Business
iFabric Corp Matches Record Revenues of $5.3 Million for Q3 2023
MARKHAM, ON / ACCESSWIRE / August 14, 2023 / iFabric Corp. ("iFabric" or the "Company") (TSX:I...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Matches Record Revenues of $5.3 Million for Q3 2023MARKHAM, ON / ACCESSWIRE / August 14, 2023 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA)(OTCQX:IFABF), today announced its financial results for its third quarter and nine months ended June 30, 2023.\"I am pleased to report that we were able to match 2022's record Q3 revenues despite an overall downturn in global retailer sales. This speaks to the successful expansion of customers and product segments that we have worked hard to increase,\" said Hylton Karon, President and CEO of iFabric.\"New hires into our product development and marketing teams are currently finalizing new programs for our existing customer base and, at the same time, we are also working on proposals for new major customers, which we expect to close in the near term,\" continued Mr. Karon.\"Along with our apparel programs in both divisions, I believe that the regulatory and clinical trial milestones recently achieved will positively impact our opportunities for sales of fabric-treatment technologies. For our customers already incorporating the Company's industry leading fabric-treatment technologies, they can now market \"clinically-proven\" medical apparel, something we've proudly pioneered at a level never achieved before. We are excited about the revenue and profit potential of these opportunities for the quarters and years to come,\" concluded Mr. Karon.Q3 2023HIGHLIGHTS:Record 3rd quarter revenues, of $5,278,331, maintaining the record revenues achieved in Q3 2022.Revenues in the Intelligent Fabrics Division were $2,915,157, a decrease of 5% from $3,075,894 in 2022 that is attributable to seasonal timing differences of deliveries.Revenues in the Intimate Apparel Division were $2,357,924, an increase of 11% from $2,136,503 in 2022 that is attributable to increased sales in Canada.Gross profit as a percentage of revenue remained unchanged at 40% in both Q3 2023 and 2022.Gross profit dollars increased by $51,403 to $2,134,305 in Q3 2023, compared to $2,082,902 in Q3 2022, as a result of increased revenues.Selling and administrative costs increased by $147,904 to $1,767,393 in Q3 2023 compared to $1,619,489 in Q3 2022, mainly as a result of increased personnel costs, commissions, royalties, rent, advertising spend, and travel expenses, that were each incurred to support future reven...