Business
iFabric Corp Reports Increased Revenues for Its Financial Period Ended December 31, 2023
MARKHAM, ON / ACCESSWIRE / April 2, 2024 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Reports Increased Revenues for Its Financial Period Ended December 31, 2023MARKHAM, ON / ACCESSWIRE / April 2, 2024 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA)(OTCQX:IFABF), today announced its results for its fifth quarter and fiscal period ended December 31, 2023 (\"2023\"). With effect from October 1, 2022, the Company changed its financial year end to December 31. Accordingly, the financial statements for 2023 are presented for a period of fifteen months compared to twelve months in 2022.\"2023 has been very satisfying in terms of growth in revenue and operational earnings, as well as in acquiring new major customers in the United States. With new programs commencing in 2024 and with our order book at record levels, we now have the opportunity to showcase our class leading technologies across a broad range of apparel categories in North America,\" said Hylton Karon, President and CEO of iFabric.\"At the same time, we continue to devote significant resources and effort towards acquiring new regulatory registrations as well as the completing our pending initiatives, and I remain confident that we will prevail,\" concluded Hylton Karon.FIFTEEN MONTHS ENDED DECEMBER 31, 2023, HIGHLIGHTS:Total revenues amounted to $28,398,742 for the fifteen months ended December 31, 2023, compared to $19,743,008 for the twelve months ended September 30, 2022, representing a 15% increase on a proportionate basis and was mainly attributable to new apparel programs with existing customers and increased sales of fabric treatment chemicals.Intelligent Fabric division revenue increased by 25% on a proportionate basis to $19,852,953 for the fifteen months in 2023 from $12,658,907 for the twelve months in 2022, as a result of new programs and increases in existing programs, as well as increased chemical sales. For the Intimate Apparel Division, revenue decreased by 2% on a proportionate basis and amounted to $8,504,393 for the fifteen months in 2023 compared to $6,976,621 for the prior twelve months in 2022.Gross profit of $11,073,008 (39% margin) for the fifteen months ended December 31, 2023, compared $7,026,276 (36% margin) for the twelve months in 2022, with the gross margin improvement mainly attributable to a reduction in shipping costs and the repricing of certain products.Selling, general and administrative costs amou...