Langley, BC / ACCESSWIRE / May 15,
2014 / Iplayco Corporation Limited (TSX VENTURE: IPC)
("Iplayco" or the "Corporation") announces financial
results for its second quarter ended March 31, 2014. 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 and six
months ended March 31, 2014. More detailed information can be found
in the unaudited condensed consolidated interim financial
statements and Management's Discussion and Analysis for the three
and six months ended March 31, 2014, which are being filed with the
applicable Canadian regulatory authorities.
"Our consolidated sales
increased by 4.5% for the three months ended March 31, 2014
("Q2-14") to $3,370,388 from $3,223,754 for the three
months ended March 31, 2013 ("Q2-13"), with sales by
our Manufacturing operations up 6.8% and sales by our
Family Entertainment Centre operations down 9.2% in Q2-14 as
compared to Q2-13. Our gross profit percentage increased to 45.4%
of sales in Q2-14 from 35.9% in Q2-13. We are
expecting a significant increase in sales and earnings for the
three months ended June 30, 2014 as compared to Q2-14 due to our
very strong sales backlog" said Scott Forbes,
President and Director of Iplayco.
Sales by our Manufacturing
operations generated 88.0% of our total sales in Q2-14, compared to
86.1% in Q2-13, and increased by 6.8% to
$2,964,634 in Q2-14 from $2,777,034 in Q2-13. Sales by
our Family Entertainment Centre Operations generated 12.0% of our
total sales in Q2-14, compared to 13.9% in Q2-13 and decreased by
9.2% to $405,754 in Q2-14 from $446,720 in Q2-13.
Results for the three months ended March 31,
2014 ("Q2-14") as compared to the three months ended March 31, 2013
("Q2-13")
Sales increased by 4.5% to
$3,370,388 in Q2-14 from $3,223,754 in Q2-13. Gross profit
percentage was 45.4% of sales in Q2-14 compared to 35.9% in Q2-13.
Operating expenses, including foreign exchange gains and losses and
finance costs, were $1,315,506 or 39.0% of sales in Q2-14 compared
to $900,100 or 27.9% of sales in Q2-13. Net income in Q2-14 was
$159,100, or diluted net income per share of $0.02, compared to net
income of $192,706, or diluted net income per share of $0.02, in
Q2-13.
Results for the three months ended March 31,
2014 ("Q2-14") as compared to the three months ended December 31,
2013 ("Q1-14")
Sales increased by 14.6% to
$3,370,388 in Q2-14 from $2,940,536 in Q1-14. Gross profit
percentage was 45.4% of sales in Q2-14 compared to 38.0% in Q1-14.
Operating expenses, including foreign exchange gains and losses and
finance costs, were $1,315,506 or 39.0% of sales in Q2-14 compared
to $1,079,358 or 36.7% of sales in Q1-14. Net income in Q2-14 was
$159,100, or diluted net income per share of $0.02, compared to net
income of $24,212, or diluted net income per share of $0.00, in
Q1-14.
Results for the six months ended March 31, 2014
("YTD - Q2-14") as compared to the six months ended March 31, 2013
("YTD - Q2-13")
Sales decreased by 6.1% to
$6,310,924 for YTD - Q2-14 from $6,719,249 for YTD - Q2-13. Gross
profit percentage was 42.0% of sales for YTD - Q2-14 compared to
37.3% for YTD - Q2-13. Operating expenses, including foreign
exchange gains and losses and finance costs, were $2,394,864 or
37.9% of sales for YTD - Q2-14 compared to $1,845,767 or 27.5% of
sales for YTD - Q2-13. Net income for YTD - Q2-14 was $183,312, or
diluted net income per share of $0.02, compared to net income of
$492,932, or diluted net income per share of $0.05, for YTD -
Q2-13.
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.
SOURCE: Iplayco Corporation Limited
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