012 to 28 percent in 1Q fiscal 2013
- Operating expenses decreased 23 percent to $2.9 million in 1Q fiscal 2013 from $3.7 million in 1Q fiscal 2012
- EBITDA(1) improved to a loss of ($63,350), or ($0.00) per share, compared to a loss of ($243,494), or ($0.00) per share in 1Q fiscal 2012
- Net loss decreased by 59 percent to ($207,203), or ($0.00) per share, in 1Q fiscal 2013, compared to a net loss of ($510,512), or ($0.01) per share, in 1Q fiscal 2012
For the Three Months Ended April 30 FY2013 vs. January 31 FY2012: In first quarter fiscal 2013, the Corporation recorded a 66 percent increase in gross profit over fourth quarter fiscal 2012.
- Revenue increased by 51 percent to $9.7 million vs. $6.4 million in 4Q fiscal 2012
- Gross profit increased by 66 percent to $2.7 million from $1.6 million in 4Q fiscal 2012
- Operating expenses decreased 13 percent to $2.9 million from $3.3 million in 4Q fiscal 2012
- EBITDA(1) improved to a loss of ($63,350), or ($0.00) per share, compared to a loss of ($1.5 million), or ($0.03) per share, in 4Q fiscal 2012
- Net loss decreased by 88 percent to a loss of ($207,203), or ($0.00) per share, compared to net loss of ($1.7 million), or ($0.03) per share, in 4Q fiscal 2012
Revenues for the IDC Products segment decreased 40 percent from $5.1 million to $3.1 million from first quarter fiscal 2012 to first quarter fiscal 2013. The decrease in revenue is attributable to the fulfilment of a large radio order in first quarter fiscal 2012.
Revenues for the IDC Systems segment increased 104 percent from $3.2 million in first quarter fiscal 2012 to $6.6 million in first quarter fiscal 2013. The increase in IDC Systems revenue is attributable to the continued roll-out of the Direct-to-Home Broadcasting (DTH) project in Kenya announced in fiscal 2011. To read the entire financial report, access this direct link.
