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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 4th quarter and annual results

Sunday 30 June 2013

Inscape today announced its fourth quarter and annual financial results ended April 30, 2013. The 4th quarter of fiscal 2013 had a net loss of $1.4 million, compared to a net loss of $0.7 million in the same quarter of last year. Fiscal 2013 had a net loss of $1.2 million or 8 cents per share, compared to a net loss of $2.0 million or 14 cents per share in the previous fiscal year.
Sales in the fourth quarter of fiscal 2013 were $16.0 million, down 8.6% from the same quarter the previous year. The annual sales of $74.9 million were 5.1% below the $78.9 million recorded in fiscal 2012. The decrease in the overall sales was attributable to a drop in volume in the furniture segment, as several large storage projects delivered in last fiscal year were not repeated in the current year. This decrease was partially offset by sales of wall products, which increased by more than 30% over fiscal 2012.
"Although this was a disappointing quarter, we saw good growth in our sales of walls products and have made significant progress in implementing our strategy this past year," said Rod Turgeon, President & CEO. "We remain committed to improving the Company's profitability and strengthening our representation and distribution to increase sales."
Gross profit in the fourth quarter of fiscal 2013 was slightly higher than in the same quarter last year. The gross margin percentage of 22.6% was 2.4 percentage points higher than the 20.2% in the same quarter last year. Similarly, the annual gross margin percentage increased 3.8 percentage points from 22.8% to 26.6%, resulting in $1.9 million increased gross profit. The year-over-year higher gross margin percentages were attributable to a combination of more profitable product mix with higher realized net selling prices; more efficient production processes as a result of last year's capital investments in technologically-advanced machinery; lower commodity costs; and supply chain improvements. The gain in gross margin percentage was partially reduced by unfavourable overhead absorption due to lower volume.

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