Iplayco Corporation Limited (TSX VENTURE:IPC) ("Iplayco" or the "Company) today
announced its financial results for the year ended September 30, 2009. All
amounts are in Canadian dollars unless otherwise noted.
This press release contains financial information derived from Iplayco's audited
consolidated financial statements for the years ended September 30, 2009 and
2008. More detailed information can be found in the audited consolidated
financial statements and Management's Discussion and Analysis for the year ended
September 30, 2009, which are being filed with the applicable Canadian
regulatory authorities.
"I am very pleased to announce that despite the most difficult global economic
environment in the decade of existence of the Company, our consolidated revenues
for the year ended September 30, 2009 amounted to $9,326,085 compared to
$9,143,192 in 2008. This 2% increase in revenues is a testament to the tireless
efforts put forward by Iplayco's executive team and its employees who continued
to ensure that the design, manufacturing and installation of its play structures
are done with the highest levels of quality and customer service," said Franco
Aquila, Chief Executive Officer of Iplayco. "These results also support our
strategic decision in 2008 to diversify our operations by expanding into the
retail business with the opening of a family entertainment centre in Langley,
BC, which also serves as a valuable showcase for our new play structures.
Although there were significant concerns in the fall of 2008 about a sharp
economic downturn, particularly in the U.S., where we derive a substantial
portion of our total revenue, our executive team, supported by our directors,
approved plans to invest over $1 million in purchases and production costs of
play structures to open a family entertainment center. In less than nine-months
of operations, the family entertainment centre generated revenues of $1.1
million and contributed favorably to the cash generated by the operations of the
Company in 2009. As we look forward, we are focused on business execution in a
challenging environment and building on the continued success of our family
entertainment centre. We remain confident that when the business cycle
strengthens, we will be well positioned with our exciting new designs, our high
quality and high capacity manufacturing capabilities, and our great family
entertainment centre customer service team who are ready to welcome thousands of
new guests this year."
Results for the year ended September 30, 2009 as compared to the year ended
September 30, 2008
Revenue for the year ended September 30, 2009 increased by 2.0% to $9,326,085,
compared to $9,143,192 in 2008. Gross margin was 43.0% of revenue in 2009,
compared to 37.3% in 2008. Operating expenses were $4,186,790, or 44.9% of
revenue, in 2009, compared to $3,278,904, or 35.9% of revenue, in 2008. Net
losses in 2009 were $198,991, or losses per share of $0.02, compared to net
earnings of $51,608, or diluted earnings per share of $0.01 in 2008. Our results
for 2009 include $375,784 of pre-tax foreign exchange losses.
Results for Q4-09 compared to Q3-09
Revenue for the fourth quarter ended September 30, 2009 (Q4-09) decreased by
18.3% to $1,682,700, compared to $2,060,291 in the third quarter of 2009
(Q3-09). Gross margin was $921,849 or 54.8% of revenue in Q4-09, compared to
$924,167 or 44.9% in Q3-09. Operating expenses were $1,073,657, or 63.8% of
revenue, in Q4-09, compared to $861,110, or 41.8% of revenue in Q3-09. Net
losses in Q4-09 were $188,962, or losses per share of $0.02, compared to net
earnings of $75,695, or diluted earnings per share of $0.01 in Q3-09.
Results for Q4-09 compared to Q4-08
Revenue for the fourth quarter ended September 30, 2009 (Q4-09) decreased by
56.2% to $1,682,700, compared to $3,838,358 in the fourth quarter of 2008
(Q4-08). Gross margin was $921,849 or 54.8% of revenue in Q4-09, compared to
$1,606,960 or 41.9% in Q4-08. Operating expenses were $1,073,657, or 63.8% of
revenue, in Q4-09, compared to $987,822, or 25.7% of revenue, in Q4-08. Net
losses in Q4-09 were $188,962, or losses per share of $0.02, compared to net
earnings of $538,723, or diluted earnings per share of $0.05 in Q4-08.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott Forbes, President and Director
About Iplayco Corporation Limited
Iplayco designs, manufactures and installs play structures for indoor and
outdoor venues. Iplayco also owns and operates a family entertainment centre
("The Great Escape") in Langley, British Columbia. For more information, visit
www.iplayco.com.
Cautionary Note Regarding Forward-looking Statements
Certain statements in this news release that are not based on historical facts
constitute forward-looking statements or forward-looking information within the
meaning of Canadian securities laws ('forward-looking statements"). These
forward-looking statements are not promises or guarantees of future performance
but are only predictions that relate to future events, conditions or
circumstances or our future results, performance, achievements or developments
and are subject to substantial known and unknown risks, assumptions,
uncertainties and other factors that could cause our actual results,
performance, achievements or developments in our business or in our industry to
differ materially from those expressed, anticipated or implied by such
forward-looking statements. Forward-looking statements include disclosure
regarding possible events, conditions circumstances or results of operations
that are based on assumptions about future economic conditions, courses of
action and other future events. We caution you not to place undue reliance upon
any such forward-looking statements, which speak only as of the date they are
made. These forward-looking statements may appear in a number of different
places in this news release and can be identified by words such as "may",
"estimates", "projects", "expects", "intends", "believes", "plans",
"anticipates", "continue", "growing", "expanding" or their negatives or other
comparable words. Forward-looking statements include statements regarding the
outlook for our future operations, plans and timing for the introduction or
enhancement of our services and products, statements concerning strategies or
developments, statements about future market conditions, supply conditions, end
customer demand conditions, revenue, gross margin, operating expenses, profits,
forecasts of future costs and expenditures, the outcome of legal proceedings,
and other expectations, intentions and plans that are not historical fact. The
risk factors and uncertainties that may affect our actual results, performance,
achievements or developments are many and include, amongst others, our ability
to develop, manufacture, supply and market new products that we do not produce
today and that meet the needs of customers, the continuous commitment of our
customers and increased competition. Many of the risk factors that affect our
business are beyond our control. Consequently, all forward-looking statements in
this report are qualified by this cautionary statement and we cannot assure you
that the actual results, performance, achievements or developments that we
anticipate will be realized. Forward-looking statements are based on
management's current plans, estimates, projections, beliefs and opinions and we
do not undertake any obligation to update forward-looking statements should the
assumptions related to these plans, estimates, projections, beliefs and opinions
change, except as required by law.
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