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International Datacasting Corporation Announces Second Quarter Fiscal 2015 Results

OTTAWA, ONTARIO -- (Marketwired) -- 09/04/14 -- International Datacasting Corporation ("IDC") (TSX:IDC), a technology provider for the world's premiere broadcasters, announced its financial results today for the first half and second quarter ended July 31, 2014. Total revenues and financial results decreased from the same period in Fiscal 2014, however compared with the previous quarter both product revenues and margins improved. All amounts in this release are in Canadian dollars unless otherwise stated.

Financial Highlights

(in thousands, except for gross margin (GM) and loss per share)

               Three months ending July 31,     Six months ending July 31,  
              -----------------------------   ----------------------------- 
              -----------------------------   ----------------------------- 
                   2014            2013            2014            2013     
              -------------   -------------   -------------   ------------- 
Revenues:                GM              GM              GM              GM 
 Products     $  2,217   50%  $  3,575   43%  $  4,155   42%  $  7,601   48%
 Services          382   32%     1,279   52%     1,274   39%     2,620   48%
              ---------       ---------       ---------       ---------     
Total revenues$  2,599        $  4,854        $  5,429        $ 10,221      
              ---------       ---------       ---------       ---------     
                                                                            
Gross profit  $  1,230   47%  $  2,203   45%  $  2,253   41%  $  4,913   48%
Operating                                                                   
 expenses     $  2,551        $  2,586        $  5,136        $  5,397      
Adjusted                                                                    
 EBITDA (Loss)                                                              
 (1)          $ (1,216)       $   (222)       $ (2,421)       $   (158)     
Net loss      $ (1,322)       $   (409)       $ (2,888)       $   (511)     
Net loss per                                                                
 share        $  (0.02)       $  (0.01)       $  (0.05)       $  (0.01)     
                                                                            
 (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.    

Second Quarter Results

Revenues totaled $2.6 million for the second quarter of Fiscal 2015, 46% lower than the prior year's second quarter. The decrease was primarily due to the non-renewal of the Canadian Forces Radio and Television service, as well to the deferral of certain orders for data and digital cinema products to future quarters. The total gross margin for the quarter improved to 47% from 45% for the comparable prior period, primarily due to a more favorable mix of products sold as well as reduced overheads. IDC incurred a net loss of $1.3 million in the second quarter, compared to a loss of $0.4 million in Fiscal 2014.

When comparing IDC's second quarter product sales with the first quarter of Fiscal 2015, revenues increased by 14% and gross margins improved from 34% to 50% in the quarter. These results reflect more favorable margins from sales of newer products as well as reductions in overhead costs.

While total revenues in the first half of Fiscal 2015 decreased by 47% from the previous year, deferred revenues doubled to $1.0 million at July 31st, 2014 as compared to January 31, 2014. These deferred revenues will be recognized in future quarters.

At July 31, 2014, IDC's working capital was $5.0 million, including $1.8 million in cash. In addition, on September 3rd IDC received a commitment from a major financial institution for a new financing facility that will provide up to $1 million of additional liquidity.

Progress and Outlook

During the first half of Fiscal 2015, IDC made significant progress in executing our turnaround plan. Key accomplishments during this period included the following:

--  We restructured IDC's operations to significantly reduce our overheads
    and operating costs, contributing to improved gross margins and to a
    significantly lower breakeven point. 
--  We put in place a new, more streamlined organization structure that will
    contribute to reducing cost, increasing agility, and simplifying
    decision making. 
--  We introduced the TITAN 3 Contribution Encoder, which was completed
    ahead of schedule and shipped to multiple customers for trials and
    revenue during the second quarter. 
--  We announced the LASER MPS, a multi-channel ad and content insertion
    platform suitable for digital terrestrial and satellite networks, and
    plan initial shipments in the fourth quarter. 
--  During the second quarter, we completed customer acceptance testing for
    a LASER(TM) Targeted Ad Insertion Platform for a large TV broadcaster
    based in Latin America. 
--  In July 2014, IDC partnered with Sony and Vue Entertainment to
    successfully deliver world's first 4K live event broadcasts of the 2014
    FIFA World Cup(TM) matches to cinemas in London, United Kingdom. 
--  Our sales pipeline continued to develop in line with our stated guidance
    to reach operating profitability in the second half of Fiscal 2015. 

