International Datacasting Corporation Reports Third Quarter Results
Added: (Wed Nov 24 1999)
Pressbox (Press Release) -
OTTAWA, ONTARIO--International Datacasting Corporation (IDC), an Ottawa-based satellite communications company, reported its third quarter financial results today.
The consolidated year-to-date results for the period ending October 31, 1999 show revenues of $9,207,292 compared to $8,814,991 in the first nine months of 1998, and net income of $132,063 compared to net income of $76,232 for the same period last year.
Ron Clifton, president and CEO of IDC stated, "These financial results reflect the Corporation's continued strong performance and sustained growth. The company is profitable again this quarter and for the year-to-date. This demonstrates the effectiveness of our new initiatives and marketing approach, as well as the market's increasing view of our SuperFlex product line as a next generation, new media distribution system. We are particularly pleased with the recent news that SuperFlex has been voted the 'Most Innovative Data Solution' of 1999 in the annual readers' poll conducted by Satellite Communications magazine."
During the quarter, IDC announced that it had issued two million shares from treasury, at $0.48 per common share, to a private US investor. The proceeds from the placement are being used for general working capital related to new contracts and expanded marketing and sales activities.
Significant business received during the third quarter included: 1) an order from Interlink Communications, Inc. of Sunnyvale, CA, to supply a SuperFlex data transmission system to expand its Internet and multimedia services with satellite-based broadcast services for Latin America. 2) an order from the Instituto Tecnologico y de Estudios Superiores de Monterrey, in Mexico (ITESM or the 'Tec de Monterrey'') to provide state-of-the-art distance education satellite distribution technology to ITESM's Virtual University 3) a follow-on order from Loral CyberStar for SuperFlex equipment to provide additional Worldcast services via the Orion 2 satellite and to provide redundancy for existing Worldcast uplink facilities.
IDC (ME:IDA - news) has a longstanding reputation for its technical expertise and innovation in producing advanced satellite communications products. For more than 15 years, we've taken great ideas and turned them into world leading products that answer the needs of our clients. We currently have more than 25,000 installations in 35 countries worldwide as proof of our success. Current applications for our products include Internet via satellite, corporate intranets, distance education networks, radio networks, business radio networks, weather networks, financial information, sports updates, paging networks and email transmission. IDC is headquartered in Ottawa, Canada and has a US sales office in Atlanta, Georgia. Visit our web site at http://www.intldata.ca.