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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Inscape announces 2nd quarter’s results

Thursday 8 December 2011

Mr. Rod Turgeon, President and Chief Executive Officer of Inscape a leading designer, manufacturer and marketer of office systems, storage and architectural wall solutions for commercial office environments, announced its financial results for the second quarter ended 31 October 2011. Sales for the quarter at $21.9m were down 14.6% compared with the same quarter of 2010 and the company reported a pre-tax loss for the quarter of $377,000 (2010 Profit - $2.5m)
Mr Turgeon stated "Our second quarter results reflected improvement over the first quarter in revenue, margin and profitability; however the results were below our expectations and behind last year's second quarter which was the strongest revenue quarter of fiscal 2011 and also benefited from better currency translation rates.
I am excited by several recent developments at Inscape. Our sales team has had a number of recent project wins including one of the largest single project awards in our history. Our new Inscape System was the product of choice for two high profile US based firms setting up operations in Canada. One of our key objectives is to establish successful distribution. We are encouraged to see that one of our Inscape dealers has achieved unprecedented sales levels after only 4 years in operations.
Operating Performance
The second quarter of fiscal 2012 ended with a net loss of $0.2 million or 2 cents per share, compared with a net income of $1.7 million or 11 cents per share in the same quarter of last year. On a year-to-date basis, the six-month period ended October 31, 2011 had a net loss of $1.9 million or 13 cents per share, compared to a net income of $2.3 million or 16 cents per share a-year-earlier.
Sales in the second quarter of fiscal 2012 were $21.9 million, a decrease of 14.6% from the sales of $25.6 million in the same quarter of last year. The strong sales in the second quarter of last year were attributable to a substantial increase in project volume. In addition, last year's reported sales included a currency hedge gain of $1.7 million, compared to the current quarter's hedge gain of $0.66 million. On a normalized currency basis, the current quarter's sales were about 8.7% lower than the same quarter of last year.
The year-to-date sales of $41.2 million were 5.7% below the $43.7 million reported in last year, which included a currency hedge gain of $3.3 million versus $0.8 million in the current year. On a constant dollar basis that removes the impact of hedge gains and the U.S. exchange rate changes, the current year-to-date sales were about 4% higher than last year.

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