HOLLAND LANDING, ONTARIO, Mar 06 (MARKET WIRE) --
Peter Brunelle, President and Chief Executive Officer of Inscape (TSX:
INQ), a leading designer, manufacturer and distributor of office
furniture solutions, announces the following financial results for the
third quarter ended January 31, 2008:
Inscape Corporation
Summary of Consolidated Financial Results
(Unuadited) (in thousands except EPS)
Three Months Ended January 31,
2008 2007 Change
------------------------------------------------------------------- -------
Sales $ 21,531 $ 24,296 -11.4%
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Gross margin 6,433 6,596 -2.5%
Selling, general &
administrative expenses 5,377 6,016 -10.6%
Interest income (258) (142)
Restructuring costs (after-tax) - (91)
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Income before taxes 1,314 813
Income taxes 213 173
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Net income $ 1,101 $ 640
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Basic and diluted earnings per
share $ 0.07 $ 0.04
Weighted average number of shares
(in thousands)
for basic EPS calculation 15,097 15,097
for diluted EPS calculation 15,107 15,097
Nine Months Ended January 31,
2008 2007 Change
------------------------------------------------------------------ -------
Sales $ 69,945 $ 67,475 3.7%
------------------------------------------------------------------
Gross margin 21,216 17,670 20.1%
Selling, general &
administrative expenses 17,289 17,068 1.3%
Interest income (756) (483)
Restructuring (recovery)
costs (after-tax) - (91)
------------------------------------------------------------------
Income before taxes 4,683 1,176
Income taxes 1,447 189
------------------------------------------------------------------
Net income $ 3,236 $ 987
------------------------------------------------------------------
------------------------------------------------------------------
Basic and diluted earnings
per share $ 0.21 $ 0.07
Weighted average number of shares
(in thousands)
for basic EPS calculation 15,097 15,097
for diluted EPS calculation 15,114 15,097
Commentary and Outlook
"We experienced some volatility in our third quarter sales as a result of
a shift in the timing of projects between quarters. On a year-to-date
basis, sales are ahead of the prior year by 6.3% measured on a local
currency basis and are up by 3.7% after accounting for the negative
impact of foreign currency exchange rates on our US denominated sales.
Despite the revenue dip experienced during the quarter as well as the
ongoing challenges posed by foreign currency exposure, our operational
improvements have allowed us to better serve customers while improving
profitability throughout the year" said Peter Brunelle, CEO of Inscape
Corporation. In February we launched a new line of filing and storage
products that received very positive reviews from our selling partners
and which we believe will allow us to respond to more customer
opportunities in a growing segment of this category. We continue to make
investments in programs designed to enhance the selling capability of our
distribution channel and good progress is being made in the development
of new products for debut at NeoCon this June. Based on current order
levels and the impact of project timing, we expect that sales for the
fourth quarter of fiscal 2008 will be well above third quarter levels and
in line with the fourth quarter of fiscal 2007" said Mr. Brunelle.
Operating Performance
The third quarter of fiscal 2008 ended January 31, 2008 had a net income
of $1.1 million compared to a net income of $0.6 million for the same
period of fiscal 2007. The year-to-date nine-month period ended January
31, 2008 had a net income of $3.2 million compared to a net income of
$1.0 million for the same period of the prior year.
Sales for the third quarter of fiscal 2008 were 11.4% lower than the same
quarter of fiscal 2007 due to an unusual temporary dip in shipments in
the middle of the quarter, a shift of project business into the fourth
quarter and a drop in the U.S. dollar exchange rate by 4.5% from a year
ago. Sales for the nine-month period ended January 31, 2008 were 3.7%
ahead of the same period of fiscal 2007. On a comparable exchange rate
basis, the year-over-year gain was 6.3%.
In spite of lower quarterly sales and unfavourable U.S. dollar exchange
rate, gross margin as a percentage of sales for the third quarter of
fiscal 2008 improved from the 27.1% for the same quarter of fiscal 2007
to 29.9% as a result of better managed production and logistics costs.
