Iplayco Announces Financial Results For The First Quarter Ended December 31, 2010
February 03 2011 - 4:20PM
Marketwired
Iplayco Corporation Limited (TSX VENTURE: IPC) ("Iplayco" or the
"Corporation") today announced its financial results for the first
quarter ended December 31, 2010. All amounts are in Canadian
dollars unless otherwise noted.
This news release contains financial information derived from
Iplayco's unaudited interim consolidated financial statements for
the three-month period ended December 31, 2010 ("Q1-11"). More
detailed information can be found in the unaudited interim
consolidated financial statements and Management's Discussion and
Analysis for Q1-11, which are being filed with the applicable
Canadian regulatory authorities.
"In Q1-11, our consolidated sales decreased marginally by 0.6%
to $1,790,531 from $1,801,951 for the three-month period ended
December 31, 2009 ("Q1-10"), with sales from our Manufacturing
operations down 5.9% and sales from our Family Entertainment Centre
operations up 25.5%, as compared to the same period last year. Our
biggest challenge in Q1-11 pertained to a significant decrease in
gross profit percentage, down to 26.7% of sales in Q1-11 from 43.6%
in Q1-10, due primarily to market conditions which contributed to
significantly reduce pricing particularly on larger play
structures. Although we do not anticipate margins to remain this
low throughout 2011, we believe it will be challenging to reach our
budgeted annual margin of 40%. Our operating expenses also
increased considerably as compared to Q1-10 due primarily to higher
administration expenses from higher wages and benefits as a result
of increased headcount in the sales department, and higher selling
and marketing expenses in an effort to broaden the customer base of
our Manufacturing operations," said Scott Forbes, President and
Director of Iplayco.
Sales from our Manufacturing operations generated 78.7% of our
total sales in Q1-11 compared to 83.2% in Q1-10, and decreased by
5.9% to $1,409,897 in Q1-11, as compared to $1,498,579 in Q1-10.
Sales from our Family Entertainment Centre Operations generated
21.3% of our total sales in Q1-11 compared to 16.8% in Q1-10 and
increased by 25.5% to $380,634 in Q1-11, as compared to $303,372 in
Q1-10.
Results for Q1-11 as compared to Q4-10
Sales in Q1-11 decreased by 28.2% to $1,790,531, compared to
$2,492,158 for the three-month period ended September 30, 2010
("Q4-10"). Gross profit percentage was 26.7% of sales in Q1-11,
compared to 42.9% in Q4-10. Operating expenses were $998,973, or
55.8% of sales, in Q1-11, compared to $1,050,210, or 42.1% of
sales, in Q4-10. Net loss in Q1-11 was $397,129, or loss per share
of $0.04, compared to net income of $81,839, or diluted earnings
per share of $0.01 in Q4-10.
Results for Q1-11 as compared to Q1-10
Sales in Q1-11 decreased by 0.6% to $1,790,531 compared to
$1,801,951 in Q1-10. Gross profit percentage was 26.7% of sales in
Q1-11, compared to 43.6% in Q1-10. Operating expenses were
$998,973, or 55.8% of sales, in Q1-11, compared to $712,593, or
39.5% of sales, in Q1-10. Net loss in Q1-11 was $397,129, or loss
per share of $0.04, compared to net income of $45,482, or diluted
earnings per share of $0.00 in Q1-10.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott Forbes, President and Director
About Iplayco Corporation Limited
Iplayco designs, manufactures and installs customized indoor and
outdoor play structures for children. Iplayco also owns and
operates a family entertainment centre ("The Great Escape") in
Langley, British Columbia. For more information, please visit
www.iplaycoltd.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
Corporation'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 Corporation's expectations are disclosed elsewhere in documents
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 Ltd. Max Liszkowski Chief
Financial Officer (604) 607-1111 ir@iplaycoltd.com
www.iplaycoltd.com
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