IPD.V Q2 Results (Ending January 31st 2016)
Main Note: Another positive quarter and this does not include the Carbon Klean/Best Buy deal which is scheduled to start in April 2016.
Price: $0.10
Common Shares: 15,617,670
Insider Holdings: 10,151,992 (65% as per SEDI)
New Website: internationalparksideproductsinc.com
Financials
ASSETS
Cash: $260,830
Accounts Receivable: $417,013
Inventory: $214,990
Prepaid Expenses: $63,224
Short-Term Investments: $155,407
Equipment: $659,837
Licensing Rights: $120,452
Total Assets: $1,891,753
LIABILITIES
Accounts Payable: $366,996
Customer Deposits: $9,167
Total Liabilities: $376,163
Asset/Debt Ratio: 5:1 – This is a very strong indicator
Q2 Sales
Revenue: $1,442,431
Net Income: $123,129
6 Month Sales
Revenue: $2,368,804
Net Income: $165,126 - $0.011c earnings per share
2014 Total Sales
Revenue: $4,214,046
Net Income: $319,127 - $0.023c earnings per share
MD&A Highlights
Since the first shipment of LensPen in August 1993, the Company has expanded sales of these products to over 80 distributors in over 85 countries, and is continuously seeking to add new distributors and items to its range of cleaning devices.
During the period, the Company attended CTIA 2015 in Las Vegas in support of its mobile device accessories. Vision West 2015 (Las Vegas), Silmo (Paris) and the Hong Kong Optical show were all attended in support of its eyewear lens cleaning accessories, adding new customers in the United States and Europe.
The Company also began sales to a new distributor to the Italian photo market, Rinowa s.r.l. The Company began to see sales of the eyewear lens cleaning product PEEPS increase and is now pursuing a selling agreement for this item.
In addition to the above, the Company has paid off all loans outstanding; consequently, the Company is completely debt-free except for current trade payables. The Company is self-financed through its generation of positive cash flows.
The Company is not exposed to a significant amount of liquidity risk. As at the six month period ended January 31, 2016, the Company had positive working capital of $735,301 (January 31, 2015 - $784,073). The accounts payable and accrued liabilities balance is expected to be covered through the collection of accounts receivable balances and from current cash balances. The Company is not reliant on external financing.
Most recent news release:
Int'l Parkside, Patton to form JV company Carbon Klean
2016-01-06 14:34 MT - News Release
Mr. Murray Keating reports
MEMO OF AGREEMENT
International Parkside Products Inc. has entered into a memorandum of agreement with Daniel J. Patton LLC of Columbus, Ohio, for the global marketing of its new eyeglass-cleaning device PEEPS and its line of laptop and smart phone screen-cleaning devices.
The agreement calls for the creation of a new joint venture company named Carbon Klean LLC, which will have the global rights to the above-mentioned products. International Parkside will contribute the products and their trademarks and non-formulation patents while Patton will contribute its worldwide network of contacts in the eyewear and IT markets, as well as provide warehousing and distribution capacity.
International Parkside will own 60 per cent of the JV initially and will be the sole manufacturer of the products to the JV. Patton will have 40 per cent but will have the ability to reach 50 per cent by achieving sales of one million units (approximately $4-million) over the initial two years of the deal.
International Parkside will provide initial marketing funds of up to $100,000 (U.S.) by way of a two-year 6-per-cent loan to the JV.
President of International Parkside's eyewear division, Peter Meurrens, stated, "This arrangement will give us the reach in the eyewear and IT markets that might have been impossible for us to achieve on our own."
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