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International Datacasting Corporation Announces Fiscal 2015 First Quarter Results

OTTAWA, ONTARIO -- (Marketwired) -- 06/10/14 -- 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 first quarter of Fiscal 2015 ended April 30th, 2014. All amounts in this release are in Canadian dollars unless otherwise stated.


Financial Highlights:                                                       
(in thousands, except for gross margin and net loss per share)              
                                                                            
                                              Three months ending April 30, 
                                      --------------------------------------
                                      --------------------------------------
                                                    2014               2013 
                                      --------------------------------------
                                      --------------------------------------
                                                                            
Revenues:                                             GM                 GM 
  Products                             $   1,938      34%  $  4,026      53%
  Services                                   892      42%     1,341      44%
                                                                            
                                      --------------------------------------
Total revenues                         $   2,830           $  5,367         
                                      --------------------------------------
                                                                            
Gross profit                           $   1,023      36%  $  2,710      50%
Operating expenses                     $   2,586           $  2,811         
Adjusted EBITDA (Loss) (1)             $  (1,206)          $     64         
Net loss                               $  (1,566)          $   (102)        
Net loss per share                     $   (0.03)          $  (0.00)        
                                                                            
(1)  Adjusted EBITDA is a non-GAAP financial measure. The reconciliation of 
     Adjusted EBITDA to Net Loss is provided at the end of this release.    

First Quarter Results

Revenues totaled $2.8 million for the first quarter of Fiscal 2015, 47% lower than the prior year's first quarter. The decrease from the year earlier quarter was primarily due to lower revenues from data and radio products, in addition to the non-renewal of the Canadian Forces Radio and Television service which ended on March 31st, 2014.

In the quarter, IDC's product revenues were lower than expected primarily because three customer orders that had been expected to be achieved in the quarter were deferred. One of the three orders has shipped in May, and the other two are expected to be completed in the second or the third quarter.

In addition, IDC closed several support agreements with customers, contributing to an increase of 75% in deferred revenues to $0.8 million. This revenue will be recognized in future quarters.

Gross profit for the first quarter of Fiscal 2015 declined to $1.0 million or 36% gross margin, compared to $2.7 million or 50% gross margin in the comparable prior period. The decrease was driven primarily by restructuring activities charged to cost of sales during the first quarter of Fiscal 2015 and software upgrades delivered to a large customer at substantial higher margins during the first quarter of Fiscal 2014. Net of these factors, overall product margins were slightly less in the first quarter of Fiscal 2015 due to the lower revenue base (resulting in fixed manufacturing overheads representing a larger percentage of sales).

IDC's Adjusted EBITDA loss was $1.2 million in the quarter, as compared to $1.6 million in the fourth quarter of Fiscal 2014 and $2.2 million in the third quarter of Fiscal 2014. The reduced loss compared to the fourth quarter was due to significantly lower operating costs, partially offset by lower revenues. In the first quarter of Fiscal 2014, Adjusted EBITDA was close to breakeven.

At April 30, 2014, IDC's working capital was $5.6 million, including $2.2 million in cash. Steven Archambault, CFO, commented, "While working capital has been consumed during Q1 Fiscal 2015, we remain confident that this will stabilize by midyear based on the current sales pipeline for Q2 and Q3. We continue to make good progress in reducing our worldwide cost structure to achieve breakeven results with $4.5 million in quarterly revenues."

Looking beyond the first quarter, IDC is continuing to pursue its action plan in order to improve performance. Recent highlights include the following:


--  IDC restructured its business to reduce costs, simplify organizational
    structure, and consolidate certain parts of its activities in Ottawa.
    This was reflected in significantly lower operating expenses in the
    first quarter, despite $0.3 million of restructuring costs. 
    
--  Two new products, the TITAN 3 and LASER MPS, were launched in April at
    the National Association of Broadcasters show. Since the announcement,
    the TITAN 3 development has been completed and the product has shipped
    both for customer trials and for revenue generating orders during the
    current quarter, which is ahead of our planned schedule. The LASER MPS
    development continues with the objective of achieving initial customer
    trials during the third quarter of Fiscal 2015 and revenue in the fourth
    quarter of Fiscal 2015. 

Doug Lowther, IDC's President and CEO, stated, "While revenue in the first quarter was below our expectations, we made excellent progress in restructuring our business for lower costs and in launching two new products that we believe will lead to enhanced competitiveness and revenues later in the year. We remain confident that IDC will reach profitability by the end of the current Fiscal year."

