- Inscape (INQ) announced its results of operations for Q4 2021 and the full year ended April 30, 2022
- Total sales during Q4 of fiscal 2022 were $11.0 million, compared to $8.1 million for the same period of fiscal 2021
- During the fiscal year, the company experienced quarter on quarter revenue growth at an annualized growth rate of 11.8 per cent
- The company’s performance during fiscal 2022 was impacted by the continued effects of the pandemic on supply chain which triggered shortage of production materials
- Shares of Inscape were trading steady $0.55 a share as of 12:00 pm ET
Inscape (INQ) has announced its results of operations for Q4 2021 and the full year ended April 30, 2022.
Total sales during Q4 of fiscal 2022 were $11.0 million, compared to $8.1 million for the same period of fiscal 2021.
During the fiscal year, the company experienced quarter-on-quarter revenue growth at an annualized growth rate of 11.8 per cent as the economic recovery from the COVID-19 pandemic continued.
Total sales for the full year 2022 were relatively flat at $38.7 million, compared to $38.2 million for fiscal 2021.
The company’s performance during fiscal 2022 was impacted by the continued effects of the pandemic on the supply chain, which triggered a shortage of production materials, such as adjustable height bases and medium density fibre board, resulting in customer project delays and lower margins.
The company also experienced input cost increases for steel, aluminium, petroleum-based products, and freight.
Net income after taxes for Q4 of fiscal 2022 of $0.3 million or 2 cents per share was in line with the same period of the prior year.
The company’s CEO, Eric Ehgoetz said that these sales levels represented our third successive quarter over quarter sales improvement since the beginning of the fiscal year.
“This remains an encouraging trend but must materially improve to higher quarterly sales levels ongoing to sustain the business over the long term. We are seeing sales pipeline levels build momentum quarter over quarter in line with management’s expectations given the continued relative strength of the U.S. economy. During the fiscal year, management completed its efforts to monetize non-core assets, raise cash and retire debt in order to allow us to continue our work improving the efficiency of the Company’s operations and improve core profitability once our sales levels return to pre-pandemic levels.”
Inscape Corp. (INQ) is an office furniture manufacturer. Its operating segment includes furniture and walls., such as storage, seating solutions, and movable walls.
Shares of Inscape (INQ) were trading steady $0.55 a share as of 12:00 pm ET.
