NEWS= GREAT NUMBERS76% GROWTH
OTTAWA, ONTARIO, Jun 07, 2007 (MARKET WIRE via COMTEX News Network) --
International Datacasting Corporation, (TSX: IDC) announced its unaudited financial results for the first quarter of fiscal 2007/08.
The results in CDN$ are as follows:
Three months ending April 30, 2007 April 30, 2006 Revenue $5,767,942 $3,276,068 EBITDA $419,005 $(226,482) Net Earnings $55,546 $(457,405) Basic Earnings per share $0.00 ($0.01)
Revenues for the first quarter grew from $3.3 million to $5.8 million representing an increase of $2.5 million or 76% growth compared to the same period last year. Net earnings for the first quarter were positive at $55,546, representing an increase of $512,951 over last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) also increased from $(226,482) to $419,005. As of April 30, 2007, the company had $2.6 million in cash compared to $3.2 million in the previous quarter and also had $500,000 in unused credit facilities and working capital of $4,085,614.
"I am pleased to report a strong first quarter in terms of growth and profitability and a significant improvement over the same period last year. Our cash and working capital position remains strong. Our continued investment in new product development as well as marketing and sales is building momentum that is positioning us well for the future," said Ron Clifton, President and CEO of IDC.
"In addition to our financial results, we also launched a number of new products in the first quarter, which we featured at the most important multimedia and broadcast industry event of the year, the National Association of Broadcasters (NAB) Annual Conference that was held in Las Vegas in April. The strong interest that our new IPTV SFX Pro Video products generated at NAB, in particular, has us very excited," Mr. Clifton added.
Highlights from the quarter include the release of the following major new products at the National Association of Broadcasters Annual Convention in Las Vegas in April:
- The new SFX Pro Video is an Integrated Receiver Decoder (IRD) that features real time hardware decoding of MPEG-4 AVC Standard Definition (SD) and High Definition (HD) television while also offering MPEG 1 and 2 decoding for ease of converting from legacy networks.
This product also offers a built-in hard drive for local content insertion, has a variety of professional video outputs including HD-SDI and offers a choice of DVB-S or S2 satellite inputs as well as IP and industry standard ASI.
- Push VOD IPTV: This is the latest addition to the IDC suite of IPTV offerings. This solution embeds Datacast XD into a consumer grade set top box complete with a built-in hard drive for program storage and hardware decoding of SD and HD video. Datacast XD provides guaranteed content delivery along with decryption, digital rights management and Video on Demand (VOD) playout control. It is available with standard Ethernet input as well as DVB-S/S2 satellite or ATSC inputs.
- The SFX 2102/3102 receiver is an expansion of our DVB-S/S2 product line introduced last year. These new models offer Variable Code Modulation (VCM) giving networks the ability to offer multiple channels over a single channel while allowing operators to change modulation and forward error correction dynamically for each transport stream. This breakthrough greatly improves network efficiency and significantly reduces operating costs. In addition these models offer expanded operation from 100 ks/s to 45 Ms/s and add 16APSK modulation for higher data throughput, of particular interest for IPTV networks. The SFX 3102 versions of the receiver can output up to 190 Mb/sec.
- IDC's lowest-cost edge receiver, the SR2001Plus, has been upgraded to support both DVB-S and DVB-S2 operation. It also includes built-in decryption as well as IDC's proven in-band network management.
Some major customer highlights for the quarter include:
- SES Americom continued to expand their new IP Prime IPTV service in the USA resulting in new orders for our SFX3101 DVB-S/S2 receivers as well as additional head end equipment. The IDC solution was featured at the SES booth at NAB as part of a live demonstration of the service.
- AccessIT placed new orders for additional satellite receivers needed to expand its Digital Cinema network in the USA. This network, being deployed using IDC receivers operating in DVB-S2 mode and in conjunction with Christie projectors, is enabling the delivery of full-length feature movies, advertisements and alternative content including live programming to its install base.
- IDC's PROFline subsidiary in Europe won a contract for a major new radio broadcast network in Spain. This contract calls for a complete end-to-end satellite network solution using the latest PROFline technology to deliver high quality digital audio programming across their coverage area.
- IDC also received a number of add-on orders to expand the data distribution networks of Reuters in Europe as well as NPR in the US. Metodista University in Brazil also expanded their distance learning network installed last year. In addition, long-standing customer Hearst-Argyle upgraded their network to IDC's latest DVB-S2 technology to be used to distribute syndicated television programming to their stations throughout the United States.
"Overall this was a good quarter. I would like to thank our excellent team of employees, our shareholders and our valued customers for their continued support," concluded Mr. Clifton.