Forget those previous messages-read thisInternational Datacasting Announces Continued Growth and Third Consecutive Profitable Quarter
12/1/04
OTTAWA, ONTARIO, Dec 1, 2004 (CCNMatthews via COMTEX) --
International Datacasting Corporation (TSX:IDC) released its unaudited financial results for the third quarter of fiscal 2004/2005 today, reporting revenue growth and profitability for the third consecutive quarter.
The results are as follows:
Nine months ending: October 31, 2004 October 31, 2003Revenue $10,580,560 $6,068,810Earnings (loss) from continuing operations $588,694 ($2,412,234)Loss from discontinued operations n/a ($1,681,521)Net Earnings (loss) $588,694 ($4,093,755)Basic Earnings (loss) per common share $0.015 ($0.112)Three months ending: October 31, 2004 October 31, 2003Revenue $3,342,796 $2,480,908Earnings (loss) from continuing operations $104,706 ($1,436,338)Loss from discontinued operations n/a ($1,370,591)Net Earnings (loss) $104,706 ($2,806,929)Basic Earnings (loss) per common share $0.003 ($0.077)
Revenues for the third quarter of fiscal 2004/2005 were $3.3 million, significantly up from the same period last year, resulting in revenues for the year to date of $10.6 million-an increase of $4.5 million or 74% from revenues of $6.1 million for the same period last year. Net earnings for the third quarter were positive, $104,706-which is a major improvement from last year's third quarter loss of $2,806,929.
Cash on hand increased by $863,552 to a total of $2.9 million by the end of the quarter. Total working capital is $4.2 million, up from $2.3 million at the beginning of the year. In addition, IDC reduced its bank debt by $0.2 million-increasing unused bank facilities to $1.3 million (subject to normal restrictions) at the end of the quarter.
IDC President and CEO Ron Clifton commented on the results, "I am extremely pleased to report that we have continued to deliver on our goal of growing revenues and demonstrating solid profitability this year. Demand for our products and expertise remains strong and business in our market niche is picking up momentum. Not only is this is our third profitable quarter in a row, we have also exceeded total revenues from last year and even the previous year.
The US was IDC's strongest market during Q3. Several new orders were booked including new distance learning and telemedicine projects. Some new projects this quarter include:
- Medical Missions for Children acquired an initial SuperFlex system for its Global Telemedicine and Teaching Network (GTTN), which provides expert consultations, training, and telemedicine to underserved areas around the world (www.mmissions.org).- Skylink Family and School Network will use IDC's SuperFlex and Datacast XD in conjunction with Microspace Communications' Velocity Service to power their new Reading Theater project. Reading Theater uses satellite and internet technology to improve classroom learning-from remedial reading to staff development-delivering award-winning media to every classroom at the click of a mouse.- Atlanta International Teleport upgraded and expanded its SuperFlex network to provide extended service for the US Federal Emergency Management Agency (FEMA) during recent hurricane relief efforts.
In addition, IDC received follow-on orders from other current and long-time customers including Reuters for Europe and Asia, National Public Radio, Accuweather, Tribune Broadcasting, and Telefonica of Spain-all expanding and/or upgrading existing systems.
Ron Clifton concluded, "This is turning out to be the comeback year we have all been working for. Our strategy of consolidation and concentration on what we do best is paying off. We are on track to achieve a strong year-end and we are building good momentum that puts us in a position to achieve the long-term growth and profitability that our employees, customers, and shareholders expect. We have proven our ability to survive and thrive under the poor economic conditions of the last few years. Now we are well-positioned to consider various expansion strategies and further strengthen our leadership position in the industry."
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