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Inscape announces 3rd quarter results with lower sales and bottom line breakeven.

Monday 11 March 2013

Inscape announced financial results for its third quarter ended January 31, 2013.
The third quarter ended with breakeven results on revenue of $19.6 million which was 3.1% lower than revenue in the third quarter of last year. The quarter reflected continued improvement in operational performance. The benefits of which were offset by certain adjustments made in the quarter. On a year-to-date basis improved product mix and operational performance led to gross margin increases to 27.7% from 23.5% last year.
Year-to-date net income was $0.2 million or 1 cent per share, compared to a net loss of $1.3 million or 9 cents per share a year earlier. On a Year-to-date basis gross profit was $1.8 million higher than last year because of a higher gross margin percentage.
"Our focus on an applications approach is beginning to generate results in terms of better gross margins," said Rod Turgeon, President & CEO. "We remain committed to our strategy and to making the investments in distribution and expanded product portfolio necessary for sustained revenue growth."
Year-to-date sales of $58.9 million were 4.1% below the same period of last year. The decrease was the net result of lower furniture sales which were mostly offset by an increase in the movable walls business.
Selling, general and administrative expenses ("SG&A") in the third quarter of fiscal year 2013 were $5.5 million or 28.3% of sales, compared to 25.5% of sales in the same quarter of last year. The increase was largely due to an upward adjustment of $0.28 million in the allowance for doubtful accounts arising from the closing of a distributor.
At the end of the third quarter of fiscal year 2013, the company was debt-free with cash, cash equivalents and short-term investments totaling $20.2 million.

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