Business
iFabric Corp Announces Q1 2023 Financial Results
MARKHAM, ON / ACCESSWIRE / February 14, 2023 / iFabric Corp. ("iFabric" or the "Company") (TSX:...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Announces Q1 2023 Financial ResultsMARKHAM, ON / ACCESSWIRE / February 14, 2023 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA.TO)(OTCQX:IFABF), today announced its financial results for its first quarter of fiscal 2023 ended December 31, 2022.\"We are pleased to report that overall Company revenue for this quarter matched the revenues of the comparable quarter last year despite some unavoidable impacts on our chemical business due to the renewed lockdowns in China late last year,\" said Hylton Karon, President and CEO of iFabric. \"Despite these lingering pandemic related challenges, revenue increases in other areas of our business allowed us to make up for the chemical business shortfall,\" he continued. \"We also saw an improvement in our gross margins as a result of reduced shipping costs from Asia, as the impact of the pandemic and supply chain bottlenecks continues to ease. With our order book currently at the highest level in company history and with new opportunities currently under negotiation, I remain confident that we will see unprecedented revenue growth for the overall business in the remaining quarters of fiscal 2023,\" concluded Mr. Karon.HIGHLIGHTS FOR FIRST QUARTER ENDED DECEMBER 31, 2022 (Q1 2023):Total revenues of $4,916,365 in Q1 2023 compared to $4,993,871 in Q1 2022, representing a decrease of $77,506 or 2%.Revenues for the Intelligent Fabrics Division were $3,087,556 in Q1 2023 compared to $3,316,499 in Q1 2021, representing a decrease of $228,943 or 7%. The decrease in revenue for this division was attributable to approximately $1 million in lower chemical revenues in China, pursuant to government mandated lockdowns due to the ongoing COVID-19 pandemic and the resultant closure of production facilities. This decrease was partially offset by increased finished performance apparel sales in Canada.Revenues for the Intimate Apparel Division were $1,806,663 in Q1 2023 compared to $1,649,401in Q1 2022, representing an increase of $157,262 or 10%, primarily attributable to increased sales in Canada.Gross profit margins increased by 3% to 40% in Q1 2023 from 37% in Q1 2022, primarily attributable to a reduction in freight costs from Asia.Gross profit dollars increased by 6% or $106,388 to $1,955,888 in Q1 2023 from $1,849,500 in Q1 2022, as a result of the increase in gross margins.Sellin...