LANGLEY, BRITISH COLUMBIA -- (February 14,
2014) Iplayco Corporation Limited (TSX
VENTURE: IPC) ("Iplayco" or the "Corporation") announces its
financial results for the first quarter ended December 31, 2013.
All amounts are in Canadian dollars unless otherwise
noted.
This news release
contains financial information derived from Iplayco's unaudited
condensed consolidated interim financial statements for the three
months ended December 31, 2013. More detailed information can be
found in the unaudited condensed consolidated interim financial
statements and Management's Discussion and Analysis for the three
months ended December 31, 2013, which are being filed with the
applicable Canadian regulatory authorities.
"Our consolidated
sales decreased by 15.9% for the three months ended December 31,
2013 ("Q1-14") to $2,940,536 from $3,495,495
for the three months ended December 31, 2012 ("Q1-13"),
with sales by our Manufacturing operations down
16.3% and sales by our Family Entertainment
Centre operations down 12.3% in Q1-14 as compared to Q1-13. Our
gross profit percentage decreased to 38.0% of sales in Q1-14 from
38.6% in Q1-13. We are expecting a moderate
increase in sales and earnings for the three months ended March 31,
2014 as compared to Q1-14" said Scott Forbes,
President and Director of Iplayco.
Sales by our
Manufacturing operations generated 88.6% of our total sales in
Q1-14, compared to 89.1% in Q1-13, and decreased by
16.3% to $2,605,694 in Q1-14
from $3,113,886 in Q1-13. Sales by our Family
Entertainment Centre Operations generated 11.4% of our total sales
in Q1-14, compared to 10.9% in Q1-13 and decreased by 12.3% to
$334,842 in Q1-14 from $381,609 in Q1-13.
Results for the three months ended December 31,
2013 ("Q1-14") as compared to the three months ended December 31,
2012 ("Q1-13")
Sales decreased by
15.9% to $2,940,536 in Q1-14 from $3,495,495 in Q1-13. Gross profit
percentage was 38.0% of sales in Q1-14 compared to 38.6% in Q1-13.
Operating expenses, including foreign exchange gains and losses and
finance costs, were $1,079,358 or 36.7% of sales in Q1-14 compared
to $945,667 or 27.1% of sales in Q1-13. Net income in Q1-14 was
$24,212, or diluted net income per share of $0.00, compared to net
income of $300,226, or diluted net income per share of $0.03, in
Q1-13.
Results for the three months ended December 31,
2013 ("Q1-14") as compared to the three months ended September 30,
2013 ("Q4-13")
Sales decreased by
20.8% to $2,940,536 in Q1-14 from $3,711,714 in Q4-13. Gross profit
percentage was 38.0% of sales in Q1-14 compared to 33.6% in Q4-13.
Operating expenses, including foreign exchange gains and losses and
finance costs, were $1,079,358 or 36.7% of sales in Q1-14 compared
to $1,120,930 or 30.2% of sales in Q4-13. Net income in Q1-14 was
$24,212, or diluted net income per share of $0.00, compared to net
income of $93,682, or diluted net income per share of $0.01, in
Q4-13.
About Iplayco Corporation
Limited
Iplayco
custom designs, manufactures and installs premium quality, fun,
safe and durable play structures for children worldwide. In its
14-year history, Iplayco has sold play structures to over 50
countries and to 16 different markets, including
family entertainment centres, theme parks, shopping
malls, restaurants, fitness and health clubs, municipalities,
schools, daycare centres, hospitals, zoos and churches.
Iplayco also owns and operates a family
entertainment centre ("The Great Escape") in Langley, British
Columbia. For more information, please visit www.iplaycoltd.com.
Cautionary Note Regarding
Forward-looking Statements
This news
release contains certain forward-looking statements. All
statements, other than statements of historical fact, included
herein, including without limitation statements regarding the
Corporation's business, results or future plans, are forward
looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Corporation's
expectations are disclosed elsewhere in documents that are
available to the public.
For more information, please
contact:
Iplayco
Corporation Limited
Max
Liszkowski
Chief
Financial Officer and Corporate Secretary
(604)
607-1111
ir@iplayco.com
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Iplayco Corporation Ltd. was
recognized as a TSX Venture 50(R) company in 2014. TSX Venture 50 is
a trade-mark of TSX Inc. and is used under
license.
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