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iFabric Corp Reports Record Results for Its Year End and Fourth Quarter Ended September 30th, 2014
MARKHAM, ONTARIO--(Marketwired - Jan. 28, 2015) - iFabric Corp (TSX VENTURE:IFA), hereinafter referred to as "iFabric" or the "Company", today announced its financial results for the year ended September 30th, 2014 and the fourth quarter ended September 30th, 2014.
2014 YEAR ENDED SEPTEMBER 30th HIGHLIGHTS:
Revenues of $13,021,482 vs $8,165,983 in 2013, an increase of 59%. Revenues include sales of intelligent textile technologies of $864,465 vs $68,077 in 2013.
Operating profit for the year ended September 30th, 2014 of $1,031,617 compared to $602,513 in 2013, an increase of 71%.
After tax earnings of $541,148 (or $0.021 per share basic and $0.020 diluted) compared to an after tax loss of $144,806 (or $0.006 per share basic and diluted) for the year ended September 30th, 2013. Earnings for 2014 include the cost of share based compensation amounting to $328,674 compared to $436,414 in 2013, in connection with the issuance of stock options to directors, officers and employees of the company. The net earnings for 2014 also include losses incurred by the intelligent textiles division amounting to $350,776 (2013 $452,289) which mainly comprise regulatory, marketing and travel costs incurred in advance of anticipated future sales for this division.
Working capital amounted to $5,631,275 at September 30, 2014 compared to $3,401,416 at September 30, 2013, an increase of $2,229,859
Shareholder Equity increased by $2,310,110 from $5,164,171 in 2013 to $7,474,281 at September 30, 2014.
Q4 2014 HIGHLIGHTS:
Revenues of $3,222,431 compared to $1,936,414 in Q4 2014, representing an increase of $1,286,017 or 66%
The net loss after tax amounted to $197,358 compared to a net loss after tax of $381,410 in the same quarter of 2013. The loss for the quarter included inventory write downs of $154,525 as well as losses in the intelligent textile division amounting to $224,994 incurred for regulatory, marketing and travel costs in advance of future anticipated sales for this division.
"The 2014 year represents another year of significant growth for the company, resulting in record revenues and operating profits. Whilst net after tax earnings are lower than we would normally have anticipated at this level of revenues, the company has invested heavily on regulatory, development and marketing costs in order to capitalize on future growth opportunities. I am confident that the benefit of this investment will be realized in the near future and am optimistic that we will continue to meet our growth goals," said Hylton Karon, President and CEO of iFabric.
Complete Financial Statements and Managements' Discussion and Analysis thereon are available on www.sedar.com and the company's website at www.ifabriccorp.com.
FINANCIAL HIGHLIGHTS | ||||||||
Year Ended | Quarter ended | |||||||
2014 | 2013 | 2014 | 2013 | |||||
$ | $ | $ | $ | |||||
Revenue | 13,021,482 | 8,165,983 | 3,222,430 | 1,936,414 | ||||
Income from operations | 1,031,617 | 602,513 | (190,938 | ) | (10,485 | ) | ||
Share based compensation | (328,674 | ) | (436,414 | ) | (122,260 | ) | (90,204 | ) |
Impairment loss | - | (300,253 | ) | - | (300,253 | ) | ||
EBITDA | 1,051,403 | 113,365 | (257,999 | ) | (651,463 | ) | ||
Net income (loss) after tax | 541,148 | (144,806 | ) | (197,358 | ) | (381,410 | ) | |
Net income (loss) per share | 0.021 | (0.006 | ) | (0.008 | ) | (0.016 | ) | |
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.
