iFabric Corp Reports Continued Revenue and Profit Growth for Second Quarter and Six Months Ended March 31, 2014
May 15 2014 - 8:30AM
Marketwired
iFabric Corp Reports Continued Revenue and Profit Growth for Second
Quarter and Six Months Ended March 31, 2014
MARKHAM, ONTARIO--(Marketwired - May 15, 2014) - iFabric Corp
(TSX-VENTURE:IFA), hereinafter referred to as "iFabric" or the
"Company", today announced its financial results for its second
quarter and six months ended March 31, 2014.
HIGHLIGHTS:
- Revenues of $2,911,274 as opposed to $2,286,330 in the quarter
ended March 31, 2013, an increase of $624,944, or 27%. This
increase was mainly attributable to the sale of anti- microbial
products. Revenues for the six months were $5,917,058 compared to
$3,493,503, representing an increase of $2,423,555 or 69%. This
increase was attributable to both new apparel programs and sales of
anti-microbial products.
- Operating profit for the second quarter was $342,308 compared
to an operating profit of $376,188, representing a decrease of 9%.
This decrease was attributable to increases in marketing and
administrative costs incurred to facilitate future growth. For the
six months, income from operations amounted to $656,331 compared to
$329,241, an increase of $327,090 or 99%.
- After tax profit for the second quarter was $280,088 or $0.011
per share compared to an after tax profit of $24,478 or $0.001 per
share for the quarter ended March 31, 2013. For the six months,
after tax loss was $211,443 or $0.008 per share compared to an
after tax profit of $36,889 or $0.001 per share. This loss was due
to share based compensation costs expensed as required under
International Financial Reporting Standards ("IFRS") in connection
with the issuance of warrants and share options.
- Working capital increased to $5,498,672 as at March 31, 2014,
an increase of $378,702 since December 31, 2013.
- Shareholder Equity as at March 31, 2014 increased to $7,181,141
from $6,855,460 as at December 31, 2013, representing an increase
of $325,681.
- Operating debt of zero and cash of $633,000 as at March 31,
2014.
"I am pleased to
report that both our apparel and intelligent textile divisions are
now operating profitably, a significant milestone for our
intelligent textiles division. The company now has a base from
which it can substantially increase sales and profitability in all
areas of the business," stated Mr. Hylton Karon, President and CEO
of iFabric.
Complete Financial
Statements are available on www.sedar.com
FINANCIAL HIGHLIGHTS |
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Quarter Ended March 31 |
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Six Months Ended March 31 |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
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$ |
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$ |
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$ |
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$ |
|
Revenue |
2,911,274 |
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2,286,330 |
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5,917,058 |
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3,493,503 |
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|
|
|
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|
Income from operations |
342,308 |
|
376,188 |
|
656,331 |
|
329,241 |
|
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|
|
|
|
|
|
Share
based compensation |
(35,593 |
) |
(273,145 |
) |
(788,125 |
) |
(273,145 |
) |
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|
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|
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EBITDA |
481,472 |
|
110,394 |
|
162,416 |
|
173,862 |
|
|
|
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|
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|
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|
Net
income (loss) after tax |
280,088 |
|
24,478 |
|
(211,443 |
) |
36,889 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share |
0.011 |
|
0.001 |
|
(0.008 |
) |
0.001 |
|
ABOUT iFABRIC
CORP:
iFABRIC CORP
currently has 25.87 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 Corp.Hilton PriceCFO905
882-4513hilton.price@rogers.comiFabric Corp.Gary Perkins416
882-0020garyperkins@rogers.comwww.ifabriccorp.com