Business
iFabric Corp Reports Results for its Second Quarter Ended March 31, 2020
Financial Position Remains Solid MARKHAM, ON / ACCESSWIRE / June 9, 2020 / iFabric Corp. ...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Reports Results for its Second Quarter Ended March 31, 2020Financial Position Remains SolidMARKHAM, ON / ACCESSWIRE / June 9, 2020 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA), today announced its financial results for its second quarter and six months ended March 31, 2020.\"Whilst the current COVID-19 pandemic affected iFabric in both its divisions, I am pleased to report that we acted quickly to contain any major damage to our operations and to preserve our operating assets\", said Hylton Karon, President and CEO of iFabric. \"With our recent positive testing of the efficacy of our flagship technology, PROTX2, in deactivating the COVID-19 causing virus, we are in the fortunate position of having a great opportunity to grow our business and at the same time to provide a much needed additional level of protection for frontline healthcare workers as well as communities at large\", concluded Hylton Karon.EFFECT OF THE COVID-19 PANDEMIC ON OPERATIONS - QUARTER ENDED MARCH 31, 2020During the second quarter of 2020, the spread of the Coronavirus (COVID-19) had an impact on the Company's operations at different time points during the quarter.At the beginning of the quarter, during the early stages of the COVID-19 pandemic, the Intelligent Fabrics division saw an impact not only to its revenues, but to its supply chains as well, particularly in China, which was the first country to initiate a lockdown. Large finished performance apparel programs which had been planned for launch during the spring have been delayed and rescheduled to the summer and fall seasons. This decrease in sales was partially offset by the roll out of a new finished apparel program in Canada in January, for which product had already been received. Towards the end of the quarter in March, restrictions in Asia had been lifted and sales in the region commenced returning to normal, however this was partially offset by a decrease in sales in North America as the COVID-19 pandemic and subsequent lockdowns took effect in this region. Whilst the revenues of the Intelligent Fabrics division showed a year over year increase, this increase was not as large as anticipated due to the global effect of the COVID-19 pandemic.In the Intimate Apparel division, a negative impact on revenues was seen in March, towards the end of the quarter, as North Americ...