[SatNews] International Datacasting Corporation (TSX:IDC), providing advanced global solutions for the distribution of broadband content via satellite, announced its financial results for the three-month period ended April 30, 2010. All figures are stated in Canadian dollars.

Q1 Fiscal 2011 Highlights

• Revenue was $5.4 million, compared to $5.1 million recorded in Q1 fiscal 2010
• Gross margin remained consistent at 49 percent year-over-year
• EBITDA was ($1.8m) compared to ($0.6m) in Q1 fiscal 2010
• Net loss $(2.1) million or $(0.04) per share, compared to net loss of $(0.8) million or $0.01 per share in Q1 fiscal 2010

"Q1 was a disappointment and we need to do better" said Frederick Godard, IDC President and CEO. "We continue to streamline our operations, and these efficiency measures combined with a stronger revenue run-rate should result in a significant improvement in our performance over the balance of the year," he continued.

Revenues were $5.4 million for Q1 fiscal 2011, compared to $5.1 million in Q1 fiscal 2010. IDC continues to experience longer than normal sales cycles as clients continue to moderate their purchasing decisions. This amount is lower than the Company's expectation due to the delay of some orders for the upcoming FIFA World Cup, these orders were received and filled in Q2 fiscal 2011. The Company is closely monitoring expenses and capital expenditures in order to continue to grow the business while continuing to restructure operations.

Gross profit was $2.7 million in Q1 fiscal 2011. Gross margins were affected by the downward pressure on pricing, and the continued consolidation of business units. Management continues to work to improve gross margins over the long-term, but expects margins to continue to fluctuate with product mix and order timing on a quarterly basis.

Overall operating expenses for Q1 fiscal 2011 were $4.5 million, compared to $3.3 million in Q1 fiscal 2010. This includes the $0.7 million in costs for the previously announced corporate restructuring. To read the entire financial report, select this direct link.