Doug Lowther, IDC's President and CEO, stated, "While IDC's net loss has decreased over the last three quarters, this has primarily been achieved as a result of cost controls. In the second half of Fiscal 2015, our focus will be on revenue growth. We believe that our new and enhanced products will enable IDC to increase product revenues from those achieved in the last few quarters, and continue to anticipate a return to profitability during the second half of Fiscal 2015."

For further information on IDC's second quarter results, refer to the unaudited interim condensed 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 September 4, 2014.

Financial Summary and Conference Call

This announcement will be followed by a Management conference call at 8:30 a.m. ET on Friday, September 5, 2014, to discuss the results, and to respond to questions from investors.

Mr. Doug Lowther, President and CEO of IDC, cordially invites all interested parties to participate in the conference call.

CONFERENCE CALL DETAILS:

CONFERENCE DATE:              Friday September 5, 2014                      
                                                                            
CONFERENCE TIME:              8:30 a.m. ET                                  
                                                                            
DIAL-IN NUMBERS:              613-233-1979 / 888-789-9572                   
                                                                            
PARTICIPANT CODE:             8669963                                       
                                                                            
WEBCAST: A live audio webcast of the conference call will be available at   
 the following link: http://www.gowebcasting.com/5870. 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 technology provider 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, and TITAN 3 Video Encoder; a lengthy and variable sales cycle for IDC's products and services; 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, and our MD&A for the quarter ended July 31, 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     
                  As of July 31, 2014 and January 31, 2014                  
                             (Canadian dollars)                             
                                                                            
                                                                January 31, 
                                           July 31, 2014               2014 
                                        -----------------  -----------------
ASSETS                                                                      
Current Assets                                                              
  Cash                                    $    1,835,752   $      2,734,655 
  Short-term investments                               -             72,500 
  Accounts receivable                          2,425,416          3,289,596 
  Inventories                                  3,931,284          3,793,347 
  Other assets                                   436,335            438,268 
                                        -----------------  -----------------
Total Current Assets                           8,628,787         10,328,366 
                                        -----------------  -----------------
                                        -----------------  -----------------
                                                                            
Non-Current Assets                                                          
  Capital assets                                 550,316            536,057 
                                        -----------------  -----------------
Total Non-Current Assets                         550,316            536,057 
                                        -----------------  -----------------
                                                                            
TOTAL ASSETS                              $    9,179,103   $     10,864,423 
                                        -----------------  -----------------
                                        -----------------  -----------------
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Current Liabilities                                                         
  Accounts payable                        $    1,371,674   $      1,159,025 
  Accrued liabilities                          1,095,602          1,545,234 
  Customer deposits                               37,793             30,654 
  Deferred revenue - current portion             626,876            349,870 
  Provisions                                     464,565            254,575 
  Current tax liability                           12,660              9,496 
                                        -----------------  -----------------
Total Current Liabilities                      3,609,170          3,348,854 
                                        -----------------  -----------------
                                                                            
Non-Current Liabilities                                                     
  Deferred tax liability                          15,087             14,551 
  Deferred revenue                               371,267            129,568 
                                        -----------------  -----------------
                                        -----------------  -----------------
Total Non-Current Liabilities                    386,354            144,119 
                                        -----------------  -----------------
                                                                            
TOTAL LIABILITIES                              3,995,524          3,492,973 
                                        -----------------  -----------------
                                        -----------------  -----------------
                                                                            
Shareholders' Equity                                                        
  Capital stock                               24,034,398         23,637,259 
  Contributed surplus                          3,704,185          3,401,345 
  Accumulated other comprehensive loss          (229,729)          (229,729)
  Accumulated deficit                        (22,325,275)       (19,437,425)
                                        -----------------  -----------------
TOTAL SHAREHOLDERS' EQUITY                     5,183,579          7,371,450 
                                        -----------------  -----------------
                                                                            
TOTAL LIABILITIES AND SHAREHOLDERS'                                         
 EQUITY                                   $    9,179,103   $     10,864,423 
                                        -----------------  -----------------
                                        -----------------  -----------------
                                                                            
                   INTERNATIONAL DATACASTING CORPORATION                    
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE 
                                    LOSS                                    
      FOR THE THREE AND SIX MONTH PERIODS ENDED JULY 31, 2014 and 2013      
                 (Canadian dollars, except for share data)                  
                                                                            
                       Three Months Ended             Six Months Ended      
                      July 31,       July 31,       July 31,       July 31, 
                          2014           2013           2014           2013 
                 -------------- -------------- -------------- --------------
                                                                            
