International Datacasting Corporation (TSX:IDC) has announced results for the second quarter fiscal 2013 period ended July 31, 2012.
The second quarter of fiscal 2013 was a challenging one for the Corporation, as it transitioned from a Business Acquisition Strategy (“BAQ”) focus, to a strategy focused on growing the core business. This involved realigning priorities, and IDC’s Board of Directors, while the Corporation became embroiled in a dissident shareholder proxy contest brought on by its former Executive Chairman and Director. Offsetting the cost of this activity, the results of the on-going operational turnaround began to positively impact the Corporation’s operating expenses.
The Corporation’s consolidated revenue for second quarter fiscal 2013 was $6.3 million down 15 percent from $7.4 million in second quarter fiscal 2012. Net income (loss) was ($305,000) compared to net income of $88,000 in the second quarter fiscal 2012. For the six months ended July 31, 2012, the Corporation reported consolidated revenues of $16.0 million and net income (loss) of ($512,000), compared to consolidated revenues of $15.7 million and net income (loss) of ($423,000) for the same period in the prior year. Excluding unusual operating charges, the Corporation’s operating results were strong and would have reported a net income of $299,000 for the current quarter and $106,000 for the first half of fiscal 2013. To read the entire financial report, access this direct link.