Year-to-date January 31, 2008 gross margin was 30.3% compared to prior
year's 26.2% . The 4.1 percentage point improvement was a result of
higher sales volume, reduced production costs, and better logistics
management.
SG&A expenses for the third quarter of fiscal 2008 were $0.6 million
lower than in the same quarter of fiscal 2007, of which $0.2 million
related to lower variable selling expenses. Another $0.3 million related
to capital tax which was accrued in the first quarter of fiscal 2008
based on preliminary assessments. This accrual has been reversed in
current quarter when the assessments were settled in the company's
favour. Due to lower sales volume, SG&A expenses as a percentage of sales
increased from 24.8% for the third quarter of fiscal 2007 to 25.0% for
the same quarter of fiscal 2008. Year-to-date SG&A expenses were up $0.2
million; however, as a percentage of sales, year-to-date SG&A expenses
were reduced from 25.3% to 24.7%.
In December 2007 the Federal Government passed a bill to reduce the
general federal corporate income tax rate in five phases from 22.12% in
2007 to 15% in 2012. The reduced rates were applied to the provision for
income taxes for fiscal year 2008, as well as the re-measurement of
future income tax assets and future income tax liabilities, resulting in
a net tax reduction of $0.2 million for the nine-month period ended
January 31, 2008.
The increase in third quarter net income from $0.6 million in the prior
year to $1.1 million was primarily due to improved gross margin, in
conjunction with the capital tax adjustment and reduced income taxes
discussed above. The year-to-date January 31 net income improvement from
$1.0 million a year ago to $3.2 million was due to a gain in sales
volume, the improvement in gross margin, declining SG&A expenses as a
percentage of sales, higher interest income and lower income taxes.
The Company maintained a strong financial position with cash and liquid
short-term noncommercial papers totalling $25.9 million and no debt.
Conference Call
INSCAPE will host a conference call at 8:30 a.m. on Friday, March 7, 2008
to discuss the Company's quarterly results and to provide additional
outlook on the next quarter. To participate, please call 1-800-945-0427.
A replay of the conference call will also be available from Friday, March
7, 2008 after 10:30 a.m. until midnight on Friday, March 14, 2008. To
access the rebroadcast, please dial 1-800-558-5253 (Reservation Number
21375001).
Forward-Looking Statements
Certain of the above statements are forward-looking statements that
involve risks and uncertainties. Actual results could differ materially
as a result of many factors including, but not limited to, further
changes in market conditions and changes or delays in anticipated product
demand. In addition, future results may also differ materially as a
result of many factors, including: fluctuations in the Company's
operating results due to product demand arising from competitive and
general economic and business conditions in North America; length of
sales cycles; significant fluctuations in international exchange rates,
particularly the US.dollar exchange rate; restrictions in access to the
U.S. market; changes in the Company's markets, including technology
changes and competitive new product introductions; pricing pressures;
dependence on key personnel; and other factors set forth in the Company's
Ontario Securities Commission reports and filings.
About INSCAPE
Inscape Corporation is a leading designer, manufacturer and distributor
of high quality office furniture headquartered in Holland Landing,
Ontario, Canada. The Company offers innovative product solutions that
seamlessly integrate to create highly flexible office interiors,
including moveable walls, systems and storage products. Company
operations are based across two manufacturing facilities totalling
approximately 485,000 square feet.
