Inscape Corporation Announces Fiscal 2013 First Quarter Results
13 Settembre 2012 - 10:30PM
Marketwired
Inscape (TSX:INQ) today announced financial results for its first
quarter ended July 31, 2012:
Inscape Corporation
Summary of Interim Consolidated Financial Results
(Unaudited) (in thousands except EPS)
Three Months Ended July 31,
2012 2011 Change
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Sales $21,067 $ 19,325 9.0%
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Gross margin 5,402 3,061 76.5%
Selling, general & administrative expenses 5,333 5,685 -6.2%
Unrealized (gain) loss on foreign exchange (42) 84
Unrealized loss (gain) on derivatives 177 (124)
Investment income (68) (116)
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Income (Loss) before taxes 2 (2,468)
Income tax recovery (64) (778)
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Net income (loss) $ 66 $ (1,690)
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Basic and diluted earnings per share $ - $ (0.11)
Weighted average number of shares (in
thousands)
for basic EPS calculation 14,379 14,592
for diluted EPS calculation 14,407 14,743
Commentary
Rod Turgeon, President and Chief Executive Officer, said: "We
are encouraged by our first quarter results. Revenue grew by 9%
year-over-year with improved financial results. Making operational
progress continues to be a priority and we remain committed to our
strategy. We're gaining momentum in our focused markets, especially
New York City where we have made significant investments and we're
very pleased with our success on a major project. In addition to
appointing key players to our leadership and sales teams and
improving our collective capability, we have also added new sales
partners to expand our distribution. We're pleased with our
progress, but recognize there is still work to do. We are building
a strong team and believe that we are on the right track. We must
remain relentless in our strategy focus, operational discipline and
execution."
Financial Performance
The first quarter of fiscal 2013 ended with a breakeven result,
compared with a net loss of $1.7 million or 11 cents per share in
the same quarter of last year. The improvement in the quarterly
financial results was attributable to a combination of a 9%
increase in sales, a 4.5% increase in the average U.S. exchange
rate, lower material costs favourable product mix and lower fixed
overheads.
Sales in the first quarter of fiscal 2013 were $21.1 million, an
increase of 9% from the sales of $19.3 million in the same quarter
of last year. The current quarter's U.S. sales were translated at
an average exchange rate of $1.02 Canadian dollar per USD, compared
to an average exchange rate of $0.98 in the same quarter of last
year. On a constant dollar basis that removes the positive impact
of U.S. exchange rate, the current quarter's sales were 4.7% higher
than the same quarter of last year.
Gross profit as a percentage of sales in the first quarter of
fiscal year 2013 was higher by 9.8 percentage points; moving from,
last year's 15.8% to the current quarter's 25.6%. In addition to
the higher U.S. exchange rate, the gross margin percentage also
benefited from lower steel prices, more cost-efficient production
processes, higher realized selling prices and better overhead
absorption resulting from the volume increase.
Selling, general and administrative expenses ("SG&A") in the
first quarter of fiscal year 2013 were $5.3 million or 25.3% of
sales, compared to $5.7 million or 29.4% of sales in the same
quarter of last year. The dollar amount of SG&A was $0.4
million lower than last year. The decrease mainly consists of
improved management of discretionary selling expenses, lower
estimated fair value for share-based compensation and lower fixed
overheads.
Financial Statements
http://media3.marketwire.com/docs/InscapeFS.pdf
Conference Call
Inscape will host a conference call at 8:30 a.m. on Friday,
September 14, 2012 to discuss the Company's quarterly results. To
participate, please call 1-800-381-7839. A replay of the conference
call will also be available from Friday, September 14, 2012 after
10:30 a.m. until midnight on September 21, 2012. To access the
rebroadcast, please dial 1-800-558-5253 (Reservation Number
21602161).
Forward-looking Statements
Certain of the above statements are forward-looking statements
that involve risks and uncertainties. Actual results could differ
materially as a result of many factors including, but not limited
to, further changes in market conditions and changes or delays in
anticipated product demand. In addition, future results may also
differ materially as a result of many factors, including:
fluctuations in the Company's operating results due to product
demand arising from competitive and general economic and business
conditions in North America; length of sales cycles; significant
fluctuations in international exchange rates, particularly the U.S.
dollar exchange rate; restrictions in access to the U.S. market;
changes in the Company's markets, including technology changes and
competitive new product introductions; pricing pressures;
dependence on key personnel; and other factors set forth in the
Company's Ontario Securities Commission reports and filings.
ABOUT INSCAPE
Inscape is a leading designer, manufacturer and marketer of
systems, storage and wall solutions for commercial office
environments. Inscape has offices and production facilities in
Canada and the United States totalling approximately 438,000 square
feet and serves customers through a network of authorized
dealers.
Inscape makes smart workspaces - thoughtfully designed spaces
that perform beyond expectations. For over a century, we have
collaborated with our clients to provide customized solutions based
on their individual needs. Our meticulously engineered system,
storage and wall products provide unparalleled flexibility to
create unique applications at a lower cost of ownership. Easy
reconfiguration and seamless integration with other products means
our smart applications will work today and tomorrow. For more
information, visit www.inscapesolutions.com.
Contacts: Inscape Corporation Kent Smallwood CA Chief Financial
Officer 905 836 7676 905 836 5037 (FAX)
www.inscapesolutions.com
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