For further information on IDC's first quarter Fiscal 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 June 10, 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, June 11, 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.

CONFERENCE CALL DETAILS:

DATE: Wednesday June 11, 2014

TIME: 8:30 a.m. ET

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

PARTICIPANT CODE: 9325564

INSTANT REPLAY: 1-800-408-3053 Passcode: 5509645 Available until June 13, 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/5583. This webcast will be archived here for 365 days. 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                   
      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION     
                             (Canadian dollars)                             
                                                                            
                                            April 30, 2014 January 31, 2014 
                                          ----------------------------------
ASSETS                                                                      
Current Assets                                                              
  Cash                                       $   2,171,940    $   2,734,655 
  Short-term investments                            50,000           72,500 
  Accounts receivable                            2,688,621        3,289,596 
  Inventories                                    3,399,168        3,793,347 
  Other assets                                     272,945          438,268 
                                          ----------------------------------
Total Current Assets                             8,582,674       10,328,366 
                                          ----------------------------------
                                                                            
Non-Current Assets                                                          
  Capital assets                                   507,656          536,057 
                                          ----------------------------------
Total Non-Current Assets                           507,656          536,057 
                                          ----------------------------------
                                                                            
TOTAL ASSETS                                 $   9,090,330    $  10,864,423 
                                          ----------------------------------
                                          ----------------------------------
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Current Liabilities                                                         
  Accounts payable                           $     817,525    $   1,159,025 
  Accrued liabilities                              993,708        1,545,234 
  Customer deposits                                 36,281           30,654 
  Deferred revenue - current portion               593,871          349,870 
  Provisions                                       492,107          254,575 
  Current tax liability                              7,482            9,496 
                                          ----------------------------------
Total Current Liabilities                        2,940,974        3,348,854 
                                          ----------------------------------
                                                                            
Non-Current Liabilities                                                     
  Deferred tax liability                            15,269           14,551 
  Deferred revenue                                 243,537          129,568 
                                          ----------------------------------
Total Non-Current Liabilities                      258,806          144,119 
                                          ----------------------------------
                                                                            
TOTAL LIABILITIES                                3,199,780        3,492,973 
                                          ----------------------------------
                                                                            
Shareholders' Equity                                                        
  Capital stock                                 23,640,073       23,637,259 
  Contributed surplus                            3,483,762        3,401,345 
  Accumulated other comprehensive loss            (229,729)        (229,729)
  Accumulated deficit                          (21,003,556)     (19,437,425)
                                          ----------------------------------
TOTAL SHAREHOLDERS' EQUITY                       5,890,550        7,371,450 
                                          ----------------------------------
                                                                            
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $   9,090,330    $  10,864,423 
                                          ----------------------------------
                                          ----------------------------------
                                                                            
                                                                            
                                                                            
                    INTERNATIONAL DATACASTING CORPORATION                   
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
                                    LOSS                                    
             FOR THE THREE MONTHS ENDED APRIL 30, 2014 and 2013             
                  (Canadian dollars, except for share data)                 
                                                                            
                                            April 30, 2014   April 30, 2013 
                                          ----------------------------------
                                                                            
REVENUE                                                                     
Products                                     $   1,937,937    $   4,025,773 
Services                                           891,825        1,341,036 
                                          ----------------------------------
  Total revenue                                  2,829,762        5,366,809 
                                                                            
COST OF REVENUE                                  1,807,105        2,656,810 
                                          ----------------------------------
                                                                            
GROSS PROFIT                                     1,022,657        2,709,999 
                                          ----------------------------------
                                                                            
OPERATING EXPENSES                                                          
Selling, general and administrative              1,160,119        1,789,714 
Research and development, net of                                            
 investment tax credits                          1,406,751        1,033,741 
Foreign exchange loss (gain)                        18,789          (12,239)
                                          ----------------------------------
  Total operating expenses                       2,585,659        2,811,216 
                                                                            
                                          ----------------------------------
OPERATING LOSS BEFORE OTHER ITEMS               (1,563,002)        (101,217)
                                                                            
Interest income                                      4,624           21,028 
                                                                            
Interest expense                                         -           (1,182)
                                                                            
                                          ----------------------------------
LOSS BEFORE INCOME TAXES                        (1,558,378)         (81,371)
                                                                            
Income tax expense:                                                         
  Current                                           (7,035)         (21,004)
  Deferred                                            (718)               - 
                                                                            
