Iplayco Announces Financial Results for its Second Quarter Ended March 31, 2015

LANGLEY, BC / ACCESSWIRE / May 12, 2015 / Iplayco Corporation Limited (TSX VENTURE: IPC) (“Iplayco” or the “Corporation”) announces financial results for its second quarter ended March 31, 2015. 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, 2015. 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, 2015, which are being filed with the applicable Canadian regulatory authorities.

“Our consolidated sales decreased by 5.1% for the three months ended March 31, 2015 (“Q2-15”) to $3,198,377 from $3,370,388 for the three months ended March 31, 2014 (“Q2-14”), with sales by our Manufacturing operations down 5.0% and sales by our Family Entertainment Centre operations down 5.9% in Q2-15 as compared to Q2-14. Our gross profit percentage decreased to 40.2% of sales in Q2-15 from 45.4% in Q2-14. Our operating expenses, including foreign exchange gains and losses and finance costs, have increased by $220,588 (or 9.2%) to $2,615,452 for the six months ended March 31, 2015, from $2,394,864 for the six months ended March 31, 2014, due primarily to increased headcount and other overhead expenses in anticipation of higher forecast sales in the second half of our fiscal year ending September 30, 2015. We are expecting a moderate increase in sales and earnings for the three months ending June 30, 2015 as compared to Q2-15 due to our sales backlog” said Scott Forbes, President and Director of Iplayco.

Results for the three months ended March 31, 2015 (“Q2-15”) as compared to the three months ended March 31, 2014 (“Q2-14”)

Sales decreased by 5.1% to $3,198,377 in Q2-15 from $3,370,388 in Q2-14. Gross profit percentage decreased to 40.2% of sales in Q2-15 from 45.4% in Q2-14. Operating expenses, including foreign exchange gains and losses and finance costs, decreased to $1,109,154, or 34.7% of sales, in Q2-15 from $1,315,506, or 39.0% of sales, in Q2-14. Net income decreased to $130,478, or diluted net income per share of $0.01, in Q2-15 from $159,100, or diluted net income per share of $0.02, in Q2-14.

Results for the three months ended March 31, 2015 (“Q2-15”) as compared to the three months ended December 31, 2014 (“Q1-15”)

Sales decreased by 26.5% to $3,198,377 in Q2-15 from $4,349,720 in Q1-15. Gross profit percentage decreased to 40.2% of sales in Q2-15 from 41.6% in Q1-15. Operating expenses, including foreign exchange gains and losses and finance costs, decreased to $1,109,154, or 34.7% of sales, in Q2-15 from $1,506,298, or 34.6% of sales, in Q1-15. Net income decreased to $130,478, or diluted net income per share of $0.01, in Q2-15 from $220,309, or diluted net income per share of $0.01, in Q1-15.

Results for the six months ended March 31, 2015 (“YTD – Q2-15”) as compared to the six months ended March 31, 2014 (“YTD – Q2-14”)

Sales increased by 19.6% to $7,548,097 for YTD – Q2-15 from $6,310,924 for YTD – Q2-14. Gross profit percentage decreased to 41.0% of sales for YTD – Q2-15 from 42.0% for YTD – Q2-14. Operating expenses, including foreign exchange gains and losses and finance costs, increased to $2,615,452, or 34.7% of sales, for YTD – Q2-15 from $2,394,864, or 37.9% of sales, for YTD – Q2-14. Net income increased to $350,787, or diluted net income per share of $0.02, for YTD – Q2-15 from $183,312, or diluted net income per share of $0.02, for YTD – Q2-14.

About Iplayco Corporation Limited

Iplayco is a global leader in the design and supply of premium-quality, fun, safe and durable indoor play structures for children. In its 16-year history, Iplayco has sold over 2,700 play structures to over 50 countries worldwide. Iplayco is very proud to have built the world’s largest children’s indoor soft-play park for Billy Beez, a family entertainment centre of 2,316.79 square meters (24,937.72 square feet) inaugurated on 25 May 2013 in the Mall of Dhahran, Al Khobar, Saudi Arabia. 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
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.

Iplayco Corporation Ltd. was recognized as a TSX Venture 50(R) company in 2015. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

SOURCE: Iplayco Corporation Limited 

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