Gross revenues declined 46% to $1.1 million, compared with $2 million in the same quarter of 2011. The net loss for the quarter was down to $309,000, compared with a net loss of $776,000 in the year-ago quarter.

IDC president and CEO Swapan Kakumanu said the results were below expectations, mainly due to the reduction in expected revenues from Asia Pacific and Latin America. He added that the company continued to reduce overhead expenses and manage its working capital.

In addition, IDC is working with the Toronto Stock Exchange (TSX) on the listing of the firm's shares. TSX announced last month that it had begun a review of whether IDC met the exchange's listing requirements. IDC has 60 days from the April 24 start of the review to regain compliance with the requirements.