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Iplayco delivers record quarterly sales and earnings

Wednesday, February 22, 2017 9:55
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(Before It's News)

Iplayco Corp Ltd’s (CVE:IPC) shares jumped 8% on Wednesday after the company has reported record quarterly sales of C$7.2mln and record earnings for the first quarter ended Dec. 31 while the outlook for strong earnings in the second quarter of 2017 looks bright.

Sales increased by 99.8% to C$7,228,963 in the latest quarter from C$3,618,561 in the same period a year ago.

Gross profit percentage increased to 39.7% of sales from 39.3%. Meanwhile, operating expenses, including foreign exchange gains and losses and finance costs, increased to C$1,549,188, or 21.4% of sales, from C$1,179,052, or 32.6% of sales, a year earlier.

Net income amounted to C$959,209, or diluted net income per share of C$0.05, in the three months to Dec. 31, compared with net income of C$176,773, or diluted net income per share of C$0.01 a year ago.

Iplayco custom designs, manufactures and installs premium quality, fun, safe and durable play structures for children worldwide.

Quarter on quarter, the gains were impressive too.

Sales increased by 31.7% to C$7,228,963 in the first quarter from C$5,488,474 in the fourth quarter ended Sept 30.

Gross profit percentage increased to 39.7% of sales from 19.3% quarter-on-quarter. Operating expenses, including foreign exchange gains and losses and finance costs, decreased to C$1,549,188, or 21.4% of sales, from C$1,589,871, or 29.0% of sales. Net income amounted to C$959,209, or diluted net income per share of C$0.05, compared with a net loss of C$345,782, or net loss per share of C$0.02 the previous quarter.

“We are very pleased to announce record quarterly sales of $7.2mln and record quarterly earnings of $959,209. The non-recurrence of various costs incurred during the three months ended September 30, 2016 resulted in a gross profit percentage of 39.7% in first quarter 2017 as compared to 19.3% in fourth quarter 2016. Although we are anticipating lower sales for the three months ending March 31, 2017, due to the scheduling of manufacturing and delivery of various larger projects, we are expecting to generate strong net earnings in Q2-17,” said Scott Forbes, President & Chief Executive Officer and Director of Iplayco.

Iplayco shares were up 8% at C$0.54 on Wednesday.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/173555/iplayco-delivers-record-quarterly-sales-and-earnings-173555.html

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