Iplayco Announces Financial Results For The Third Quarter Ended June 30, 2011
August 04 2011 - 2:52PM
Marketwired
Iplayco Corporation Limited (TSX VENTURE: IPC) ("Iplayco" or the
"Corporation") today announced its financial results for the third
quarter ended June 30, 2011. 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 and nine-month periods ended June 30, 2011 ("Q3-11" and
"YTD - Q3-11", respectively). More detailed information can be
found in the unaudited interim consolidated financial statements
and Management's Discussion and Analysis for Q3-11 and YTD - Q3-11,
which are being filed with the applicable Canadian regulatory
authorities.
"Our consolidated sales increased by 13.0% to $1,935,179 in
Q3-11 from $1,712,123 for the three-month period ended June 30,
2010 ("Q3-10"), with sales from our Manufacturing operations up
15.6%, and sales from our Family Entertainment Centre operations up
2.6% as compared to Q3-10. Our gross profit percentage remains weak
due primarily to market pricing pressures, production costs, and
the strength of the Canadian dollar versus the U.S. dollar. Gross
profit percentage was 26.1% of sales in Q3-11 compared to 33.6% in
Q3-10. Our operating expenses decreased by 3.8% in Q3-11 compared
to Q3-10. We are expecting robust growth in sales, margin, and
earnings during the three month period ended September 30, 2011
("Q4-11"), due primarily to two significant contracts of U.S.
$898,000, and U.S. $1,225,000, which are expected to substantially
impact our Q4-11 results," said Scott Forbes, President and
Director of Iplayco.
Sales from our Manufacturing operations generated 81.8% of our
total sales in Q3-11 compared to 79.9% in Q3-10, and increased by
15.6% to $1,582,484 in Q3-11 from $1,368,469 in Q3-10. Sales from
our Family Entertainment Centre Operations generated 18.2% of our
total sales in Q3-11 compared to 20.1% in Q3-10 and increased by
2.6% to $352,695 in Q3-11 from $343,654 in Q3-10.
Results for Q3-11 as compared to Q2-11
Sales increased by 46.6% to $1,935,179 in Q3-11 from $1,319,650
in Q2-11. Gross profit percentage was 26.1% of sales in Q3-11
compared to 35.9% in Q2-11. Operating expenses were $844,446 or
43.6% of sales in Q3-11 compared to $736,963 or 55.8% of sales in
Q2-11. Net loss in Q3-11 was $234,915, or loss per share of $0.02,
compared to net loss of $198,403, or loss per share of $0.02 in
Q2-11.
Results for YTD - Q3-11 as compared to YTD - Q3-10
Sales for YTD - Q3-11 decreased by 7.4% to $5,045,360 from
$5,449,340 for the nine-month period ended June 30, 2010 ("YTD -
Q3-10"). Gross profit was 28.9% of sales for YTD - Q3-11 compared
to 36.8% for YTD - Q3-10. Operating expenses were $2,580,382 or
51.1% of sales for YTD - Q3-11 compared to $2,469,489 or 45.3% of
sales for YTD - Q3-10. Net loss for YTD - Q3-11 was $830,447, or
loss per share of $0.08, compared to net loss of $417,171, or a
loss per share of $0.04, for YTD - Q3-10.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott C. 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 Limited Max Liszkowski Chief
Financial Officer (604) 607-1111 ir@iplaycoltd.com www.iplayco.com
/ www.iplaycoltd.com
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