Business
iFabric Corp Reports Results for Its Third Quarter and Nine Months Ended June 30, 2021
MARKHAM, ON / ACCESSWIRE / August 12, 2021 / iFabric Corp. ("iFabric" or the "Company") (TSX...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Reports Results for Its Third Quarter and Nine Months Ended June 30, 2021MARKHAM, ON / ACCESSWIRE / August 12, 2021 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA)(OTC PINK:IFABF), today announced its financial results for its third quarter and nine months ended June 30, 2021.\"I am pleased to report that our Intimate Apparel Division returned to profitability in the third quarter and with both our operating divisions now profitable, we saw a significant turnaround in earnings during the quarter,\" said Hylton Karon President and CEO of iFabric. \"The upturn in purchasing by our customers is most encouraging. I am extremely pleased with these results and our current financial strength, as well the strategies we are putting in place to grow iFabric,\" concluded Hylton Karon.Q3 2021 HIGHLIGHTS:Revenues in Q3 2021 amounted to $4,155,829 compared to $3,214,465 in Q3 2020, representing an increase of $941,364 or 29%.Revenues in the Intimate Apparel Division increased by 468% or $1,478,710 to $1,794,529 from $315,819 in Q3 2020. The increase in Intimate Apparel revenue in 2021 versus 2020 was primarily attributable to the normalization of retail store operations in the United States following the lifting of COVID-19 restrictions.Revenues in the Intelligent Fabrics Division, decreased by 18% or $506,220 to $2,333,329 from $2,839,549 in 2020, attributable to the elimination of high volume, low margin protective mask sales, due to a saturation of the mask market. Low margin mask sales have to a large extent now been replaced by high margin chemical sales, resulting in a substantial improvement in gross margins as discussed below.Gross profit as a percentage of revenue was 48% in Q3 2021, compared to 30% in Q3 2020. The increase in gross profit percentage is mainly attributable to the product mix for the quarter, with a higher proportion of intimate apparel sales at higher margins, as well as the replacement of low margin mask sales with high margin chemical sales.Gross profit dollars increased by 111% or $1,059,010 to $2,013,708 from $954,698 in Q3 2020, attributable to increased revenues and improved margins.Net earnings before tax of $854,556 compared to a loss before tax of $634,859 in 2020, representing a turnaround of $1,489,415. The increase in net earnings in Q3 2021 versus Q3 2020 is largely attributable t...