Welcome to JSA Consultancy Services

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 Corporation announces 3rd quarter results – sales down by 15.5%

Friday 9 March 2012

Rod Turgeon, President and Chief Executive Officer of Inscape, the designer, manufacturer and marketer of office systems, storage and architectural wall solutions for commercial office environments, announced its financial results for the 3rd quarter ended 31 January 2012. Sales for the quarter at $20.2m were down 15.4% compared with the same quarter last year, and with lower operating margins, the per-tax profit was down from $1.5m to $900,000. For the nine months to the same date, sales at $61.3m were down by 9.1% and the pre-tax loss was $1.26m (2011 profit $3.4m)
Mr Turgeon reported "In the third quarter, revenues were down 9% in constant currency. Last year's sales benefited from a very large, highly successful project in our architectural division. Despite an increased number of projects in the quarter, we were unable to completely offset the impact of that project's completion.
The third quarter of fiscal 2012 ended with a net income of $0.7 million or 5 cents per share, compared with a net income of $1.1 million or 7 cents per share in the same quarter of last year. The drop of $0.4 million in the quarterly result was mainly attributable to the decrease in US currency hedge gain from $2.2 million in the third quarter of last year to $0.3 million in the current quarter. The adverse impact of the hedge gain was offset by $0.8 million decrease in the quarter's SG&A relating to reduced fair value of share-based compensation and lower accruals for short-term incentives.
On a year-to-date basis, the nine-month period ended on January 31, 2012 had a net loss of $1.3 million or 9 cents per share, compared to a net income of $3.4 million or 23 cents per share a-year-earlier. The decline in the financial results was mainly attributable to a significant decrease in US currency hedge gain and reduced gross margin of the year's sales mix. Last year's results included a pre-tax currency hedge gain of $5.4 million versus $1.2 million in the current year. In addition, last year benefited from a net unrealized derivative and exchange gain of $0.6 million.
The year-to-date sales of $61.4 million were 9.1% below the $67.6 million reported in last year, which included a currency hedge gain of $5.4 million versus $1.2 million in the current year. On a constant dollar basis that removes the impact of hedge gains and the U.S. spot exchange rate differences, the current year-to-date sales were about 0.6% less than last year.
At the end of the third quarter of fiscal year 2012, the Company was debt-free with cash and cash equivalents at $9.0 million and liquid short-term investments at $11.9 million.

Subscribe to our News Page

Enter your email here and we will tell you when this page is updated.

 

 

moreLatest News

Friday 23 June 2017 Trump 'has spent $133,000 on White House furnishings in his first five months in office

President Donald Trump has spent more taxpayer funds on White House furnishings in the first five mo

Wednesday 7 June 2017 HNI appoints Lorenger president, Office Furniture

MUSCATINE, Iowa - HNI Corp. has appointed Jeff Lorenger to president of its Office Furniture segmen

Monday 5 June 2017 Leeds Firm Helps Save Jobs at Office Furniture Maker

Restructuring specialists from Leeds have helped safeguard a future for a £6m-turnover Oxfordshire

Sunday 28 May 2017 Steelcase's new seating aims to make hospital rooms more comfortable

GRAND RAPIDS, MI -- Patients often want their family members in their hospital rooms. Research sh

Contact Us

JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England


+44 (0) 20 7670 1510