INSCAPE CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)(in thousands)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
January 31, 2008 April 30, 2007
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ASSETS
CURRENT
Cash and cash equivalents $ 4,391 $ 4,551
Short-term investments 21,526 16,759
Accounts receivable 9,949 11,656
Inventory 5,533 4,250
Derivatives asset (Note 2) 1,340 -
Prepaid expenses 942 742
Income taxes receivable 342 106
---------------------------------------------------------------------------
44,023 38,064
CAPITAL ASSETS 26,654 27,542
OTHER ASSETS 1,507 1,519
FUTURE INCOME TAX ASSET 2,496 4,535
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$ 74,680 $ 71,660
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES
CURRENT
Accounts payable and accrued
liabilities $ 12,251 $ 12,356
Income taxes payable - 95
---------------------------------------------------------------------------
12,251 12,451
OTHER LONG-TERM OBLIGATIONS 674 955
FUTURE INCOME TAX LIABILITY 3,718 4,069
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16,643 17,475
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SHAREHOLDERS' EQUITY
SHARE CAPITAL 57,059 57,059
CONTRIBUTED SURPLUS 84 84
ACCUMULATED OTHER COMPREHENSIVE INCOME
(Note 2) 616 -
RETAINED EARNINGS (DEFICIT) 278 (2,958)
---------------------------------------------------------------------------
58,037 54,185
---------------------------------------------------------------------------
$ 74,680 $ 71,660
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---------------------------------------------------------------------------
INSCAPE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)(in thousands, except per share amounts)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three Months Ended Nine Months Ended
January 31, January 31,
2008 2007 2008 2007
---------------------------------------------------------------------------
SALES $ 21,531 $ 24,296 $ 69,945 $ 67,475
COST OF GOODS SOLD 15,098 17,700 48,729 49,805
---------------------------------------------------------------------------
GROSS MARGIN 6,433 6,596 21,216 17,670
EXPENSES
Selling, general and
administrative 5,377 6,016 17,289 17,068
Restructuring (recovery)
costs and asset impairment
(Note 6) - (151) - (151)
Interest income (258) (142) (756) (483)
---------------------------------------------------------------------------
5,119 5,723 16,533 16,434
---------------------------------------------------------------------------
INCOME BEFORE TAXES 1,314 873 4,683 1,236
INCOME TAXES (Note 7) 213 233 1,447 249
---------------------------------------------------------------------------
NET INCOME $ 1,101 $ 640 $ 3,236 $ 987
---------------------------------------------------------------------------
BASIC AND DILUTED INCOME
PER SHARE (Note 3) $ 0.07 $ 0.04 $ 0.21 $ 0.07
---------------------------------------------------------------------------
---------------------------------------------------------------------------
INSCAPE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)(in thousands)
---------------------------------------------------------------------------
Three Months Ended Nine Months Ended
January 31, 2008 January 31, 2008
---------------------------------------------------------------------------
NET INCOME $ 1,101 $ 3,236
OTHER COMPREHENSIVE LOSS, NET OF TAXES
Realized gain on derivatives
designated as cash flow hedges
classified to income, net of taxes (161) (776)
Unrealized (loss) gain on
derivatives designated as cash
flow hedges, net of taxes (1,917) 616
---------------------------------------------------------------------------
(2,078) (160)
---------------------------------------------------------------------------
COMPREHENSIVE (LOSS) INCOME, NET OF TAXES $ (977) $ 3,076
---------------------------------------------------------------------------
---------------------------------------------------------------------------
INSCAPE CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Nine Months Ended January 31,2008
(Unaudited)(in thousands)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Share Contri- Accum- (Def- Total Total
Capital buted ulated icit) AOCI Share-
Surplus Other Ret- and holders'
Compre- ained (Def- Equity
hensive Earn- icit)
Income ings Ret-
("AOCI") ained
Earn-
ings
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BALANCE - April 30,
2007 $57,059 $84 $- $(2,958) $(2,958) $54,185
Opening balance
adjustment for
unrealized gain on
cash flow hedges
(net of taxes $392) - - 776 - 776 776
---------------------------------------------------------------------------
BALANCE - May 1, 2007 57,059 84 776 (2,958) (2,182) 54,961
Net Income - - - 3,236 3,236 3,236
Realized gain on
derivatives designated
as cash flow hedges
classified to income
(net of taxes $392) - - (776) - (776) (776)
Unrealized gain on
derivatives designated
as cash flow hedges
(net of taxes $307) - - 616 - 616 616
