July 13, 2020

Inscape Announces the Financial Results for Fourth Quarter and Full Year 2020

Inscape (INQ), a company designs and manufactures the furnishings for the workplace, has reported its results of operations for the fourth quarter and full year ended April 30, 2020.

It reported the total sales of $14.4 million for the fourth quarter of 2020, a 22% decline as compared to $18.6 million for the same quarter in 2019. The company says that the quarterly sales were impacted by crisis of COVID-19 pandemic. The company saw delays in both shipment delays and taking back of orders by customer in major markets.

However, the improvement in Gross profit and reductions in SG&A expense helped the company to offset the losses. The Net loss remained $5.2 million or $0.36 per diluted share for the fourth quarter of 2020, as compared to a net loss of $4.4 million reported in the same quarter of 2019. It reported the non-GAAP adjusted EBITDA of negative $1.0 million for the fourth quarter as compared to negative $2.7 million in the same quarter of 2019.

Inscape reported total sales of $75.8 million for full year 2020, a 16.3% decrease as compared to $90.6 million for 2019. It experienced a net loss of $5.4 million for FY 2020, or $0.38 per diluted share, a decline as compared to $8.7 million for 2019.

Eric Ehgoetz, CEO said “Fiscal Year 2020 results were disappointing and, similar to our entire industry, our fourth quarter in particular was significantly impacted by the COVID-19 pandemic. While safeguarding the well-being of employees is the Company’s primary concern, we have taken the necessary steps to respond to these circumstances through aggressive actions to build cash, manage expenses and invest in rapid payback opportunities in order to position the business for growth and profitability as the general economy recovers from these effects.”