- Inscape (INQ) has released its operational and financial results for the fourth quarter and full-year 2021
- A decline in sales in the fourth quarter was due primarily to the effects of COVID-19 on major markets
- The company was also able to accomplish several operational achievements despite the pandemic, including adding new state-of-the-art equipment to its Holland Landing plant
- Inscape is a leading designer and manufacturer of furnishings and movable wall systems for the workplace
- Inscape Corporation (INQ) is down 2.73 per cent, trading at $1.07 per share
Inscape (INQ), an office furniture manufacturer, has released its operational and financial results for the fourth quarter and full-year 2021.
A decline in sales in the fourth quarter was due primarily to the effects of COVID-19 on major markets, resulting in $8.1 million in sales compared to $14.4 million for the same period last year.
The company also moved its Walls plant to a new location, which led to a month-long shutdown impacting sales and shipments from that location.
Total sales for the year came to $38.2 million, down significantly from $75.8 million in 2020.
Eric Ehgoetz, CEO of Inscape, commented on the financial results.
“It’s important to highlight that Inscape has utilized this past fiscal year to position for the eventual recovery from the pandemic and implement the changes necessary to be a successful and growing enterprise,” he said.
The company was also able to accomplish several operational achievements despite the pandemic, according to Mr. Ehgoetz, which included:
- Adding state-of-the-art equipment to its plant in Holland Landing, Ontario;
- Creating a new plan to support the company’s existing brands as the market rapidly changes;
- Creating new products to keep up with relevant offerings; and
- Developing a framework to implement these changes for long-term growth.
“While we are pleased with the accomplishments to date, this work is not yet complete,” said Mr. Ehgoetz.
“Management continues to focus on realignment of costs,” he added, “while investing in both the right talent and technology to drive topline growth and profitability once the economic recovery becomes evident.”
Inscape is a leading designer and manufacturer of furnishings and movable wall systems for the workplace.
Inscape Corporation (INQ) is down 2.73 per cent, trading at $1.07 per share as of 10:34 am ET.