REVENUE                                                                     
Products          $  2,216,742   $  3,574,741   $  4,154,679   $  7,600,514 
Services               382,197      1,278,661      1,274,022      2,619,697 
                 -------------- -------------- -------------- --------------
  Total revenue      2,598,939      4,853,402      5,428,701     10,220,211 
                                                                            
COST OF REVENUE      1,369,025      2,650,009      3,176,130      5,306,819 
                 -------------- -------------- -------------- --------------
                                                                            
GROSS PROFIT         1,229,914      2,203,393      2,252,571      4,913,392 
                 -------------- -------------- -------------- --------------
                                                                            
OPERATING                                                                   
 EXPENSES                                                                   
Selling, general                                                            
 and                                                                        
 administrative      1,448,498      1,507,504      2,608,617      3,297,218 
Research and                                                                
 development,                                                               
 net of                                                                     
 investment tax                                                             
 credits             1,100,651      1,087,536      2,507,402      2,121,277 
Foreign exchange                                                            
 loss (gain)             1,536         (9,291)        20,325        (21,530)
                 -------------- -------------- -------------- --------------
  Total                                                                     
   operating                                                                
   expenses          2,550,685      2,585,749      5,136,344      5,396,965 
                                                                            
                 -------------- -------------- -------------- --------------
OPERATING LOSS                                                              
 BEFORE OTHER                                                               
 ITEMS              (1,320,771)      (382,356)    (2,883,773)      (483,573)
                                                                            
Realized (loss)                                                             
 on sale of                                                                 
 investments                 -        (25,344)             -        (25,344)
                                                                            
Interest Income          4,944         13,185          9,568         34,213 
Interest expense          (858)             -           (858)        (1,182)
                 -------------- -------------- -------------- --------------
                                                                            
LOSS BEFORE                                                                 
 INCOME TAXES       (1,316,685)      (394,515)    (2,875,063)      (475,886)
Income tax                                                                  
 recovery                                                                   
 (expense):                                                                 
  Current               (5,216)       (21,676)       (12,251)       (42,680)
  Deferred                 182          7,505           (536)         7,505 
                 -------------- -------------- -------------- --------------
                                                                            
NET LOSS          $ (1,321,719)  $   (408,686)  $ (2,887,850)  $   (511,061)
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
                                                                            
COMPREHENSIVE                                                               
 LOSS             $ (1,321,719)  $   (408,686)  $ (2,887,850)  $   (511,061)
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
                                                                            
NET LOSS PER                                                                
 SHARE                                                                      
  Basic           $      (0.02)  $      (0.01)  $      (0.05)  $      (0.01)
  Diluted         $      (0.02)  $      (0.01)  $      (0.05)  $      (0.01)
  Weighted                                                                  
   average                                                                  
   number of                                                                
   shares                                                                   
   outstanding -                                                            
   basic            58,599,366     58,484,642     58,553,360     58,101,769 
  Weighted                                                                  
   average                                                                  
   number of                                                                
   shares                                                                   
   outstanding -                                                            
   diluted          58,599,366     58,484,642     58,553,360     58,101,769 
                                                                            
                   INTERNATIONAL DATACASTING CORPORATION                    
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE 
                                    LOSS                                    
      FOR THE THREE AND SIX MONTH PERIODS ENDED JULY 31, 2014 and 2013      
                             (Canadian dollars)                             
                                                                            
                       Three Months Ended             Six Months Ended      
                      July 31,       July 31,       July 31,       July 31, 
                          2014           2013           2014           2013 
                 -------------- -------------- -------------- --------------
                                                                            
