Business
iFabric Corp Announces Q1 2022 Financial Results
MARKHAM, ON / ACCESSWIRE / February 14, 2022 / iFabric Corp. ("iFabric" or the "Company") (T...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Announces Q1 2022 Financial ResultsMARKHAM, ON / ACCESSWIRE / February 14, 2022 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA.TO)(OTCQX:IFABF), today announced its financial results for its first quarter of fiscal 2022 ended December 31, 2021.\"iFabric's core business remains strong and growing, despite the challenge of prolonged shipment times for goods coming from Asia,\" said Hylton Karon, President and CEO of iFabric. \"Our balance sheet and liquidity remain robust, and in my opinion are sufficient to support the accelerating revenue growth anticipated during the second half of fiscal 2022 and beyond,\" concluded Mr. Karon.HIGHLIGHTS FOR FIRST QUARTER ENDED DECEMBER 31, 2021 (Q1 2022):Total revenues of $4,993,871 in Q1 2022 compared to $7,520,901 in Q1 2021, representing a decrease of $2,527,030 or 34%. However, revenue from core products increased by 35% in Q1 2022 compared to Q1 2021 when a one-off emergency-use N95 mask order of $3,812,302 completed in Q1 2021 is excluded.Revenues for the Intelligent Fabrics Division were $3,316,499 in Q1 2022 compared to $6,880,019 in Q1 2021, representing a decrease of $3,563,520 or 52%. Excluding the mask order referred to above, core sales increased 8% over Q1 2021 $3,017,717 in what is traditionally the softest quarter of iFabric's fiscal year.Revenues for the Intimate Apparel Division were $1,649,401 in Q1 2022 compared to $612,911 in Q1 2021, representing an increase of $1,036,490 or 169%, primarily attributable to the relaxing of COVID-19 restrictions in the United States and Canada and the consequent reopening of retail stores.Gross profit margins decreased by 2% to 37% in Q1 2022 from 39% in Q1 2021, attributable to unprecedented increases in shipping costs that are the result of a severe shortage of shipping capacity from Asia.Gross profit dollars decreased by 36% or $1,054,735 to $1,849,500 in Q1 2022 from $2,904,235 in Q1 2021, attributable to the lack of one-time revenues in Q1 2022 and the shipping-related decrease in gross margins, as discussed above.Selling, general and administrative costs increased to $1,433,744 In Q1 2022 from $1,096,694 in Q1 2021. The increase of $337,050 in expenses is mainly attributable to increased personnel costs, professional fees, commissions, royalties and, advertising, the bulk of which has been incurred to support f...