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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™ 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™ 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™ Solution, LASER™ 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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