Business
Fab-Form Announces 2023 First Quarter Results and Operational Update on Fast-Tube
Delta, British Columbia--(Newsfile Corp. - May 29, 2023) - Fab-Form Industries Ltd. (TSXV: FBF) (...
About this update from Fab-form Industries Ltd
[{"type":"text","content":"Fab-Form Announces 2023 First Quarter Results and Operational Update on Fast-TubeDelta, British Columbia--(Newsfile Corp. - May 29, 2023) - Fab-Form Industries Ltd. (TSXV: FBF) (\"Fab-Form\") releases 2023 first quarter results. The Company generated a net profit of $111,922 for the quarter compared to a net profit of $223,002 in the previous year as a result of a decrease in sales of 37.85%. The performance of Q1 was expected due to the contraction in the housing market as a result of higher interest rates. However, sales have picked up in April, with demand similar to Q2 2022. There has been an increase in the number of quotes for row houses/town houses in 2023 compared to 2022. Demand for ICFs will significantly increase when ICFs are accepted in this market segment.We are excited to announce that Fab-Form has placed its first order of Fast-Tube fabric from Hagihara in May, which will be delivered in September. Production of Fast-Tube will commence in early October 2023 as planned. Fast-Tube will be produced using existing welding technology, with no significant change to the existing machinery. Development of polymer-based technology is currently in progress. Manufacturing using an augur will require five months of testing, with our supplier in Thailand having commenced production. Fab-Form expects the augur to arrive in August 2023 and testing of the polymer will commence immediately.Q1 2023 Update: https://www.fab-form.com/investor/financials.phpAbout Fab-FormFab-Form Industries Ltd (\"Fab-Form\") is a leading concrete forming products manufacturer located in Vancouver, BC Canada. Since its inception in 1986, the Company has invented, developed, and commercialized foundation products that are more sustainable and efficient for the building industry. The Company has traded on the TSX Venture Exchange (\"TSXV\" under the symbol FBF) since 1999.Forward Looking StatementsSome statements contained in this news release constitute \"forward-looking statements\" as is defined in applicable securities laws. These statements include, without limitation, the success of developing, manufacturing, and distributing new products and other similar statements concerning anticipated future events, conditions, or results that are not historical in nature, and reflect management's current estimates, beliefs, intentions, and expectations. Thes...