iFabric Corp. Reports Year End and Fourth Quarter 2013 Results
28 Gennaio 2014 - 3:15PM
Marketwired
iFabric Corp. Reports Year End and Fourth Quarter 2013 Results
MARKHAM, ONTARIO--(Marketwired - Jan 28, 2014) - iFabric Corp.
(TSX-VENTURE:IFA), hereinafter referred to as "iFabric" or the
"Company", today announced its financial results for the year ended
September 30th, 2013 and the fourth quarter ended September 30th,
2013.
2013 YEAR ENDED
SEPTEMBER 30th HIGHLIGHTS:
- Revenues of $8,165,983 vs $6,074.766 in 2012, an increase of
34.42%. This increase was mainly attributable to new intimate
apparel programs which commenced shipping in January 2013
- Operating profit for the year ended September 30, 2013 of
$602,513 compared to $330,910 in 2012.
- After tax loss of $144,806 or $0.006 per share compared to an
after tax loss of $214,349 or $0.009 per share for the year ended
September 30th, 2012. The loss in 2013 is largely attributable to
share based compensation costs of $436,414 incurred in connection
with the issuance of stock options to directors, officers and
employees of the company, an impairment loss of $300,254
attributable to the termination of the Company's joint venture
agreement with Intelligent Fabric Technologies PLC, an unrelated
company, as well as a net operating loss incurred by the
intelligent textiles division amounting to $303,728, of which
approximately $240,000 comprised marketing expenses and other costs
incurred during the roll out phase of anti-microbial products.
- Working capital amounted to $3,401,416 at September 30th,
2013
- Long term debt was reduced by $717,150 to $2,084,741 during the
year.
- Shareholder Equity increased by $391,608 from $4,772,563 in
2012 to $5,164,171 at September 30th, 2013
Q4 2013
HIGHLIGHTS:
- Revenues of $1,936,414 vs $2,006,645 in Q4 2012 The company had
budgeted for an increase in revenues for Q4 2013 of approximately
$500,000. However, a number of shipments scheduled for delivery in
Sept 2013 were received late from the supplier and were shipped to
customers in October 2013. Accordingly, these revenues will be
reflected in Q1, 2014.
- The net loss after tax amounted to $381,410, compared to net
income after tax of $113,386 earned in the same quarter of 2012.
The loss for the quarter included an impairment loss of $300,253
attributable to the termination of the Company's joint venture
agreement with Intelligent Fabric Technologies PLC, an unrelated
company, as well as share based compensation costs of $90,204
SUBSEQUENT
EVENTS:
- On December 13th, 2013, the company closed an equity offering
comprising 407,250 units at $4.00 per unit, for gross proceeds
$1,629,000. Each unit consists of one common share and one half of
one common share purchase warrant exercisable at $5.25 for a period
of three years. The agent received a cash fee of 7% as well as
28,508 agent warrants.
"This capital
injection has further strengthened the Company's working capital
and shareholder equity balances and provides the wherewithal to
meet testing and other costs required for our next level of
regulatory submissions," said Hilton Price, CFO of iFabric.
"The 2013 year was
an important milestone for the Company as it represents the final
year that the Company's revenues were contributed to by only our
apparel division. With the roll out of anti- microbial products to
the market late in the fourth quarter of 2013, I am very optimistic
that the growth goals that we established for the Company when we
invested into intelligent textile technologies are now well on the
road to being achieved," said Hylton Karon, President and CEO of
iFabric.
Complete Financial
Statements are available on www.sedar.com.
FINANCIAL HIGHLIGHTS |
|
Year Ended September 30 |
Quarter ended September 30 |
|
2013 |
2012 |
2013 |
2012 |
|
$ |
$ |
$ |
$ |
|
Revenue |
8,165,983 |
|
6,074,766 |
|
1,936,414 |
|
2,033,481 |
|
Income from operations |
602,513 |
|
330,910 |
|
(10,485 |
) |
163,509 |
|
Share based compensation |
(436,414 |
) |
- |
|
(90,204 |
) |
- |
|
Impairment loss |
(300,253 |
) |
- |
|
(300,253 |
) |
- |
|
RTO transaction costs |
- |
|
(572,170 |
) |
- |
|
- |
|
EBITDA |
113,365 |
|
(123,473 |
) |
(651,463 |
) |
73,017 |
|
Net income (loss) after tax |
(144,806 |
) |
(214,349 |
) |
(381,410 |
) |
113,386 |
|
Net income (loss) per share |
(0.006 |
) |
(0.009 |
) |
(0.016 |
) |
0.010 |
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.
Email: 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.comhttp://www.ifabriccorp.com/
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