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BALANCE - January 31,
2008 $57,059 $84 $616 $278 $894 $58,037
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INSCAPE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)(in thousands)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Three Months Ended Nine Months Ended
January 31, January 31,
2008 2007 2008 2007
-------------------------------------------------------------------------
NET INFLOW (OUTFLOW) OF CASH
RELATED TO THE FOLLOWING
ACTIVITIES:
OPERATING
Net income $ 1,101 $ 640 $ 3,236 $ 987
Items not affecting cash:
Amortization 1,187 1,216 3,581 3,533
Unrealized gain on short-
term investments (59) - (30) -
Future income taxes 210 (83) (384) (723)
Deferred expenses and other
expenses (65) (180) (259) (102)
Stock based compensation (3) 38 (63) 57
Restructuring (recovery)
costs and asset impairment
(Note 6) - (151) - (151)
(Gain) loss on sale of
capital assets - (3) 1 31
-------------------------------------------------------------------------
2,371 1,477 6,082 3,632
Changes in non-cash operating
working capital items 1,811 1,736 1,056
1,960-------------------------------------------------------------------------
4,182 3,213 7,138 5,592
-------------------------------------------------------------------------
INVESTING
Short-term investments (4,338) (2,128) (4,737) (1,206)
Additions to capital assets (732) (439) (2,696) (2,073)
Proceeds from sale of capital
assets 44 50 135 216
-------------------------------------------------------------------------
(5,026) (2,517) (7,298) (3,063)
-------------------------------------------------------------------------
NET CASH (OUTFLOW) INFLOW (844) 696 (160) 2,529
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 5,235 3,305 4,551 1,472
-------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 4,391 $ 4,001 $ 4,391 $ 4,001
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS
CONSIST OF:
Cash $ 4,391 $ 4,001 $ 4,391 $ 4,001
Cash equivalents - - - -
-------------------------------------------------------------------------
$ 4,391 $ 4,001 $ 4,391 $ 4,001
-------------------------------------------------------------------------
-------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION
Income taxes (recovered) paid $ (27) $ (1,142) $ 573 $ (944)
Inscape Corporation
Notes to the Interim Consolidated Financial Statements
For periods ended January 31
Unaudited (in thousands except share and per share amounts)
1. BASIS OF PRESENTATION
These unaudited interim consolidated financial statements (the "interim
consolidated financial statements") have been prepared in accordance with
Canadian generally accepted accounting principles. These interim
financial statements do not include all of the disclosure requirements
for annual consolidated financial statements, and accordingly, these
statements should be read in conjunction with the consolidated financial
statements for the year ended April 30, 2007 including the notes thereto.
These interim consolidated financial statements contain all adjustments,
consisting of normal recurring adjustments, necessary for a fair
presentation of the results for the periods reported.
2. ACCOUNTING POLICIES
These interim consolidated financial statements follow the same
accounting policies as were used for the consolidated financial
statements for the year ended April 30, 2007, except for the new
accounting policies as noted below.
On May 1, 2007 the Corporation adopted the following Canadian Institute
of Chartered Accountants ("CICA") new accounting standards on
recognition, measurement and presentation of financial instruments:
(a) Section 1530 "Comprehensive Income" - "comprehensive income" is the
change in equity of the Corporation during a period from transactions and
other events from non-owner sources, which include net income from
operations and other comprehensive income ("OCI"). Examples of items
included in OCI are changes in the fair value of available-for-sale
financial assets and the effective portion of changes in the fair value
of cash flow hedging instruments. OCI net of taxes is disclosed in the
"Consolidated Statements of Comprehensive Income" for the three-month and
nine-month periods ended January 31, 2008.
(b) Section 3251 "Equity" - this standard describes the presentation of
equity and changes in equity during an accounting period with respect to
comprehensive income. As a result of the implementation of the standard,
the "Consolidated Statements of Retained Earnings (Deficit)" has been
reformatted and replaced by the "Consolidated Statements of Changes in
Shareholders' Equity" to disclose separately the changes in the
components of shareholders' equity. "Accumulated other comprehensive
income" (the portion of comprehensive income not already included in net
income) is presented as a separate line in shareholders' equity on the
consolidated balance sheets.
