Business
iFabric Corp Announces Q1 2020 Financial Results and EPA Filing
MARKHAM, ON / ACCESSWIRE / February 13, 2020 / iFabric Corp. ("iFabric" or the "Company") ...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Announces Q1 2020 Financial Results and EPA FilingMARKHAM, ON / ACCESSWIRE / February 13, 2020 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA.TO), today announced its results for its first quarter ended December 31, 2019.\"This quarter reflects the continued strength of our Intelligent Fabrics Division which has now become the major revenue generator for iFabric. Following the success of the initial performance apparel programs for a major Canadian retailer which have all been renewed, I am pleased to advise that the anticipated additional new programs for our Intelligent Fabrics Division have now been confirmed, with initial deliveries commencing around the end of the third quarter and continuing into 2021 as these are replenishment programs. Based on current commitments, this will result in record revenues for this division. I also take pleasure in advising that our first applications for EPA public health claims have been filed and based on our test results, I am optimistic about a positive outcome for the approval of these. As can be seen with the current Coronavirus pandemic, technologies that can assist with the combat and control of infectious diseases have reached all-time importance. With clinical trials approaching and additional agreements under negotiation, 2020 should see the achievement of some significant milestones for iFabric,\" stated Hylton Karon, President and CEO of iFabric.HIGHLIGHTS FOR FIRST QUARTER ENDED DECEMBER 31, 2019 (Q1 2020):Total revenues of $2,596,841 in Q1 2020 compared to $2,471,881 in Q1 2019, representing an increase of $124,960 or 5%.Revenues for the Intelligent Fabrics Division were $1,435,051 in Q1 2020 compared to $1,141,959 in Q1 2019, representing an increase of $293,092 or 26%. This increase was mainly attributable to increased chemical sales in Asia.Revenues for the Apparel Division were $1,129,707 in Q1 2020 compared to $1,304,322 in Q1 2019, representing a decrease of $174,615 or 13%. The decrease in revenue for this operating segment was mainly attributable to seasonal fluctuations as well as a reduction in clearances of end of season merchandize in 2020 compared to 2019.Gross profit dollars increased by 24% or $210,611 to $1,092,219 from $881,608 in Q1 2019, mainly as a result of increased chemical margins as well as a reduction in end of season merchandiz...