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International Datacasting Corporation Announces Fourth Quarter and Full Year Fiscal 2014 Results

OTTAWA, ONTARIO -- (Marketwired) -- 04/29/14 -- International Datacasting Corporation ("IDC") (TSX:IDC), a global leader in digital content distribution solutions for the world's premiere broadcasters, today announced its financial results for the fourth quarter and fiscal year ended January 31, 2014. All amounts in this release are in Canadian dollars unless otherwise stated.

Financial Highlights:                                                       
(in millions, except for gross margin and net loss per share)               
                                   Fourth Quarter               Fiscal Year 
                                2014         2013         2014         2013 
  Products               $       2.3  $       4.6  $      11.4  $      18.4 
  Services                       1.3          1.3          4.6          4.6 
  Systems Project                  -          0.2          0.3          6.2 
Total revenues           $       3.6  $       6.1  $      16.3  $      29.2 
Gross profit             $       1.1  $       2.4  $       6.8  $      11.1 
Gross margin                      31%          39%          42%          38%
Operating expenses       $       3.7  $       3.4  $      12.2  $      12.1 
Adjusted EBITDA (Loss)                                                      
 (1)                     $      (1.6) $      (0.3) $      (3.9) $       1.2 
Net loss                 $      (5.4) $      (1.0) $      (8.2) $      (1.0)
Net loss per share       $     (0.09) $     (0.02) $     (0.14) $     (0.02)
(1)  Adjusted earnings (loss) before income taxes, depreciation and         
     amortization ("Adjusted EBITDA (Loss)") is a non-GAAP financial        
     measure. The reconciliation of Adjusted EBITDA (Loss) to Net Loss is   
     provided at the end of this release.                                   

Fourth Quarter Results

Revenues totaled $3.6 million for the fourth quarter of Fiscal 2014, a 44% increase from the third quarter and 42% lower than the prior year's fourth quarter. The fourth quarter reversed five consecutive quarters of declining revenues. IDC's Adjusted EBITDA loss was $1.6 million in the quarter, as compared to $2.2 million in the third quarter and $0.3 million in the prior year.

Full Year Results

Revenues of $16.3 million decreased by 44% from the prior year, due to the completion of the Direct-to- Home systems project in Kenya, as well as a 38% decrease in IDC product revenues. Services revenues were unchanged from the prior year results. Gross margins improved by four points to 42% in Fiscal 2014, due to the higher proportion of IDC product sales in the revenue mix.

IDC incurred a net loss of $8.2 million in Fiscal 2014, compared with a net loss of $1.0 million in Fiscal 2013. The increased net loss was primarily driven by lower revenues as well as by impairment of non - current assets. Working capital decreased from $11.1 million at January 31, 2013 to $7.0 million at January 31, 2014, due primarily to operating losses incurred in Fiscal 2014.

During Fiscal 2014, IDC performed a comprehensive strategic review and developed an action plan to restructure the business for improved performance. As of January 31, 2014, part of the action plan has been completed and part is underway, with completion forecast in the first half of Fiscal 2015. IDC's key accomplishments in Fiscal 2014 were as follows:

--  The leadership team has been renewed, with fewer top management roles
    and clearer accountability for designing, building, selling, and
    supporting new products. A new CEO, CFO, VP of Engineering and
    Operations, and VP of Products and Services have joined IDC. 
--  The sales team has been restructured, and is now organized in a regional
    model that places additional emphasis on fast-growing emerging markets. 
--  Key field issues which impacted IDC customers in late Fiscal 2013 and
    early Fiscal 2014 have been resolved, leading to the improved collection
    of receivables. 
--  The product portfolio has been significantly improved, with two new
    products (the second generation STAR Pro Audio(TM) and LASER(TM) Two)
    now completed and available for volume shipments, and two more (the
    TITAN3 Encoder and LASER MPS) being prepared for anticipated mid-Fiscal
    2015 availability. 
--  We've started to consolidate manufacturing, inventory, and supply chain
    activity in Ottawa, which is anticipated to increase efficiencies and
    reduce costs when completed in mid-Fiscal 2015. 
--  We've reduced cost across the company, resulting in more than $3 million
    of expected savings to IDC's annual cost structure. These measures have
    required us to reduce IDC's global workforce by about 25%. 

Doug Lowther, IDC's President and CEO, stated, "At the beginning of Fiscal 2014, IDC faced significant challenges due to field performance issues, turnover of skilled resources, delays in introducing new products, and the cumulative effect of several years of rapidly changing leadership, strategy, and direction. Since then, we have assembled a strong leadership team, significantly improved product performance, and positioned IDC more competitively with a pipeline of great new products. We've comprehensively reviewed performance and taken action to improve it, including cost reductions that are designed to reduce IDC's quarterly breakeven point for Fiscal 2015 from $7 million to about $4.5 million in revenues".