(c) Section 3855 "Financial Instruments, Recognition and Measurement" - a
financial instrument is any contract that gives rise to a financial asset
of one entity and a financial liability or equity instrument of another
entity. This standard requires all financial instruments be classified
according to their characteristics or management's intent or choice, with
the corresponding measurement and the recognition of associated gains and
losses implications as summarized below:
---------------------------------------------------------------------------
Measurement
Financial Class subsequent to Gains and Losses
Instrument initial
recognition(1)
---------------------------------------------------------------------------
Held for trading Fair value Recognized in net income
in the current period
----------------------------------------------------------------
Recognized in net income
Held to maturity Amortized cost in the period that the
asset is derecognized or
impaired
Financial ----------------------------------------------------------------
assets Recognized in net income
Loans and Amortized cost in the period that the
receivables asset is derecognized or
impaired
----------------------------------------------------------------
Recognized in OCI until
Available for sale Fair value realized through disposal
or impaired
---------------------------------------------------------------------------
Held for trading Fair value Recognized in net income
in the current period
Financial ----------------------------------------------------------------
liabilities Recognized in net income
Other Amortized cost in the period that the
liabilities liability is derecognized
----------------------------------------------------------------
(1) All financial instruments, including derivatives designated in
qualifying hedging relationships and any embedded derivatives, are
initially measured at fair value.
Upon adoption of this new accounting standard, the Corporation's
financial assets and liabilities are classified as follows:
--------------------------------------------------------------------------
C
ash and cash equivalents and short-term investments Held for trading
--------------------------------------------------------------------------
Accounts receivable Loans and receivables
--------------------------------------------------------------------------
Accounts payable Other liabilities
--------------------------------------------------------------------------
Other long-term obligations Other liabilities
--------------------------------------------------------------------------
(d) Section 3861 "Financial instruments - Disclosure and Presentation"
- this standard prescribes information that should be disclosed about
financial instruments and non-financial derivatives. Under this standard,
the accounting polices on financial instruments have been applied
retroactively without restatement. Accordingly, the Corporation's
comparative financial statements are not required to be restated.
(e) Section 3865 "Hedges" - this standard establishes formal
documentation, designation and effectiveness assessment as pre-requisites
for application of hedge accounting. The Corporation enters into foreign
exchange contracts to hedge its exposure to foreign currency risk on its
accounts receivable from anticipated sales which are denominated in U.S.
dollar. These contracts are designated as cash flow hedges with their
fair values as at January 31, 2008 recorded as derivative assets on the
consolidated balance sheet. The effective portion of the change in these
fair values during the period is included in other comprehensive income
("OCI").
On the adoption of this standard, the Company had an unrealized gain on
its cash flow hedges of $780 (net of taxes of $388), which was recorded
as the opening accumulated OCI balance and then was reclassified from
accumulated OCI to net income as the gain was realized during the
nine-month period ended January 31, 2008. Unrealized gain of $616 (net of
taxes of $307) was recorded to OCI during the nine-month period. The
unrealized gain is expected to be fully reclassified to net income within
the next 12 months, when the U.S. dollar denominated accounts receivable
being hedged are recognized on the balance sheet.
3. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted
earnings per share:
Three Months Ended January 31,
Numerator 2008
2007---------------------------------------------------------------------------
Net income for the quarter for basic and
diluted earnings per share $ 1,101 $ 640
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Denominator 2008 2007
---------------------------------------------------------------------------
Weighted average number of shares outstanding
for basic earnings per share 15,096,817 15,096,817
Weighted average number of shares outstanding
for diluted earnings per share 15,106,818 15,098,887
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Nine Months Ended January 31,
Numerator 2008 2007
---------------------------------------------------------------------------
Net income for the period for basic and diluted
earnings per share $ 3,236 $ 987
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Denominator
---------------------------------------------------------------------------
Weighted average number of shares outstanding
for basic earnings per share 15,096,817 15,096,817
Weighted average number of shares outstanding
for diluted earnings per share 15,114,111 15,096,817
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Stock options for 642,000 shares were not included in the computation
of diluted earnings per share for the three-month period ended January
31, 2008 (2007 - 786,000 shares) as they were anti-dilutive for the
periods presented.
Stock options for 552,000 shares were not included in the computation of
diluted earnings per share for the nine-month period ended January 31,
2008 (2007 - 816,000 shares) as they were anti-dilutive for the periods
presented.
