{"id":451508,"date":"2021-03-04T18:43:14","date_gmt":"2021-03-04T23:43:14","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451508"},"modified":"2021-03-04T18:43:14","modified_gmt":"2021-03-04T23:43:14","slug":"inscape-announces-third-quarter-fiscal-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/inscape-announces-third-quarter-fiscal-2021-financial-results\/","title":{"rendered":"Inscape Announces Third Quarter Fiscal 2021 Financial Results"},"content":{"rendered":"
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HOLLAND LANDING, Ontario, March 04, 2021 (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 nine months ended January 31, 2021.<\/p>\n

\n \u201cThird Quarter Fiscal Year 2021 represented our highest quarterly revenue to date in this fiscal year while in the midst of the COVID-19 pandemic,\u201d<\/strong> said Eric Ehgoetz, CEO. \u201cManagement worked tirelessly during the quarter to position the business with an appropriate foundation for growth and profitability once the economy moves to a post-pandemic environment. Despite reporting a nine month year to date net loss of $1.4 million, we would note that, this includes $1.4 million of inventory write-downs during the fiscal year reflecting management\u2019s efforts to properly manage inventory levels and working capital. Since the beginning of the fiscal year, management has reduced inventory by $2.2 million and is actively monitoring optimal inventory levels and mix. During the quarter, the Company also successfully executed the preparation of our furniture plant for new capital equipment arriving in Q4 which will materially improve its efficiency and also executed on the move of our Walls factory to a new location with an appropriate footprint designed to lower overheads. Both of these actions will begin to be reflected in our results in our fourth quarter. Management also implemented a number of initiatives designed to improve the Company\u2019s sales pipeline and reach. Furthermore, we continue to focus on rapid payback initiatives and adoption of new technologies to improve the operations of the business for the eventual return of a more normal economic environment.\u201d <\/strong><\/p>\n

Total sales for the third quarter of fiscal 2021 were $11.6 million, compared to $17.4 million for the same period of fiscal 2020. Net loss for the third quarter of fiscal 2021 was $1.0 million or negative $0.07 per diluted share, compared to net income of $0.1 million or positive $0.01 per diluted share for fiscal 2020. Non-GAAP EBITDA for the third quarter was negative $4 thousand, compared to positive $1.0 million, for fiscal 2020.
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Total sales for the nine months ended January 31, 2021 were $30.2 million, compared to $61.4 million for the same period of fiscal 2020. The nine month period ended with a net loss of $1.4 million or negative $0.10 per diluted share, compared to a net loss of $0.2 million or negative $0.01 per diluted share for fiscal 2020. Non-GAAP EBITDA for the nine months ended January 31, 2021 was $1.7 million, compared to $2.4 million for fiscal 2020.<\/p>\n

\n Third Quarter Financial Highlights<\/u>\n <\/p>\n

(All comparisons are relative to the three month period ended January 31, 2020 unless otherwise stated):<\/p>\n