LANGLEY, BRITISH COLUMBIA, Nov. 25, 2010 (Marketwire) -- Iplayco Corporation Limited (TSX VENTURE:IPC) ("Iplayco" or the "Corporation") today announced its financial results for the year ended September 30, 2010. All amounts are in Canadian dollars unless otherwise noted.
This news release contains financial information derived from Iplayco's audited consolidated financial statements for the years ended September 30, 2010 and 2009. More detailed information can be found in the audited consolidated financial statements and Management's Discussion and Analysis for the years ended September 30, 2010 and 2009, which are being filed with the applicable Canadian regulatory authorities.
"Although we faced challenging economic conditions this year, with our consolidated sales down 14.8% in 2010 as compared to 2009, we are seeing some encouraging signs of increased activity as evidenced by our fourth quarter sales and net operating results from our manufacturing operations, which increased by 60.1% and 125.9%, respectively, as compared to our third quarter ended June 30, 2010. Fourth quarter sales from our Family Entertainment Centre operations decreased by 12.4% as compared to the third quarter, however, increased by 23.1% in 2010 as compared to 2009," said Scott Forbes, President and Director of Iplayco.
Sales from our Manufacturing operations generated 83.0% of our total sales in 2010 compared to 88.2% in 2009, and decreased by 19.9% to $6,588,467 in 2010, as compared to $8,227,023 in 2009. Sales from our Family Entertainment Centre Operations generated 17.0% of our total sales in 2010 compared to 11.8% in 2009 and increased by 23.1% to $1,353,031 in 2010, as compared to $1,099,062 in 2009.
Results for the years ended September 30, 2010 and 2009
Sales for the year ended September 30, 2010 ("2010") decreased by 14.8% to $7,941,498, compared to $9,326,085 for the year ended September 30, 2009 ("2009"). Gross profit percentage was 38.7% of sales in 2010, compared to 43.0% in 2009. Operating expenses were $3,519,699, or 44.3% of sales, in 2010, compared to $4,186,790 or 44.9% of sales in 2009. Net loss in 2010 was $335,332, or a loss per share of $0.03, compared to a net loss of $198,991, or a loss per share of $0.02 in 2009.
Results for Q4-10 as compared to Q3-10
Sales for the three months ended September 30, 2010 ("Q4-10") increased by 45.6% to $2,492,158, compared to $1,712,123 for the three months ended June 30, 2010 ("Q3-10"). Gross profit percentage was 42.9% of sales in Q4-10, compared to 33.6% in Q3-10. Operating expenses were $1,050,210, or 42.1% of sales, in Q4-10, compared to $877,767, or 51.3% of sales, in Q3-10. Net income in Q4-10 was $81,839, or diluted earnings per share of $0.01, compared to a net loss of $292,977, or loss per share of $0.03 in Q3-10.
Results for Q4-10 as compared to Q4-09
Sales for Q4-10 increased by 48.1% to $2,492,158, compared to $1,682,700 for the three months ended September 30, 2009 ("Q4-09"). Gross profit percentage was 42.9% of sales in Q4-10, compared to 54.8% in Q4-09. Operating expenses were $1,050,210, or 42.1% of sales, in Q4-10, compared to $1,073,657, or 63.8% of sales, in Q4-09. Net income in Q4-10 was $81,839, or diluted earnings per share of $0.01, compared to a net loss of $188,962, or loss per share of $0.02 in Q4-09.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott 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, 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.
Iplayco Corporation Limited
Chief Financial Officer