Inscape Announces First Quarter Results
13 9월 2013 - 5:30AM
Marketwired
Inscape (TSX:INQ) today announced its first quarter financial
results ended July 31, 2013. The first quarter of fiscal year 2014
had a net loss of $1.4 million or 10 cents per share, compared with
a breakeven result in the same quarter of last year.
Sales of $17.3 million in the first quarter of fiscal 2014 were
17.9% lower than the sales of $21.1 million in the same quarter of
last year. The decrease was the net result of lower furniture
sales, which were offset by an increase in the movable walls
business and slight improvements in realized selling prices and
U.S. exchange rate.
"We are disappointed with results this quarter but are focused
on a longer term view of our products and business. Although we
have been impacted by turnover in our dealer network, we are making
significant strides in our efforts to improve support for our
dealers and partners," said Rod Turgeon, President & CEO. "This
year's 125th anniversary of Office Specialty marks a special
milestone in our company's history. We are energized by the
positive response to this division's rebranding and our renewed
focus on the creative role storage can play in designing work
environments. We are also excited about the recent launch of
Inscape Bench, which significantly broadens our solutions for open
office environments."
Gross margin percentage of the first quarter of fiscal year 2014
was 24.4%, a decrease of 1.2 percentage points from 25.6% of the
same quarter of the previous year. The lower gross margin
percentage was caused by unfavorable overhead absorption associated
with lower volume, which was offset by more favorable realized
selling prices, U.S. exchange rate and production costs.
Selling, general and administrative expenses ("SG&A") in the
first quarter of fiscal year 2014 were 31.4% of sales, compared to
25.6% of sales in the same quarter of last year. SG&A in terms
of dollars spent was at the same level as last year at $5.4
million. Variable selling expenses were $0.15 million lower than
last year due to lower sales volume, whereas non-variable SG&A
was $0.19 million higher than last year mainly due to a decrease in
the mark-to-market fair values of short-term investments and
increased investments in the development of sales partners.
The current quarter's loss of $1.4 million included a small
amount of unrealized exchange loss and a net decrease of $0.75
million in the fair values of derivatives relating to U.S. hedge
agreements, compared with a decrease of $0.18 million in the same
quarter of last year. The net decrease in the derivatives' fair
values mainly consisted of reversals of unrealized gains of some
previously outstanding hedge agreements, which were settled in the
current quarter; and a decline in the mark-to-market values of
unsettled hedge agreements. With the exclusion of the derivatives
and unrealized exchange loss, net loss of the current quarter would
be $0.8 million instead of $1.4 million, whereas results of the
same quarter of last year would be a net income of $0.1 million
instead of breakeven.
Net income or loss with the exclusion of these unrealized items
is a non-GAAP measure, which does not have any standardized meaning
prescribed by GAAP and is therefore unlikely to be comparable to
similar measures presented by other issuers.
Inscape Corporation
Summary of Consolidated Financial Results
(Unaudited) (in thousands except EPS)
Three Months Ended
July 31,
2013 2012 Change
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Sales $ 17,288 $ 21,067 -17.9%
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Gross profit 4,212 5,389 -21.8%
Selling, general & administrative expenses 5,427 5,385 0.8%
Unrealized loss (gain) on foreign exchange 11 (42)
Decrease in fair value of derivative assets 750 177
Investment income (99) (120)
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Loss before taxes (1,877) (11)
Income taxes (494) (67)
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Net (loss) income $ (1,383) $ 56
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Basic earnings per share $ (0.10) $ -
Weighted average number of shares (in
thousands)
for basic EPS calculation 14,373 14,379
for diluted EPS calculation 14,399 14,407
Financial Statements
http://media3.marketwire.com/docs/inscapeq12014fs.pdf
First Quarter Call Details
Inscape will host a conference call at 8:30 a.m. on Friday,
September 13, 2013 to discuss the Company's quarterly results. To
participate, please call 1-800-708-4339. A replay of the conference
call will also be available from Friday, September 13, 2013 after
10:30 a.m. until midnight on September 20, 2013. To access the
rebroadcast, please dial 1-800-558-5253 (Reservation Number
21670244).
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 & Executive Vice President, Corporate
Development 905 836 7676 905 836 5037 (FAX)
www.inscapesolutions.com
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