Iplayco Corporation Ltd.

Iplayco Corporation Ltd.

February 29, 2008 21:03 ET

IPlayco Releases Financial Statements for First Quarter

LANGLEY, BRITISH COLUMBIA--(Marketwire - Feb. 29, 2008) - IPlayco Corporation Ltd. (TSX VENTURE:IPC) announces the release of its unaudited consolidated financial statements for the three months ended December 31, 2007. The consolidated financial statements of the Company can be accessed at Sedar website.

Sales for the three months ended December 31, 2007 were $1,803,782, a decrease of $554,206 or 24% over the comparable period in the prior year. The decrease was attributable primarily to an absence of European sales, coupled with the downturn in the United States economy.

Gross profit during the three months ended December 31, 2007 decreased to $497,887 from $785,893 in 2006, due to the lower sales volume, and increased salaries and wages arising primarily from employee bonuses paid during the quarter.

Operating costs of $786,071 were $138,489 (21%) higher than the three month period in the prior year, due primarily to an increase in foreign exchange losses, and higher salaries and benefits due to an increase in stock compensation.

The Company incurred a net loss for the three month period of $288,184 ($0.03 loss per share), as compared to a profit of $91,297 ($0.01 earnings per share) in the same period last year.

The results of the consolidated financial statements discussed above reflect the three months period ended December 31, 2007, as compared with the comparable period in 2006. The fiscal year end for IPlayco Corporation Ltd. (IPC) is September 30; for full details please refer to the most recent annual and interim statements which can be accessed at the Sedar website.

On behalf of the Board of Directors

David L. Wood, Chairman and Director

FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's business, results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed elsewhere in documents that are available to the public.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • IPlayco Corporation Ltd.
    Dave Romano
    (604) 882-1188
    (604) 882-1977 (FAX)
    Website: www.iplayco.com