Friday, 17 May 2013 09:00 AM
LANGLEY, BRITISH COLUMBIA -- (May 17, 2013) Iplayco Corporation Limited (TSX VENTURE: IPC) ("Iplayco" or the "Corporation") announces its financial results for the second quarter ended March 31, 2013. All amounts are in Canadian dollars unless otherwise noted.
This news release contains financial information derived from Iplayco's unaudited condensed consolidated interim financial statements for the three and six months ended March 31, 2013. More detailed information can be found in the unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis for the three and six months ended March 31, 2013, which are being filed with the applicable Canadian regulatory authorities.
"Our consolidated sales increased by 16.7% for the three months ended March 31, 2013 ("Q2-13") to $3,223,754 from $2,762,665 for the three months ended March 31, 2012 ("Q2-12"), with sales by our Manufacturing operations up 17.9% and sales by our Family Entertainment Centre operations up 9.8% in Q2-13 as compared to Q2-12. Our gross profit percentage decreased to 35.9% of sales in Q2-13 from 36.2% in Q2-12, due primarily to sales mix. We are expecting a moderate increase in sales and earnings for the three months ended June 30, 2013 as compared to Q2-13, due to our sales backlog" said Scott Forbes, President and Director of Iplayco.
Sales by our Manufacturing operations generated 86.1% of our total sales in Q2-13, compared to 85.3% in Q2-12, and increased by 17.9% to $2,777,034 in Q2-13 from $2,355,745 in Q2-12. Sales by our Family Entertainment Centre Operations generated 13.9% of our total sales in Q2-13, compared to 14.7% in Q2-12 and increased by 9.8% to $446,720 in Q2-13 from $406,920 in Q2-12.
Results for the three months ended March 31, 2013 ("Q2-13") as compared to the three months ended March 31, 2012 ("Q2-12")
Sales increased by 16.7% to $3,223,754 in Q2-13 from $2,762,665 in Q2-12. Gross profit percentage was 35.9% of sales in Q2-13 compared to 36.2% in Q2-12. Operating expenses, including foreign exchange gains and losses and finance costs, were $900,100 or 27.9% of sales in Q2-13 compared to $884,432 or 32.0% of sales in Q2-12. Net income in Q2-13 was $192,706, or diluted net income per share of $0.02, compared to net income of $86,107, or diluted net income per share of $0.01, in Q2-12.
Results for the three months ended March 31, 2013 ("Q2-13") as compared to the three months ended December 31, 2012 ("Q1-13")
Sales decreased by 7.8% to $3,223,754 in Q2-13 from $3,495,495 in Q1-13. Gross profit percentage was 35.9% of sales in Q2-13 compared to 38.6% in Q1-13. Operating expenses, including foreign exchange gains and losses and finance costs, were $900,100 or 27.9% of sales in Q2-13 compared to $945,667 or 27.1% of sales in Q1-13. Net income in Q2-13 was $192,706, or diluted net income per share of $0.02, compared to net income of $300,226, or diluted net income per share of $0.03, in Q1-13.
Results for the six months ended March 31, 2013 ("YTD - Q2-13") as compared to the six months ended March 31, 2012 ("YTD - Q2-12")
Sales increased by 47.8% to $6,719,249 for YTD - Q2-13 from $4,546,993 for YTD - Q2-12. Gross profit percentage was 37.3% of sales for YTD - Q2-13 compared to 36.3% for YTD - Q2-12. Operating expenses, including foreign exchange gains and losses and finance costs, were $1,845,767 or 27.5% of sales for YTD - Q2-13 compared to $1,728,042 or 38.0% of sales for YTD - Q2-12. Net income for YTD - Q2-13 was $492,932, or diluted net income per share of $0.05, compared to a net loss of $58,749, or net loss per share of $0.01, for YTD - Q2-12.
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.
For more information, please contact:
Iplayco Corporation Limited
Max Liszkowski
Chief Financial Officer and Corporate Secretary
(604) 607-1111