Business
iFabric Corp. Announces Q1 2019 Financial Results & Provides Outlook
Markham, Ontario--(Newsfile Corp. - February 13, 2019) - iFabric Corp. (TSX: IFA) ("...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp. Announces Q1 2019 Financial Results & Provides OutlookMarkham, Ontario--(Newsfile Corp. - February 13, 2019) - iFabric Corp. (TSX: IFA) (\"iFabric\" or the \"Company\"), today announced its results for its first quarter ended December 31, 2018.\"We are now in the execution phase of our strategy for longer term growth. Our first target was to eliminate less profitable and low future potential products. This quarter shows the effect of our discontinuance of sleepwear. Our move to focus on the higher potential products such as performance apparel has resulted in the addition of a major US retailer to our customer portfolio. Programs for this customer are expected to add approximately $10 million in annual revenues, with the first products anticipated to commence shipping around the end of our third quarter. Negotiations with several other retailers are ongoing and I am confident that our portfolio of customers for performance apparel will expand. In addition, the previously advised clinical trials for our Protx2 antibacterial technology have been confirmed for the summer. A positive outcome for these trials should result in additional Protx2 licenses being concluded in the medical space,\" stated Hylton Karon, President and CEO of iFabric. \"I remain convinced that the new path that we have placed the Company on, will result in our achieving the long-term objectives that we have set for iFabric and will impact positively on future revenue and earnings,\" concluded Hylton Karon.HIGHLIGHTS FOR FIRST QUARTER ENDED DECEMBER 31, 2018 (Q1 2019):Total revenues of $2,471,881 in Q1 2019 compared to $5,136,771 in Q1 2018, representing a decrease of $2,664,890 or 52%. This decrease is mainly attributable to the discontinuance of sleepwear in the Apparel Division.Revenues for the Intelligent Fabrics Division were $1,141,959 in Q1 2019 compared to $1,631,376 in Q1 2018, representing a decrease of $489,417 or 30%. The decrease is mainly attributable to no milestone license receipts in Q1 2019 compared to $320,000 received in Q1 2018. The next series of milestone payments are receivable when the Company secures EPA approval for public health claims. Revenues for the Apparel Division were $1,304,322 in Q1 2019 compared to $3,479,795 in Q1 2018, representing a decrease of $2,175,473 or 63%. The decrease in revenue for this o...