Inscape Announces Fourth Quarter & Annual Results
27 Junio 2013 - 4:14PM
Marketwired
Inscape (TSX:INQ) today announced its fourth quarter and annual
financial results ended April 30, 2013.
The fourth quarter of fiscal 2013 had a net loss of $1.4
million, compared to a net loss of $0.7 million in the same quarter
of last year. Fiscal 2013 had a net loss of $1.2 million or 8 cents
per share, compared to a net loss of $2.0 million or 14 cents per
share in the previous fiscal year.
Sales in the fourth quarter of fiscal 2013 were $16.0 million,
down 8.6% from the same quarter the previous year. The annual sales
of $74.9 million were 5.1% below the $78.9 million recorded in
fiscal 2012. The decrease in the overall sales was attributable to
a drop in volume in the furniture segment, as several large storage
projects delivered in last fiscal year were not repeated in the
current year. This decrease was partially offset by sales of wall
products, which increased by more than 30% over fiscal 2012.
"Although this was a disappointing quarter, we saw good growth
in our sales of walls products and have made significant progress
in implementing our strategy this past year," said Rod Turgeon,
President & CEO. "We remain committed to improving the
Company's profitability and strengthening our representation and
distribution to increase sales."
Gross profit in the fourth quarter of fiscal 2013 was slightly
higher than in the same quarter last year. The gross margin
percentage of 22.6% was 2.4 percentage points higher than the 20.2%
in the same quarter last year. Similarly, the annual gross margin
percentage increased 3.8 percentage points from 22.8% to 26.6%,
resulting in $1.9 million increased gross profit. The
year-over-year higher gross margin percentages were attributable to
a combination of more profitable product mix with higher realized
net selling prices; more efficient production processes as a result
of last year's capital investments in technologically-advanced
machinery; lower commodity costs; and supply chain improvements.
The gain in gross margin percentage was partially reduced by
unfavourable overhead absorption due to lower volume.
Selling, general and administrative expenses ("SG&A") in the
fourth quarter were 33.7% of sales, compared to 28.7% in the same
quarter of last year. In terms of dollar amounts, SG&A during
the current quarter was $0.4 million higher than the same quarter
of last year primarily due to higher marketing expenses, dealer
investments and non-recurring consulting fees, partially offset by
lower variable selling expenses.
The annual SG&A expense for fiscal year 2013 was 28.6% of
sales versus 27.4% in fiscal 2012. The dollar amount spent was
$0.27 million less than the previous year due to $0.44 million
lower variable selling expenses, offset by $0.17 million higher
overheads. The ongoing management of discretionary overheads
provided savings to absorb increased investments in dealer
development, marketing, higher depreciation expense from the fully
operational New York showroom and a provision for doubtful account
in relation to the closure of a distributor during the year.
Inscape Corporation
Summary of Consolidated Financial Results
(Unaudited) (in thousands except EPS)
Three Months Ended
April 30,
2013 2012 Change
------------------------------------------------------------------ ---------
Sales $ 16,038 $ 17,549 -8.6%
------------------------------------------------------------------
Gross profit 3,627 3,539 2.5%
Selling, general & administrative
expenses 5,406 5,042 7.2%
Loss on disposals of property, plant
and equipment - 261
Unrealized (gain) loss on foreign
exchange (93) 128
Decrease (Increase) in fair value of
derivative assets 499 (547)
Investment income (116) (28)
------------------------------------------------------------------
Loss before taxes (2,069) (1,317)
Income taxes (639) (596)
------------------------------------------------------------------
Net loss $ (1,430) $ (721)
------------------------------------------------------------------
------------------------------------------------------------------
Basic earnings per share $ (0.10) $ (0.05)
Weighted average number of shares (in
thousands)
for basic EPS calculation 14,373 14,385
for diluted EPS calculation 14,378 14,420
Twelve Months Ended
April 30,
2013 2012 Change
------------------------------------------------------------------ ---------
Sales $ 74,900 $ 78,944 -5.1%
------------------------------------------------------------------
Gross profit 19,903 17,997 10.6%
Selling, general & administrative
expenses 21,404 21,670 -1.2%
Loss on disposals of property, plant
and equipment - 424
Unrealized gain on foreign exchange (95) (301)
Decrease in fair value of derivative
assets 989 (146)
Investment income (385) (414)
------------------------------------------------------------------
Loss before taxes (2,010) (3,236)
Income taxes (792) (1,247)
------------------------------------------------------------------
Net loss $ (1,218) $ (1,989)
------------------------------------------------------------------
------------------------------------------------------------------
Basic and diluted earnings per share $ (0.08) $ (0.14)
Weighted average number of shares (in
thousands)
for basic EPS calculation 14,375 14,461
for diluted EPS calculation 14,431 14,537
Financial Statements
http://media3.marketwire.com/docs/627INQ-FS.pdf
Fourth Quarter Call Details
Inscape will host a conference call at 8:30 a.m. on Friday, June
28, 2013 to discuss the Company's quarterly and annual results. To
participate, please call 1-800-621-4410. A replay of the conference
call will also be available from Friday, June 28, 2013 after 10:30
a.m. until midnight on July 5, 2013. To access the rebroadcast,
please dial 1-800-558-5253 (Reservation Number 21658748).
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 makes smart workspaces. 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. And they look
fabulous.
For more information, visit www.inscapesolutions.com.
Contacts: Inscape Corporation Kent Smallwood CPA, CA Chief
Financial Officer, EVP Corporate Development 905 836 7676 905 836
5037 (FAX)
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