Iplayco Announces Financial Results for the Three Months Ended December 31, 2009
February 05 2010 - 6:00PM
Marketwired
Iplayco Corporation Limited (TSX VENTURE: IPC) ("Iplayco" or the
"Company") today announced its financial results for the three
months ended December 31, 2009. All amounts are in Canadian dollars
unless otherwise noted.
This press release contains financial information derived from
Iplayco's unaudited interim consolidated financial statements for
the three months ended December 31, 2009. More detailed information
can be found in the unaudited interim consolidated financial
statements and Management's Discussion and Analysis for the three
months ended December 31, 2009, which are being filed with the
applicable Canadian regulatory authorities.
"Although the general economic environment remains very
challenging, we are seeing some encouraging signs of increased
activity. Our sales for the three months ended December 31, 2009
("Q1-10") increased by 7.1% to $1,801,951 compared to $1,682,700
for the three months ended September 30, 2009 ("Q4-09"), and we
expect that for the three months ending March 31, 2010, sales from
our manufacturing operations will increase as compared to Q1-10,
mainly as a result of an increase in the number of sales quotes
submitted and general sales activity from our U.S. customers who
account for a significant portion of our sales" said Scott Forbes,
President and Director of Iplayco. Sales from our manufacturing
operations accounted for 83.2% of our total sales in Q1-10 compared
to 80.9% in Q4-09, and increased by 10.1% to $1,498,579 in Q1-10
compared to $1,360,869 in Q4-09. "Sales from our family
entertainment centre operations accounted for 16.8% of our total
sales in Q1-10 compared to 19.1% in Q4-09 and decreased by 5.7% to
$303,372 in Q1-10 compared to $321,831 in Q4-09. The Board of
Directors of Iplayco is also very pleased with management's cost
reduction measures, which include continuing efforts to rationalize
production costs and to reduce administrative expenses."
Results for the three months ended December 31, 2009 as compared
to the three months ended September 30, 2009
Sales for Q1-10 increased by 7.1% to $1,801,951 compared to
$1,682,700 in Q4-09. Gross profit was 43.6% of sales in Q1-10,
compared to 54.8% in Q4-09. Operating expenses were $712,593, or
39.5% of sales, in Q1-10, compared to $1,073,657, or 63.8% of
sales, in Q4-09. Net earnings in Q1-10 were $45,482, or diluted
earnings per share of $0.00, compared to net losses of $188,962, or
losses per share of $0.02 in Q4-09.
Results for Q1-10 as compared to Q1-09
Sales for Q1-10 decreased by 48.0% to $1,801,951 compared to
$3,463,146 for Q1-09. Gross profit was 43.6% of sales in Q1-10,
compared to 40.4% in Q1-09. Operating expenses were $712,593, or
39.5% of sales, in Q1-10, compared to $1,069,553, or 30.9% of
sales, in Q1-09. Net earnings in Q1-10 were $45,482, or diluted
earnings per share of $0.00, compared to net earnings of $227,367,
or diluted earnings per share of $0.02 in Q1-09.
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
This news release contains certain forward-looking statements.
All statements, other than statements of historical fact, included
herein, including without limitation statements regarding the
Company's business, results or future plans, are forward looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed elsewhere in document that are available to the
public.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Iplayco Corporation Limited Max Liszkowski Chief
Financial Officer 1-604-882-1188 ir@iplayco.com www.iplayco.com
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