iFabric Corp Reports Record First Quarter Operating Results
February 27 2014 - 9:15AM
Marketwired
iFabric Corp Reports Record First Quarter Operating Results
MARKHAM, ONTARIO--(Marketwired - Feb 27, 2014) - iFabric
Corp (TSX-VENTURE:IFA), hereinafter referred to as
"iFabric" or the "Company", today announced its financial results
for its financial quarter ended December 31, 2013.
FIRST QUARTER
ENDED DECEMBER 31, 2013 HIGHLIGHTS:
- Revenues of $3,005,785 as opposed to $1,241,673 in the
quarter ended December 31, 2012, an increase of 142%. This increase
was attributable to new intimate apparel programs as well as
initial shipments of anti-microbial products.
- Operating profit for the quarter was $314,023 compared to
an operating loss of $46,946 in 2012, an increase of
$360,969.
- After tax loss of $491,531 or $0.019 per share compared to
an after tax profit of $12,411 or $0.001 per share for the quarter
ended December 31, 2012. The loss for the quarter is largely
attributable to an amount of $752,532 in share based compensation,
expensed as required under International Financial Reporting
Standards ("IFRS"), in connection with the issuance of warrants and
share options.
- Working capital increased to $5,119,970 as at December 31,
2013, an increase of $1,718,544 since September 30, 2013. The
increase in working capital is attributable to net cash proceeds of
$1,430,288 from an equity offering, which closed on December 13,
2013, as well as the net operating income for the
quarter.
- Shareholder Equity increased to $6,855,460 from $5,164,171
as at September 30, 2013, representing an increase of $1,691,289.
Increases in shareholder equity during the quarter resulted from
net proceeds of $1,430,288 from the issue of 407,250 common shares
pursuant to the above mentioned equity offering, as well as the
value of $704,861 recognized in respect of 246,387 warrants issued
in terms of the offering. The net after tax loss of $491,531 for
the quarter accounted for a reduction in equity.
"I am extremely
encouraged that our ladies intimate apparel division continues to
show solid growth and whilst initial sales of anti-microbial
products were modest in the quarter, customer response to-date has
been excellent and we look forward to sustained sales growth in
this division in the future," said Hylton Karon, President and CEO
of iFabric.
Complete
Financial Statements are available on www.sedar.com.
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FINANCIAL HIGHLIGHTS |
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Quarter Ended December 31 |
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2013 |
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2012 |
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$ |
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$ |
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Revenue |
3,005,785 |
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1,241,673 |
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Income from operations |
314,023 |
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(46,946 |
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Share
based compensation |
(752,532 |
) |
- |
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EBITDA |
(319,059 |
) |
(20,493 |
) |
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Net
income (loss) after tax |
(491,531 |
) |
12,411 |
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Net
income (loss) per share |
(0.019 |
) |
0.001 |
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ABOUT iFABRIC
CORP:
iFABRIC CORP
currently has 25.84 million shares issued and outstanding. iFABRIC
is a manufacturer, distributor, licensor and licensee of ladies
intimate apparel products and accessories as well proprietary
chemical compounds that render fabrics intelligent, thereby
improving the safety and well-being of the wearer.
FORWARD LOOKING
STATEMENTS
Forward-looking
statements provide an opinion as to the effect of certain events
and trends on the business. Certain statements contained in this
news release constitute forward looking statements. The use of any
words such as "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based on current expectations
and various estimates, factors and assumptions and involve known
and unknown risks, uncertainties and other factors. Forward-looking
information includes, but is not limited to, statements with
respect to the development potential of the Company's
products.
Forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made. Readers are cautioned not to
place undue reliance on these statements as the Company's actual
results, performance, or achievements may differ materially from
any future results, performance or achievements expressed or
implied by such forward-looking statements if known or unknown
risks, uncertainties or other factors affect the Company's
business, or if the Company's estimates or assumptions prove
inaccurate. Therefore, the Company cannot provide any assurance
that forward-looking statements will materialize. The Company
assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or any other reason except as required by applicable securities
laws.
Any financial
outlook or future oriented financial information in this news
release, as defined by applicable securities legislation, has been
approved by management of iFabric. Such financial outlook or future
oriented financial information is provided for the purpose of
providing information about management's reasonable expectations as
to the anticipated results of its proposed business activities.
Readers are cautioned that reliance on such information may not be
appropriate for other purposes. The forward-looking statements
contained in this press release are made as of the date hereof and
the Company undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result
of new information, future events or otherwise, unless so required
by applicable securities laws.
Neither the TSX
Venture Exchange nor its Regulations Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
release.
iFabric CorpHilton PriceCFO905
882-4513hilton.price@rogers.comiFabric CorpGary Perkins416
882-0020garyperkins@rogers.comwww.ifabriccorp.com