Business
iFabric Corp. Reports Fourth Quarter and Annual Revenue and Earnings for Its Financial Year Ended September 30, 2019
MARKHAM, ON / ACCESSWIRE / December 23, 2019 / iFabric Corp. ("iFabric" or the "Company") ...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp. Reports Fourth Quarter and Annual Revenue and Earnings for Its Financial Year Ended September 30, 2019MARKHAM, ON / ACCESSWIRE / December 23, 2019 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA), today announced its results for its 4th quarter and fiscal year ended September 30, 2019.Q4 ENDED SEPTEMBER 30, 2019 HIGHLIGHTS:Revenues of $3,175,167 compared to $2,491,691 in Q4 2018, representing an increase of $683,476 or 27%.Revenues for the Intelligent Fabrics Division were $1,249,117 compared to $1,019,193 in Q4 2018, representing an increase of $229,924 or 23%.Revenues for the Apparel Division were $1,870,417 compared to $1,446,897 in Q4 2018, representing an increase of $423,520 or 29%.Gross profit increased by 60% or $526,931 to $1,409,559 from $882,628 in Q4 2018, attributable to higher revenues and higher gross margins.Gross profit margins increased from 35% in Q4 2018 to 44% in Q4 2019. This increase was mainly as a result of increased chemical margins as well as the Intimate Apparel Division accounting for a higher proportion of revenues at higher margins in 2019 compared to 2018.Adjusted EBITDA amounted to $383,096 compared to negative Adjusted EBITDA of $467,219 for 2018 representing an improvement of $850,315.The net earnings after tax attributable to shareholders was $285,866 (or $0.011 per share basic and diluted) compared to net loss after tax of $221,106 (or $0.009 per share basic and diluted), in the same quarter of 2018 representing an increase of $506,972.\"I am very pleased with Q4's positive turnaround, with both divisions contributing to the bottom line,\" stated Hylton Karon, President and CEO of iFabric.YEAR ENDED SEPTEMBER 30, 2019 HIGHLIGHTS:Total revenues of $10,435,348 compared to $15,121,370 in 2018 representing a decrease of $4,686,022 or 31%.Apparel Division revenue decreased from $10,909,112 in 2018 to $5,926,805 in 2019, representing a decrease of $4,982,307 or 46%. In comparison, for the 2019 financial year, Intelligent Fabric Division revenue increased to $4,393,723 from $4,109,857 in 2018, representing an increase of $283,866 or 7%. In the Intimate Apparel Division, most of the decreased revenue in 2019 versus 2018, was as a result of the discontinuance of sleepwear. In the Company's Intelligent Fabrics Division most of the increase in revenue was as a result of increased...