Steven Archambault, IDC's Chief Financial Officer, added "During late Fiscal 2014, IDC made good progress against a challenging restructuring plan, and performance is starting to turn around. This is due to both strong cost controls and to improvements in the revenue outlook. While we anticipate IDC will incur an operating loss during the first quarter of Fiscal 2015, we expect IDC to reach breakeven performance by mid Fiscal 2015, and to achieve profitability in the third or fourth quarter. We also anticipate our working capital will stabilize during the second quarter of Fiscal 2015."

For further information on IDC's fourth quarter and fiscal year-end 2014 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, 2014. The MD&A also provides a detailed update on IDC's progress against our action plan for improved business performance.

Management Conference Call

This announcement will be followed by a conference call at 8:30 a.m. ET on Wednesday, April 30, 2014 to discuss the results. Mr. Doug Lowther, International Datacasting Corporation's President and CEO, cordially invites all interested parties to participate in the conference call.


DATE: Wednesday April 30, 2014

TIME: 8:30 a.m. ET

DIAL-IN NUMBERS: 613-233-1979 / 1-888-789-9572


INSTANT REPLAY: 1-800-408-3053 Passcode: 9007159 Available until May 2, 2014 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/5451. 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'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. For more information visit: www.datacast.com.

Forward-Looking Statements:

This press release contains certain information that may constitute "forward-looking information" and/or "forward-looking statements" within the meaning of applicable Canadian securities laws including, without limitation, management's beliefs with respect to strategy, efficiencies, results and costs savings in Fiscal 2015, management's expectations with respect to customer acceptance of, and the receipt of orders for, the company's products, and management's expectations with respect to the impact of new personnel and a restructured sales force. All forward-looking information and forward-looking statements are necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material assumptions used to develop the forward looking-statements made in this release include anticipated cost savings resulting from the initiatives taken by IDC under its action plan, anticipated impact of senior personnel, consolidation of operations and restructuring of the sales force, management's perceptions of current conditions and expected future developments, expectations regarding future shipments of IDC products, management's knowledge of the current credit, interest rate and liquidity conditions affecting IDC as well as other considerations that are believed to be appropriate in the circumstances.

All statements other than statements which are reporting results as well as statements of historical fact are forward-looking statements that may involve a number of known and unknown risks, uncertainties and other factors; many of which are beyond the ability of IDC to control or predict.

Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "design", "plan or "project" or the negative of these words or other variations on these words or comparable terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that might cause actual results to differ materially include, but are not limited to: competitive developments; risks associated with IDC's growth; expectations regarding new product initiatives and timing, including the STAR Pro Audio(TM) Solution, LASER(TM) Targeted Ad Insertion Platform, Digital Tattoo(TM) DTH Over IP Gateway and TITAN-3 Video Encoder; a lengthy and variable sales cycle for IDC's products and services; any difficulties with integrating acquired product lines into IDC's business and/or manufacturing procedures; any difficulties or disputes with IDC's subcontractors, contract manufacturers and suppliers; IDC's dependence on the development and growth of the satellite services market; a lengthy and variable sales cycle for IDC's products and services; IDC's reliance on a small number of customers for a large percentage of its revenue; expectations with respect to the sufficiency of its financial resources and liquidity; regulatory risks and intellectual property infringement. Further, any incorrect identification of, or failure or delay in identifying, areas that require attention in IDC's business as part of the company's strategic review, or inability to successfully address areas requiring increased focus in accordance with IDC's action plan, could materially adversely affect the company's business, financial conditions, and results of operations as well as other key indicators.

More detailed information about potential factors that could affect IDC's financial and business results is included in the public documents IDC files from time to time with Canadian securities regulatory authorities and which are available on SEDAR at www.sedar.com, including, without limitation, IDC's Annual Information Form and MD&A for the year ended January 31, 2014, each dated April 29, 2014.

Except as expressly required by applicable law, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are provided to assist external stakeholders in understanding IDC's expectations as at the date of this release and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such statements.

                    INTERNATIONAL DATACASTING CORPORATION                   
                       AS AT JANUARY 31, 2014 and 2013                      
                             (Canadian dollars)                             

