{"id":397969,"date":"2020-12-10T19:17:16","date_gmt":"2020-12-11T00:17:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397969"},"modified":"2020-12-10T19:17:16","modified_gmt":"2020-12-11T00:17:16","slug":"inscape-announces-second-quarter-fiscal-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/inscape-announces-second-quarter-fiscal-2021-financial-results\/","title":{"rendered":"Inscape Announces Second Quarter Fiscal 2021 Financial Results"},"content":{"rendered":"
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HOLLAND LANDING, Ontario, Dec. 10, 2020 (GLOBE NEWSWIRE) — Inscape (TSX: INQ), a leading designer and manufacturer of furnishings for the workplace, today announced its results of operations for the three and six months ended October 31, 2020 and also announces the addition of a new Board Member representing the company\u2019s largest shareholder, PenderFund Capital Management.<\/p>\n

\n \u201c<\/strong>
\n Second<\/strong>
\n Q<\/strong>
\n uarter Fiscal Year 2021 results<\/strong>
\n reflect<\/strong>
\n the<\/strong>
\n challen<\/strong>
\n g<\/strong>
\n ing <\/strong>
\n environment we find ourselves <\/strong>
\n operating <\/strong>
\n in given the <\/strong>
\n COVID-19<\/strong>
\n pandemi<\/strong>
\n c,\u201d<\/strong> said Eric Ehgoetz, CEO. \u201c<\/strong>Management used this environment to <\/strong>launch our new Aria Pronto quick ship wall product in response to the continuing expectations of increased physical separation for work environments. In addition, our team continued with its efforts during the quarter to bring a B2C solution to the work<\/strong>–<\/strong>from<\/strong>–<\/strong>home (WFH) market, culminating in the launch of myinscapehome.com on November 30<\/strong>th<\/strong><\/sup> and the introduction of our <\/strong>RockIt@Home<\/strong> desk products directly to the consumer marketplace. While there continue<\/strong>s<\/strong> to be significant economic headwinds, we have seen an increase in production in both our factories and expect to see stronger results in the current quarter.<\/strong>\u00a0In addition, we <\/strong>continue our efforts to <\/strong>streamline operations and improve efficiencies<\/strong>, including <\/strong>the <\/strong>elimination of <\/strong>obsolete inventories<\/strong>, acceleration of <\/strong>efforts to reduce SKU\u2019s<\/strong>, selling idle capital equipment <\/strong> and expediting a significant <\/strong>capital investment to improve our manufacturing capabilities<\/strong> in early 2021.\u201d <\/strong><\/p>\n

Total sales for the second quarter of fiscal 2021 were $7.2 million, compared to $23.3 million for the same period of fiscal 2020. Net loss for the second quarter of fiscal 2021 was $3.7 million or negative $0.26 per diluted share, compared to net income of $0.4 million or positive $0.03 per diluted share for fiscal 2020. Non-GAAP EBITDA for the second quarter was negative $2.7 million, compared to positive $1.2 million, for fiscal 2020.<\/p>\n

Total sales for the six months ended October 31, 2020 were $18.5 million, compared to $44.0 million for the same period of fiscal 2020. Net loss for the six month periods ended October 31, 2020 and 2019 were $0.4 million or negative $0.02 per diluted share for both years. Non-GAAP EBITDA for the six months ended October 31, 2020 was $1.7 million, compared to $1.4 million for fiscal 2020.<\/p>\n

\n Second<\/u>
\n Q<\/u>
\n uarter<\/u>
\n Financial Highlights<\/u>\n <\/p>\n

(All comparisons are relative to the three month period ended October 31, 2019 unless otherwise stated):<\/p>\n