4. SEGMENT INFORMATION
The Company operates under one reporting segment, which is the design,
manufacture and distribution of office systems and furniture.
Three Months Ended January 31,
2008 2007
---------------------------------------------------------------
Sales from
United States $ 18,833 $ 20,691
Canada 2,485 3,120
Other 213 485
---------------------------------------------------------------
$ 21,531 $ 24,296
---------------------------------------------------------------
---------------------------------------------------------------
Nine Months Ended January 31,
2008 2007
----------------------------------------------------------------
Sales from
United States $ 60,315 $ 56,556
Canada 8,996 9,828
Other 634 1,091
----------------------------------------------------------------
$ 69,945 $ 67,475
----------------------------------------------------------------
----------------------------------------------------------------
January 31, April 30,
2008 2007
----------------------------------------------------------------
Capital Assets
Canada $ 25,161 $ 26,256
United States 1,493 1,286
----------------------------------------------------------------
$ 26,654 $ 27,542
----------------------------------------------------------------
----------------------------------------------------------------
5. PENSION EXPENSE
Total pension expense relating to the various defined benefit plans for
the three-month period ended January 31, 2008 is $185 (2007 - $147). For
the nine-month period ended January 31, 2008, the pension expense is $348
(2007 - $441).
6. RESTRUCTURING COSTS AND ASSET IMPAIRMENT
During the three and nine-month periods ended January 31, 2007, based on
a lease agreement signed with a sub-tenant, the estimated fair value of
lease restructuring costs relating to the closing of the New York
showroom originally recorded in fiscal 2005 was reduced by $151.
The table below shows changes in the liabilities incurred in the third
and fourth quarters of fiscal 2005 relating to the discontinuance of
manufacturing operations at its Scarborough, Ontario metal filing and
seating facilities and the closing of New York showroom:
Three Months Ended January 31, 2008
------------------------------------------------------------------
Opening Changes Payments Ending
balance Liability
------------------------------------------------------------------
Employee termination expenses $ - - - $ -
Lease restructuring 514 31 (50) 495
------------------------------------------------------------------
$ 514 31 (50) $ 495
------------------------------------------------------------------
------------------------------------------------------------------
Three Months Ended January 31, 2007
------------------------------------------------------------------
Opening Changes Payments Ending
balance Liability
------------------------------------------------------------------
Employee termination expenses $ - - $ -
Lease restructuring 894 (77) (31) 786
------------------------------------------------------------------
$ 894 (77) (31) $ 786
------------------------------------------------------------------
------------------------------------------------------------------
Nine Months Ended January 31, 2008
------------------------------------------------------------------
Opening Changes Payments Ending
balance Liability
------------------------------------------------------------------
Employee termination expenses $ - - - $ -
Lease restructuring 699 (55) (149) 495
------------------------------------------------------------------
$ 699 (55) (149) $ 495
------------------------------------------------------------------
------------------------------------------------------------------
Nine Months Ended January 31, 2007
------------------------------------------------------------------
Opening Changes Payments Ending
balance Liability
------------------------------------------------------------------
Employee termination expenses $ 39 - (39) $ -
Lease restructuring 1,042 (121) (135) 786
------------------------------------------------------------------
$ 1,081 (121) (174) $ 786
------------------------------------------------------------------
------------------------------------------------------------------
The lease restructuring provision is expected to be fully settled in
the first quarter of fiscal year 2011.
7. INCOME TAXES
Income taxes for the three and nine-month periods ended January 31, 2008
include a net recovery of $203 relating to re-measurement of future
income tax assets and future income tax liabilities as a result of
Federal corporate income tax rate reductions which were enacted in
December 2007 (2007 - $155 from income tax rate reductions enacted in
June 2006).
8. COMPARATIVE FIGURES
Certain of the prior year's figures have been reclassified to conform to
the current year's presentation.
Contacts:
Inscape Corporation
Kent Smallwood CA
Chief Financial Officer
(905) 836-7676
(905) 836-5037 (FAX)
Website: www.inscapesolutions.com
Copyright 2008, Market Wire, All rights reserved.
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