                                                       2014            2013 
Current Assets                                                              
  Cash                                        $   2,734,655   $   4,943,025 
  Short-term investments                             72,500          75,000 
  Available-for-sale investments                          -       1,986,510 
  Accounts receivable                             3,289,596       6,145,251 
  Inventories                                     3,793,347       2,449,121 
  Other assets                                      438,268         443,519 
Total Current Assets                             10,328,366      16,042,426 
Non-Current Assets                                                          
  Other assets                                            -          28,215 
  Capital assets                                    536,057       1,312,544 
  Deferred taxes                                          -       2,800,000 
Total Non-Current Assets                            536,057       4,140,759 
TOTAL ASSETS                                  $  10,864,423   $  20,183,185 
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Current Liabilities                                                         
  Accounts payable                            $   1,159,025   $   1,842,762 
  Accrued liabilities                             1,545,234       1,842,544 
  Customer deposits                                  30,654         363,936 
  Deferred revenue - current portion                349,870         433,480 
  Provisions                                        254,575         440,167 
  Current tax liability                               9,496          19,326 
Total Current Liabilities                         3,348,854       4,942,215 
Non-Current Liabilities                                                     
  Deferred tax liability                             14,551          23,063 
  Deferred revenue                                  129,568          55,277 
Total Non-Current Liabilities                       144,119          78,340 
TOTAL LIABILITIES                                 3,492,973       5,020,555 
Shareholders' Equity                                                        
  Capital stock                                  23,637,259      23,406,259 
  Contributed surplus                             3,401,345       3,263,245 
  Accumulated other comprehensive loss             (229,729)       (243,209)
  Accumulated deficit                           (19,437,425)    (11,263,665)
TOTAL SHAREHOLDERS' EQUITY                        7,371,450      15,162,630 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY    $  10,864,423   $  20,183,185 
                    INTERNATIONAL DATACASTING CORPORATION                   
               FOR THE PERIODS ENDED JANUARY 31, 2014 and 2013              
                  (Canadian dollars, except for share data)                 
                               Three months ended       Twelve months ended 
                         January 31,  January 31,  January 31,  January 31, 
                                2014         2013         2014         2013 
REVENUE                  $ 3,547,960  $ 6,149,435  $16,301,681  $29,235,682 
COST OF REVENUE            2,467,808    3,786,189    9,469,094   18,145,913 
GROSS PROFIT               1,080,152    2,363,246    6,832,587   11,089,769 
OPERATING EXPENSES                                                          
Selling, general and                                                        
 administrative            2,243,538    2,361,015    7,487,209    7,956,362 
Research and                                                                
 development, net of                                                        
 investment tax credits    1,263,870    1,078,180    4,587,514    4,140,484 
Foreign exchange loss                                                       
 (gain)                      161,508       (6,943)     130,781       (4,670)
  Total operating                                                           
   expenses                3,668,916    3,432,252   12,205,504   12,092,176 
OPERATING LOSS BEFORE                                                       
 OTHER ITEMS              (2,588,764)  (1,069,006)  (5,372,917)  (1,002,407)
Realized loss on sale of                                                    
 investments                       -            -      (25,344)     (27,220)
Interest income                8,822       25,035       54,871       67,195 
Interest expense                   -            -       (1,182)      (5,720)
LOSS BEFORE INCOME TAXES  (2,579,942)  (1,043,971)  (5,344,572)    (968,152)
Income tax expense:                                                         
  Current                    (21,275)      (2,325)     (37,700)     (21,060)
  Deferred                (2,802,314)           -   (2,791,488)     (26,283)
NET LOSS                 $(5,403,531) $(1,046,296) $(8,173,760) $(1,015,495)
OTHER COMPREHENSIVE                                                         
 LOSS, NET OF TAXES                                                         
Change in fair value of                                                     
 investments                       -            -            -      (13,480)
Other comprehensive loss           -            -            -      (13,480)
COMPREHENSIVE LOSS       $(5,403,531) $(1,046,296) $(8,173,760) $(1,028,975)
NET LOSS PER SHARE                                                          
  Basic                  $     (0.09) $     (0.02) $     (0.14) $     (0.02)
  Diluted                $     (0.09) $     (0.02) $     (0.14) $     (0.02)
  Weighted average                                                          
   number of shares                                                         
   outstanding - basic    58,484,642   57,384,642   58,294,779   57,908,795 
  Weighted average                                                          
   number of shares                                                         
   outstanding - diluted  58,484,642   57,384,642   58,294,779   57,908,795 
                    INTERNATIONAL DATACASTING CORPORATION                   
               FOR THE PERIODS ENDED JANUARY 31, 2014 and 2013              
                             (Canadian dollars)                             
                               Three months ended       Twelve months ended 
                         January 31,  January 31,  January 31,  January 31, 
                                2014         2013         2014         2013 
OPERATING ACTIVITIES                                                        
Net loss                 $(5,403,531) $(1,046,296) $(8,173,760)  (1,015,495)
Add items not requiring                                                     
 an outlay of cash:                                                         
  Impairment charge on                                                      
   non-current assets      3,253,772            -    3,253,772            - 
  Depreciation and                                                          
   amortization              120,202      494,475      562,209      895,704 
  Other deferred tax                                                        
   adjustments                 2,314      (20,757)      (8,512)      23,063 
  Realized loss on sale                                                     
   of available-for-sale                                                    
   investments                     -            -       25,344       27,220 
  Unrealized losses on                                                      
   derivatives                51,919      (22,787)      77,095      102,509 
   compensation               66,469            -      138,100       42,744 
                          (1,908,855)    (595,365)  (4,125,752)      75,745 
Net change in non-cash                                                      
 working capital:                                                           
  Accounts receivable        387,365      (22,150)   2,855,655   (1,471,524)
  Inventories                767,355      284,122   (1,344,226)   1,597,720 
  Other assets               161,862      120,647       33,466      237,075 
  Accounts payable and                                                      
   accrued liabilities      (336,843)     207,050   (1,055,143)     544,770 
  Customer deposits           13,210      117,164     (333,282)    (391,825)
  Deferred revenue           (49,537)    (315,966)      (9,319)    (394,070)
  Provisions                (240,999)      16,312     (185,592)    (220,307)
  Current tax liability        8,828        1,789       (9,830)      19,326 
Net cash provided by                                                        
 (applied to) operating                                                     
 activities               (1,197,614)    (186,397)  (4,174,023)      (3,090)
INVESTING ACTIVITIES                                                        
Proceeds from sale of                                                       
 investments                       -            -    1,974,646    2,309,580 
Proceeds of short-term                                                      
 investment                   89,500            -        2,500            - 
Purchase of available-                                                      
 for-sale investments              -            -                (1,999,990)
Purchase of capital                                                         
 assets                      (85,738)     (29,437)    (239,494)    (154,880)
Net cash provided by                                                        
 (applied to) investing                                                     
 activities                    3,762      (29,437)   1,737,652      154,710 
FINANCING ACTIVITIES                                                        
Repayments of                                                               
 obligations under                                                          
 capital leases                    -       (8,888)      (2,999)     (36,717)
Issue of common shares,                                                     
 net of issue costs                -            -      231,000        4,480 
Repurchase of common                                                        
 shares, net of costs              -            -            -      (16,124)
Net cash provided by                                                        
 (applied to) financing                                                     
 activities                        -       (8,888)     228,001      (48,361)
Net increase (decrease)                                                     
 in cash during the                                                         
 period                   (1,193,852)    (224,722)  (2,208,370)     103,259 
CASH - Beginning of                                                         
 period                    3,928,507    5,167,747    4,943,025    4,839,766 
CASH - End of period     $ 2,734,655  $ 4,943,025  $ 2,734,655  $ 4,943,025 
                    International Datacasting Corporation                   
                  Non-GAAP Financial Measure Reconciliation                 
  Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization  
               For the periods ended January 31, 2014 and 2013              
                             (Canadian dollars)                             

