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Inscape 3rd qtr sales to 31 January jump 32%

Friday 11 March 2011

Madan Bhayana, Chief Executive Officer of Inscape, manufacturer of office systems, storage and architectural wall solutions, announced results for the third quarter ended 31 January 2011.






































\"Sales in the third quarter of fiscal 2011 were 31.7% ahead of the same quarter of last year.\" \"Our top line sales growth far exceeds the general industry increase.

Based on the existing back-log on hand, we expect that the sales for the fourth quarter of fiscal year 2011 to be lower than the third quarter of this year and materially higher than the fourth quarter of the prior year.\"

Net income for the third quarter of fiscal year 2011 ending January 31, 2011 was $0.9 million, compared with a net income of $0.1 million in the same same quarter of last fiscal year. The improvement in the quarterly net income was attributable to a 31.7% growth in sales, which generated a 32.1% increase in gross margin. The current quarter\'s sales benefited from a U.S. currency hedge gain of $2.2 million, compared with a total hedge gain of $1.0 million in the same quarter of last year. Without the currency hedge gain, and with the average U.S. spot exchange rate near parity during the quarter, the three-month period would have a net loss of about $0.7 million.
On a year-to-date basis, the nine-month period ending January 31, 2011 had a net income of $3.1 million, compared with a net loss of $1.3 million. The year on year sales were up 27.4%, while gross margin grew 47.0%. The year-to-date sales included a U.S. currency hedge gain of $5.4 million for fiscal 2011 and $1.4 million for fiscal 2010. The fiscal 2011 year-to-date results would have a net loss of about $0.8 million without the currency hedge gain.
Sales in the third quarter of fiscal 2011 were $23.6 million, an increase of 31.7% from the $17.9 million in the same quarter of last year. The current quarter\'s sales included a U.S. currency hedge gain of $2.2 million, while the same quarter of last year had a hedge gain of $1.0 million. Sales in the year-to-date nine-month period rose 27.4% from last year\'s $52.1 million to the current year\'s $66.3 million. The sales results in the nine-month period included total hedge gains of $5.4 million versus a net hedge gain of $1.4 million in the prior year.
For the nine-month period, the gross margin rate increased from last year\'s 26.3% to the current year\'s 30.3%. The year-over-year improvements in the gross margin rates were attributable to a favourable overhead absorption due to higher volumes, an increase in gains from the U.S. currency hedge contracts and continued manufacturing improvements, offset by lower realized selling prices.

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