Business
iFabric Corp. Provides Revenue Guidance for Fiscal 2021 First Quarter
MARKHAM, ON / ACCESSWIRE / January 27, 2021 / iFabric Corp. ("iFabric" or the "Company") (TS...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp. Provides Revenue Guidance for Fiscal 2021 First QuarterMARKHAM, ON / ACCESSWIRE / January 27, 2021 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA)(OTC:IFABF), today provides revenue guidance for the first quarter of its fiscal 2021.Q1 ENDED DECEMBER 31, 2020 OVERVIEW GUIDANCE:Based on preliminary results, the Company anticipates overall revenues in excess of $7,000,000 compared to $2,596,841 in Q1 2020, representing an increase of approximately 270%. Based on preliminary results, the Company anticipates revenues for the Intelligent Fabrics Division to be in excess $6,500,000 compared to $1,435,051, in Q1 2020, representing an increase of approximately 350%, as a result of commercialization of several programs utilizing the division's Protx2 formulation being proven to deactivate ≥99.9% the COVID-19 causing virus.Renewed & new performance apparel programs for a major Canadian retailer also contributed to the growth in revenues. Revenues for the Intimate Apparel Division were impacted by the decrease in in-store retail sales with the continuing lockdowns related to the COVID-19 pandemic and based on preliminary results the Company anticipates revenues for the division to be approximately $600,000 in Q1 2021 compared to $1,129,707 in Q1 2020, representing a decrease of approximately 47%. Full unaudited quarterly results will be released on or about February 12th, 2021.\"2021 has started off as a record year for our company. I am extremely pleased that our Intelligent Fabrics division has executed so strongly on the opportunities stemming from the COVID-19 pandemic.\" said Hylton Karon, President and CEO of iFabric. \"This is evidenced by the Intelligent Fabric division's significant revenue growth of approximately 170% over the prior quarter ended September 30, 2020 and 270% over Q1 2020. Our diversified product offering has allowed the division to grow both chemical sales and finished product apparel sales in Q1. With a multitude of existing and new opportunities ahead of us, we expect 2021 will continue on a record pace. Our Frontline Personal Protective Equipment launch is now just around the corner, as is the launch of our wholly-owned performance lifestyle brand. We are working on a number of new initiatives that we believe will be transformative for our business in 2021.\"The lingerie divis...