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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.

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