(via Thenewswire.ca)
LANGLEY, BRITISH COLUMBIA -- (November 27, 2013) Iplayco Corporation Limited (TSX VENTURE: IPC) ("Iplayco" or the "Corporation") announces its financial results for the fourth quarter and year ended September 30, 2013. All amounts are in Canadian dollars unless otherwise noted.
This news release contains financial information derived from the annual audited consolidated financial statements of Iplayco for the years ended September 30, 2013 and 2012. More detailed information can be found in the annual audited consolidated financial statements and Management's Discussion and Analysis for the years ended September 30, 2013 and 2012, which are being filed with the applicable Canadian regulatory authorities.
"We are very pleased to announce the strongest annual operating results in our 14 year history. Our consolidated sales increased by 46.4% for the year ended September 30, 2013 ("2013") to $15,211,993 from $10,389,445 for the year ended September 30, 2012 ("2012"), with sales by our Manufacturing operations up 53.3% and sales by our Family Entertainment Centre operations up 2.3% in 2013 as compared to 2012. Our gross profit percentage remained stable at 37.4% of sales in 2013 as compared to 37.7% in 2012. Although the economic environment in our industry is improving, the contract-based nature of our operations reduces the predictability of our sales and net earnings. Currently, we are anticipating sales and net income for our fiscal year ending September 30, 2014 to be in-line with 2013, due primarily to uncertainty as to when certain bids for larger projects turn into firm purchase orders" said Scott Forbes, President and Director of Iplayco.
Sales by our Manufacturing operations generated 90.6% of our total sales in 2013, compared to 86.6% in 2012, and increased by 53.3% to $13,784,403 in 2013 from $8,994,135 in 2012. Sales by our Family Entertainment Centre Operations generated 9.4% of our total sales in 2013, compared to 13.4% in 2012 and increased by 2.3% to $1,427,590 in 2013 from $1,395,310 in 2012.
Results for the three months ended September 30, 2013 ("Q4-13") as compared to the three months ended September 30, 2012 ("Q4-12")
Sales increased by 9.3% to $3,711,714 in Q4-13 from $3,396,363 in Q4-12. Gross profit percentage was 33.6% of sales in Q4-13 compared to 41.2% in Q4-12. Operating expenses, including foreign exchange gains and losses and finance costs, were $1,120,930 or 30.2% of sales in Q4-13 compared to $877,384 or 25.8% of sales in Q4-12. Net income in Q4-13 was $93,682, or diluted net income per share of $0.01, compared to net income of $392,386, or diluted net income per share of $0.04, in Q4-12.
Results for the three months ended September 30, 2013 ("Q4-13") as compared to the three months ended June 30, 2013 ("Q3-13")
Sales decreased by 22.4% to $3,711,714 in Q4-13 from $4,781,030 in Q3-13. Gross profit percentage was 33.6% of sales in Q4-13 compared to 40.5% in Q3-13. Operating expenses, including foreign exchange gains and losses and finance costs, were $1,120,930 or 30.2% of sales in Q4-13 compared to $1,080,054 or 22.6% of sales in Q3-13. Net income in Q4-13 was $93,682, or diluted net income per share of $0.01, compared to net income of $642,629, or diluted net income per share of $0.06, in Q3-13.
Results for the year ended September 30, 2013 ("2013") as compared to the year ended September 30, 2012 ("2012")
Sales increased by 46.4% to $15,211,993 in 2013 from $10,389,445 in 2012. Gross profit percentage was 37.4% of sales in 2013 compared to 37.7% in 2012. Operating expenses, including foreign exchange gains and losses and finance costs, were $4,046,751 or 26.6% of sales in 2013 compared to $3,493,793 or 33.6% of sales in 2012. Net income in 2013 was $1,229,243, or diluted net income per share of $0.12, compared to net income of $312,812, or diluted net income per share of $0.03, in 2012.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott C. Forbes, President and Director
About Iplayco Corporation Limited
Iplayco custom designs, manufactures and installs premium quality, fun, safe and durable play structures for children worldwide. In its 14-year history, Iplayco has sold play structures to over 50 countries and to 16 different markets, including family entertainment centres, theme parks, shopping malls, restaurants, fitness and health clubs, municipalities, schools, daycare centres, hospitals, zoos and churches. 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.
For more information, please contact:
Iplayco Corporation Limited
Max Liszkowski, CPA, CA
Chief Financial Officer and Corporate Secretary
(604) 607-1111
ir@iplayco.com
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.
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