Iplayco Corporation Limited (TSX VENTURE:IPC) ("Iplayco" or the
"Corporation") announces its financial results for the fourth
quarter and year ended September 30, 2011. All amounts are in
Canadian dollars unless otherwise noted.
This news release contains financial information derived from
Iplayco's audited annual consolidated financial statements for the
year ended September 30, 2011 ("2011"). More detailed information
can be found in the audited annual consolidated financial
statements and Management's Discussion and Analysis for 2011, which
are being filed with the applicable Canadian regulatory
authorities.
"Our consolidated sales increased by 6.6% to $8,467,618 in 2011
from $7,941,498 in 2010, with sales from our Manufacturing
operations up 6.7%, and sales from our Family Entertainment Centre
operations up 6.0% in 2011 as compared to 2010. Our gross profit
percentage was low in 2011 due primarily to market pricing
pressures, production costs, and the strength of the Canadian
dollar versus the U.S. dollar. Gross profit percentage was 29.7% of
sales in 2011 compared to 38.7% in 2010. We are however expecting
moderate growth in sales and strong growth in margin and earnings
in 2012 as compared to 2011, due primarily to our robust sales
backlog. As announced on November 17, 2011, we've entered into
another significant sales agreement, of U.S. $1,750,000, which
along with the agreements of U.S. $1,752,000 and U.S. $1,358,000,
previously announced on July 26, 2011 and September 6, 2011,
respectively, are expected to favorably impact the operating
results of our current fiscal year ending September 30, 2012." said
Scott Forbes, President and Director of Iplayco.
Sales from our Manufacturing operations generated 83.1% of our
total sales in 2011 compared to 83.0% in 2010, and increased by
6.7% to $7,033,071 in 2011 from $6,588,467 in 2010. Sales from our
Family Entertainment Centre Operations generated 16.9% of our total
sales in 2011 compared to 17.0% in 2010 and increased by 6.0% to
$1,434,547 in 2011 from $1,353,031 in 2010.
Results for the years ended September 30, 2011 and 2010
Sales increased by 6.6% in 2011 to $8,467,618 from $7,941,498 in
2010. Gross profit was 29.7% of sales in 2011 compared to 38.7% in
2010. Operating expenses were $3,518,897 or 41.6% of sales in 2011
compared to $3,519,699 or 44.3% of sales in 2010. Net loss in 2011
was $761,550, or loss per share of $0.07, compared to net loss of
$335,332, or a loss per share of $0.03, in 2010.
Results for Q4-11 as compared to Q3-11
Sales increased by 76.8% for the three-months ended September
30, 2011 ("Q4-11") to $3,422,258 from $1,935,179 for the
three-months ended June 30, 2011 ("Q3-11"). Gross profit percentage
was 30.9% of sales in Q4-11 compared to 26.1% in Q3-11. Operating
expenses were $938,515 or 27.4% of sales in Q4-11 compared to
$844,446 or 43.6% of sales in Q3-11. Net income in Q4-11 was
$68,897, or diluted earnings per share of $0.01, compared to net
loss of $234,915, or loss per share of $0.02 in Q3-11.
Results for Q4-11 as compared to Q4-10
Sales increased by 37.3% in Q4-11 to $3,422,258 from $2,492,158
for the three-months ended September 30, 2010 ("Q4-10"). Gross
profit percentage was 30.9% of sales in Q4-11 compared to 42.9% in
Q4-10. Operating expenses were $938,515 or 27.4% of sales in Q4-11
compared to $1,050,210 or 42.1% of sales in Q4-10. Net income in
Q4-11 was $68,897, or diluted earnings per share of $0.01, compared
to net income of $81,839, or diluted earnings per share of $0.01,
in Q4-10.
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)
607-1111ir@iplaycoltd.comwww.iplaycoltd.com
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