Inscape Announces Fiscal Year 2020 Second Quarter Results
HOLLAND LANDING, Ontario, Dec. 12, 2019 (GLOBE NEWSWIRE) — Inscape (TSX: INQ), a leading designer and manufacturer of furnishings for the workplace, today announced its second quarter financial results ended October 31, 2019. Sales in the second quarter of fiscal year 2020 were $23.3 million and adjusted EBITDA was $1.0 million.
Second Quarter Highlights:Second quarter sales were 7% higher than the same quarter of the previous year. This is the sixth consecutive quarter of year over year growth, excluding sales from an exited business unitFurniture sales for the second quarter are 32% higher than the previous year quarterSales order pipeline remains solid.Gross profit for the second quarter increased to $6.8 million compared to $6.6 million in the previous year quarterSG&A declined by $2.1 million compared to the previous year quarter due to completion of investment in sales and marketing initiatives in fiscal 2019 and cost reduction initiatives implemented in fiscal 2020. We continue to analyze opportunities to further reduce SG&A expenses.Adjusted EBITDA for the second quarter improved by $2.6 million compared to the prior year“We are pleased with the results as it reinforces our commitment to deliver profitable growth. Our investments to grow the topline are starting to generate the return we expect,” said Brian Mirsky, CEO. “We remain focussed on sustaining our profitable growth performance.”