Business
iFabric Corp Reports Fourth Quarter and Annual Revenue and Earnings for Its Financial Year Ended September 30, 2020
MARKHAM, ON / ACCESSWIRE / December 24, 2020 / 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, 2020MARKHAM, ON / ACCESSWIRE / December 24, 2020 / IFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA), today announced its results for its 4th quarter and fiscal year ended September 30, 2020.Q4 ENDED SEPTEMBER 30, 2020 HIGHLIGHTS:Revenues of $3,615,033 compared to $3,175,167 in Q4 2019, representing an increase of $439,866 or 14%. Revenues for the Intelligent Fabrics Division were $2,566,137 compared to $1,249,117 in Q4 2019, representing an increase of $1,317,020 or 105%, as a result new performance apparel programs for a major Canadian retailer, as well as increased chemical sales following the successful testing of the ability of the division's Protx2 formulation in deactivating the COVID-19 causing virus.Revenues for the Apparel Division were severely impacted by the sharp decrease in instore retail sales during the COVID-19 pandemic and, amounted to $895,298 in Q4 2020 compared to $1,870,417 in Q4 2019, representing decrease of $975,119 or 52%. Gross profit dollars in the current quarter, increased by 11% or $159,606 to $1,569,165 from $1,409,559 in Q4 2019, attributable to higher revenues.Gross profit margins decreased from 44% in Q4 2019 to 43% in Q4 2020, as a result of sales mix.Adjusted EBITDA amounted to $480,720 compared to Adjusted EBITDA of $383,096 for 2019, representing an improvement of $97,624, as a result of the increased gross profit contribution.The net earnings after tax attributable to shareholders was $357,092 (or $0.014 per share basic and diluted) compared to net earnings after tax of $285,866 (or $0.011 per share basic and diluted) in 2019, representing an increase of $71,226, as a result of the factors discussed above.\"2020 has been a transitional year for iFabric Corp. The Covid-19 pandemic brought both opportunities and challenges for the Company,\" said Hylton Karon, President/CEO of iFabric Corp.\"The global retail shutdown certainly had an impact on our Lingerie Division. With lockdowns and limits on social gatherings and events, consumer demand for bra accessories was limited. I see retail instore sales rebounding slowly, and I believe the middle to latter parts of 2021 will mark the start of a return to normal. We were fortunate to see some growth in our online presence, with r...