                               Three months ended       Twelve months ended 
                         January 31,  January 31,  January 31,  January 31, 
                                2014         2013         2014         2013 
Net loss reported under                                                     
 IFRS (unaudited)        $(5,403,531) $(1,046,296) $(8,173,760) $(1,015,495)
  Add (subtract):                                                           
    Writedown of                                                            
     deferred tax assets   2,800,000            -    2,800,000            - 
    Depreciation expense     120,202      494,475      562,209      895,704 
    Write-down of                                                           
     capital assets          453,772            -      453,772            - 
    Inventory impairment                                                    
     charge, net of                                                         
     recoveries              277,291      112,564      282,961      233,080 
    Termination costs                                                       
     relating to senior                                                     
     management              162,880      178,913      183,505      178,913 
    Interest expense               -            -        1,182        5,720 
    Other income tax                                                        
     expense                  23,589        2,325       29,188       47,343 
    Net investment                                                          
     income                   (8,822)     (25,035)     (29,527)     (39,975)
     shareholder expense           -            -            -      403,439 
     expense                       -       20,000            -      307,665 
    Incremental external                                                    
     acquisition expense           -            -            -      213,940 
Adjusted EBITDA (Loss)   $(1,574,619) $  (263,054) $(3,890,470) $ 1,230,334 

In this release, IDC has presented Adjusted EBITDA, which is a "non-GAAP financial measure" and accordingly it is not an earnings measure recognized by IFRS and does not carry standard prescribed significance. Moreover, IDC's method for calculating Adjusted EBITDA may differ from that used by other companies using the same designation. Accordingly, we caution readers that Adjusted EBITDA should not be substituted for determining net income (loss) as an indicator of operating results or as a substitution for cash flows from operating and investing activities.

We believe Adjusted EBITDA is a meaningful and useful financial metric to investors and analysts for measuring and predicting its operating performance by excluding income taxes, depreciation and amortization as well as unusual and/or non-recurring charges as noted in the above table.

Doug Lowther
International Datacasting Corporation
+1 613 596 4120 ext. 2211
[email protected]

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