Comments Inscape is looking to capitalize on the work-from-home trend, including selling its RockIt@Home desk products directly to the consumer marketplace.
HOLLAND LANDING, Ontario Inscape, a manufacturer of workplace furniture, posted a $3.7 million loss in the second quarter of fiscal 2021, as sales dropped more than 200 percent during the COVID-19 pandemic to $7.2 million compared to $23.3 million for its second quarter in 2020.
Inscape’s sales for the six months ended Oct. 31, 2019, totaled $18.5 million, compared to $44.0 million for the same period of fiscal 2020. In spite of the huge sales dip, the company’s net loss for the half=way point of each fiscal was $400,000, partly due to a $2.8 million forgivable loan from the government to assist businesses during the coronavirus outbreak.
in early 2021.
Total sales for the second quarter of fiscal 2021 were $7.2 million, compared to $23.3 million for the same period of fiscal 2020. Net loss for the second quarter of fiscal 2021 was $3.7 million or negative $0.26 per diluted share, compared to net income of $0.4 million or positive $0.03 per diluted share for fiscal 2020. Non-GAAP EBITDA for the second quarter was negative $2.7 million, compared to positive $1.2 million, for fiscal 2020.
Total sales for the six months ended October 31, 2020 were $18.5 million, compared to $44.0 million for the same period of fiscal 2020. Net loss for the six month periods ended October 31, 2020 and 2019 were $0.4 million or negative $0.02 per diluted share for both years. Non-GAAP EBITDA for the six months ended October 31, 2020 was $1.7 million, compared to $1.4 million for fiscal 2020.