Business
Fab-Form Announces Results for the Third Quarter Ended 31 March 2024
Delta, British Columbia--(Newsfile Corp. - May 31, 2024) - Fab-Form Industries Ltd. (TSXV: FBF) (...
About this update from Fab-form Industries Ltd
[{"type":"text","content":"Fab-Form Announces Results for the Third Quarter Ended 31 March 2024Delta, British Columbia--(Newsfile Corp. - May 31, 2024) - Fab-Form Industries Ltd. (TSXV: FBF) (\"Fab-Form\" or the \"Company\") has released its financial results for the three months ended March 31, 2024. The company achieved a net profit of $85,157 during this quarter, a 23% decrease compared to the corresponding period in 2023. Revenue for the three months ended on March 31, 2024, amounted to $748,002, a 5.79% increase compared to the same period in 2023. The operating income for this period was $119,801, an 18.98% decline compared to the corresponding period in 2023.YTD revenue stood at $3.30Mn compared to $3.82Mn in 2023, and YTD net profits reported $549,527 compared to $716,074 in the nine-month period ended March 31, 2023.Several milestones were achieved in the quarter ended 31 March 2024: launched the Fab-Form online store for Fast-Tube with a dedicated and fully functional website (www.fast-tube.com). The first online order was received on 08 March 2024. Expanded Fast-Tube production to attract retail customers, where Fast-Tube is now available with 12-foot sections covering 8\", 10\", 12\", 14\", and 16\" diameters.\"The Third quarter was an exciting quarter for Fab-Form. We have been evaluating the requirements for an online store for many years, and we are proud that we achieved that milestone, which will play a pivotal role in taking the Fast-Tube to the global market,\" said Joey Fearn, President, and CEO.For further details and comprehensive information related to the financial statements, please visit the company's website at https://www.fab-form.com/investor/financials.php, or visit SEDAR+ at www.sedar.com. Alternatively, you can request additional information directly from Fab-Form's head office in Delta.About Fab-FormFab-Form Industries Ltd., located in Vancouver, BC, Canada, is recognized as a prominent manufacturer of concrete forming products. The company was founded in 1986 and has been dedicated to creating and commercializing sustainable and efficient foundation products for the building industry. Fab-Form has been listed 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 securi...