                                          ----------------------------------
NET LOSS                                     $  (1,566,131)   $    (102,375)
                                          ----------------------------------
                                          ----------------------------------
                                                                            
OTHER COMPREHENSIVE LOSS, NET OF TAXES                                      
Change in fair value of available-for-sale                                  
 investments                                             -            9,660 
                                          ----------------------------------
                                                                            
  Total other comprehensive loss, net of                                    
   taxes                                                 -            9,660 
                                          ----------------------------------
                                                                            
COMPREHENSIVE LOSS                           $  (1,566,131)   $     (92,715)
                                          ----------------------------------
                                          ----------------------------------
                                                                            
                                                                            
NET LOSS PER SHARE                                                          
  Basic                                      $       (0.03)   $       (0.00)
  Diluted                                    $       (0.03)   $       (0.00)
                                                                            
  Weighted average number of shares                                         
   outstanding - basic                          58,505,804       57,705,990 
  Weighted average number of shares                                         
   outstanding - diluted                        58,505,804       57,705,990 
                                                                            
                                                                            
                                                                            
                    INTERNATIONAL DATACASTING CORPORATION                   
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
                                    LOSS                                    
             FOR THE THREE MONTHS ENDED APRIL 30, 2014 and 2013             
                             (Canadian dollars)                             
                                                                            
                                            April 30, 2014   April 30, 2013 
                                          ----------------------------------
                                                                            
OPERATING ACTIVITIES                                                        
Net loss                                     $  (1,566,131)   $    (102,375)
                                                                            
Add items not requiring an outlay of cash:                                  
  Depreciation and amortization                     38,644          165,175 
  Deferred tax adjustments                             718                - 
  Unrealized (gain) loss on derivatives             (8,945)          26,619 
  Stock-based compensation                          82,417            6,101 
                                          ----------------------------------
                                                (1,453,297)          95,520 
Net change in non-cash working capital:                                     
  Accounts receivable                              600,975          597,661 
  Inventories                                      394,179         (182,265)
  Other assets                                     174,268         (158,995)
  Accounts payable and accrued liabilities        (890,212)        (276,450)
  Customer deposits                                  5,627         (265,074)
  Deferred revenue                                 357,970          197,055 
  Provisions                                       237,532           25,930 
  Current tax liability                             (2,014)         (13,484)
                                                                            
                                          ----------------------------------
Net cash provided by (applied to)                                           
 operating activities                             (574,972)          19,898 
                                          ----------------------------------
                                                                            
INVESTING ACTIVITIES                                                        
Redemption of short-term investment                 22,500                - 
Purchase of capital assets                         (10,243)         (99,129)
                                          ----------------------------------
                                                                            
Net cash applied to investing activities            12,257          (99,129)
                                          ----------------------------------
                                                                            
FINANCING ACTIVITIES                                                        
Repayments of obligations under capital                                     
 leases                                                  -           (2,999)
Issuance of common shares, net of issue                                     
 costs                                                   -          231,000 
                                          ----------------------------------
                                                                            
Net cash provided by financing activities                -          228,001 
                                          ----------------------------------
                                                                            
Net increase (decrease) in cash during the                                  
 period                                           (562,715)         148,770 
                                                                            
CASH - Beginning of period                       2,734,655        4,943,025 
                                          ----------------------------------
                                                                            
CASH - End of period                         $   2,171,940    $   5,091,795 
                                          ----------------------------------
                                          ----------------------------------
                                                                            
                                                                            
                                                                            
                    International Datacasting Corporation                   
                  Non-GAAP Financial Measure Reconciliation                 
  Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization  
                                  (EBITDA)                                  
             FOR THE THREE MONTHS ENDED APRIL 30, 2014 and 2013             
                             (Canadian dollars)                             
                                                                            
                                            April 30, 2014   April 30, 2013 
                                          ----------------------------------
                                                                            
Net loss reported under IFRS (unaudited)     $  (1,566,131)   $    (102,375)
  Add (subtract):                                                           
    Restructuring expense                          318,650                - 
    Depreciation expense                            38,814          165,175 
    Interest expense                                     -            1,182 
    Other income tax expense                         7,753           21,004 
    Net investment income                           (4,624)         (21,028)
                                                                            
                                          ----------------------------------
                                                                            
Adjusted EBITDA (Loss)                       $  (1,205,538)   $      63,958 
                                          ----------------------------------
                                          ----------------------------------

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 (Loss) 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.

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