Inscape Announces Third Quarter Fiscal 2021 Financial Results March 04, 2021 18:39 ET | Source: Inscape Corporation Inscape Corporation Holland Landing, Ontario, CANADA HOLLAND LANDING, Ontario, March 04, 2021 (GLOBE NEWSWIRE) -- Inscape (TSX: INQ), a leading designer and manufacturer of furnishings for the workplace, today announced its results of operations for the three and nine months ended January 31, 2021. “Third Quarter Fiscal Year 2021 represented our highest quarterly revenue to date in this fiscal year while in the midst of the COVID-19 pandemic,” said Eric Ehgoetz, CEO. “Management worked tirelessly during the quarter to position the business with an appropriate foundation for growth and profitability once the economy moves to a post-pandemic environment. Despite reporting a nine month year to date net loss of $1.4 million, we would note that, this includes $1.4 million of inventory write-downs during the fiscal year reflecting management’s efforts to properly manage inventory levels and working capital. Since the beginning of the fiscal year, management has reduced inventory by $2.2 million and is actively monitoring optimal inventory levels and mix. During the quarter, the Company also successfully executed the preparation of our furniture plant for new capital equipment arriving in Q4 which will materially improve its efficiency and also executed on the move of our Walls factory to a new location with an appropriate footprint designed to lower overheads. Both of these actions will begin to be reflected in our results in our fourth quarter. Management also implemented a number of initiatives designed to improve the Company’s sales pipeline and reach. Furthermore, we continue to focus on rapid payback initiatives and adoption of new technologies to improve the operations of the business for the eventual return of a more normal economic environment.”