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Iplayco Announces Financial Results for the First Quarter Ended December 31, 2012

Feb 14 2013 12:00AM

Marketwire

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LANGLEY, BRITISH COLUMBIA -- (Marketwire) -- 02/14/13 -- Iplayco Corporation Limited (TSX VENTURE: IPC) ("Iplayco" or the "Corporation") announces its financial results for the first quarter ended December 31, 2012. 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 months ended December 31, 2012. More detailed information can be found in the unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis for the three months ended December 31, 2012, which are being filed with the applicable Canadian regulatory authorities.

"Our consolidated sales increased by 95.9% for the three months ended December 31, 2012 ("Q1-13") to $3,495,495 from $1,784,328 for the three months ended December 31, 2011 ("Q1-12"), with sales by our Manufacturing operations up 121.4% and sales by our Family Entertainment Centre operations up 1.0% in Q1-13 as compared to Q1-12. Our gross profit percentage improved to 38.6% of sales in Q1-13 from 36.5% in Q1-12, due primarily to sales mix. Although we are expecting a moderate decrease in sales and earnings for the three months ended March 31, 2013 as compared to Q1-13, due primarily to timing of production of larger orders, our sales backlog remains high," said Scott Forbes, President and Director of Iplayco.

Sales by our Manufacturing operations generated 89.1% of our total sales in Q1-13, compared to 78.8% in Q1-12, and increased by 121.4% to $3,113,886 in Q1-13 from $1,406,403 in Q1-12. Sales by our Family Entertainment Centre Operations generated 10.9% of our total sales in Q1-13, compared to 21.2% in Q1-12 and increased by 1.0% to $381,609 in Q1-13 from $377,925 in Q1-12.

Results for the three months ended December 31, 2012 as compared to the three months ended September 30, 2012

Sales increased by 2.9% to $3,495,495 in Q1-13 from $3,396,363 for the three months ended September 30, 2012 ("Q4-12"). Gross profit percentage was 38.6% of sales in Q1-13, compared to 41.2% in Q4-12. Operating expenses, including foreign exchange gains and losses and finance costs, were $945,667 or 27.1% of sales in Q1-13, compared to $877,384 or 25.8% of sales in Q4-12. Net income was $300,226, or diluted net income per share of $0.03 in Q1-13, 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 December 31, 2012 as compared to the three months ended December 31, 2011

Sales increased by 95.9% to $3,495,495 in Q1-13 from $1,784,328 in Q1-12. Gross profit percentage was 38.6% of sales in Q1-13 compared to 36.5% in Q1-12. Operating expenses, including foreign exchange gains and losses and finance costs, were $945,667 or 27.1% of sales in Q1-13, compared to $843,610 or 47.3% of sales in Q1-12. Net income was $300,226, or diluted net income per share of $0.03 in Q1-13, compared to a net loss of $144,856, or net loss per share of $0.01, in Q1-12.

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.



Contacts:
Iplayco Corporation Limited
Max Liszkowski
Chief Financial Officer and Corporate Secretary
(604) 607-1111
ir@iplayco.com
www.iplaycoltd.com





Source: Marketwire


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