OPERATING                                                                   
 ACTIVITIES                                                                 
Net loss          $ (1,321,719)  $   (408,686)  $ (2,887,850)  $   (511,061)
Add items not                                                               
 requiring an                                                               
 outlay of cash:                                                            
 Depreciation and                                                           
  amortization          53,097        160,157         91,741        325,332 
 Deferred tax                                                               
  adjustments             (182)        (7,505)           536         (7,505)
 Realized loss on                                                           
  sale of                                                                   
  available-for-                                                            
  sale                                                                      
  investments                -         25,344              -         25,344 
 Unrealized loss                                                            
  (gain) on                                                                 
  derivatives            8,968        (58,643)         8,968        (32,024)
 Stock-based                                                                
  compensation         220,423         16,660        302,840         22,761 
                 -------------- -------------- -------------- --------------
                    (1,039,413)      (272,673)    (2,483,765)      (177,153)
Net change in                                                               
 non-cash working                                                           
 capital:                                                                   
 Accounts                                                                   
  receivable           263,205        328,661        864,180        926,322 
 Inventories          (532,116)      (745,449)      (137,937)      (927,714)
 Other assets         (172,335)      (266,814)         1,933       (425,809)
 Accounts payable                                                           
  and accrued                                                               
  liabilities          658,834       (470,081)      (243,137)      (746,531)
 Customer                                                                   
  deposits               1,512        (63,317)         7,139       (328,391)
 Deferred revenue      160,735        (40,095)       518,705        156,960 
 Provisions            (27,542)        12,690        209,990         38,620 
 Current tax                                                                
  liability              5,178         22,022          3,164          8,538 
                 -------------- -------------- -------------- --------------
Net cash applied                                                            
 to operating                                                               
 activities           (681,942)    (1,495,056)    (1,259,728)    (1,475,158)
                 -------------- -------------- -------------- --------------
                                                                            
INVESTING                                                                   
 ACTIVITIES                                                                 
Redemption of                                                               
 short-term                                                                 
 investment             50,000              -         72,500              - 
Proceeds from                                                               
 sale of                                                                    
 available-for-                                                             
 sale investments            -      1,974,646              -      1,974,646 
Purchase of                                                                 
 capital assets        (95,757)       (42,572)      (106,000)      (141,701)
                 -------------- -------------- -------------- --------------
Net cash applied                                                            
 to investing                                                               
 activities            (45,757)     1,932,074        (33,500)     1,832,945 
                 -------------- -------------- -------------- --------------
                                                                            
FINANCING                                                                   
 ACTIVITIES                                                                 
Repayments of                                                               
 obligations                                                                
 under capital                                                              
 leases                      -              -              -         (2,999)
Issuance of                                                                 
 common shares         394,325              -        394,325        231,000 
                 -------------- -------------- -------------- --------------
Net cash provided                                                           
 by financing                                                               
 activities            394,325              -        394,325        228,001 
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
Net increase                                                                
 (decrease) in                                                              
 cash during the                                                            
 period               (333,374)       437,018       (898,903)       585,788 
                                                                            
CASH - Beginning                                                            
 of period           2,169,126      5,091,795      2,734,655      4,943,025 
                 -------------- -------------- -------------- --------------
                                                                            
CASH - End of                                                               
 period              1,835,752   $  5,528,813   $  1,835,752   $  5,528,813 
                 -------------- -------------- -------------- --------------
                 -------------- -------------- -------------- --------------
                                                                            
                   International Datacasting Corporation                    
                 NON-GAAP FINANCIAL MEASURE RECONCILIATION                  
 ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION   
         FOR THE THREE AND SIX MONTHS ENDED JULY 31, 2014 and 2013          
                             (Canadian dollars)                             
                                                                            
                   Three months ended              Six months ended         
                   July 31,        July 30,                                 
                       2014            2013   July 31, 2014   July 30, 2013 
               -------------- --------------- --------------- --------------
                                                                            
Net loss                                                                    
 reported under                                                             
 IFRS                                                                       
 (unaudited)   $ (1,321,719)   $   (408,686)   $ (2,887,850)   $   (511,061)
 Add                                                                        
  (subtract):                                                               
  Restructuring                                                             
   expense           51,990               -         370,640               - 
  Depreciation                                                              
   expense           53,097         160,157          91,741         325,332 
  Interest                                                                  
   expense              858               -             858           1,182 
  Income tax                                                                
   expense            5,034          14,171          12,787          35,175 
  Net                                                                       
   investment                                                               
   income            (4,944)         12,159          (9,568)         (8,869)
               -------------- --------------- --------------- --------------
                                                                            
                                                                            
Adjusted EBITDA                                                             
 (Loss)        $ (1,215,684)   $   (222,199)   $ (2,421,392)   $   (158,241)
               -------------- --------------- --------------- --------------
               -------------- --------------- --------------- --------------

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 interest expense and income, income taxes, depreciation and amortization as well as unusual and/or non-recurring charges as noted in the above table.

Contacts:
International Datacasting Corporation
Doug Lowther
President & CEO
+1 613 596 4120 ext. 2211
[email protected]
www.datacast.com

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