Markham, Ontario--(Newsfile Corp. - February 13, 2019) - iFabric Corp. (TSX: IFA) ("iFabric" or the "Company"), today announced its results for its first quarter ended December 31, 2018.
"We are now in the execution phase of our strategy for longer term growth. Our first target was to eliminate less profitable and low future potential products. This quarter shows the effect of our discontinuance of sleepwear. Our move to focus on the higher potential products such as performance apparel has resulted in the addition of a major US retailer to our customer portfolio. Programs for this customer are expected to add approximately $10 million in annual revenues, with the first products anticipated to commence shipping around the end of our third quarter. Negotiations with several other retailers are ongoing and I am confident that our portfolio of customers for performance apparel will expand. In addition, the previously advised clinical trials for our Protx2 antibacterial technology have been confirmed for the summer. A positive outcome for these trials should result in additional Protx2 licenses being concluded in the medical space," stated Hylton Karon, President and CEO of iFabric.
"I remain convinced that the new path that we have placed the Company on, will result in our achieving the long-term objectives that we have set for iFabric and will impact positively on future revenue and earnings," concluded Hylton Karon.
HIGHLIGHTS FOR FIRST QUARTER ENDED DECEMBER 31, 2018 (Q1 2019):
Complete Financial Statements are available on www.sedar.com and the company's website www.ifabriccorp.com.
FINANCIAL HIGHLIGHTS:
Three months ended December 31, | 2018 | 2017 |
Revenue | 2,471,881 | 5,136,771 |
Earnings (loss) from operations | (489,166) | 1,227,331 |
Share based compensation | (73,378) | (45,483) |
Adjusted EBITDA *(Note) | (513,235) | 1,427,328 |
Net earnings (loss) after tax | (556,863) | 950,955 |
Net earnings (loss) after tax | ||
attributable to shareholders | (557,122) | 950,480 |
Other comprehensive earnings (loss) | 125,085 | 13,307 |
Total comprehensive earnings (loss) | (431,778) | 964,262 |
Net earnings (loss) per share | ||
Basic | (0.021) | 0.036 |
Diluted | (0.021) | 0.035 |
*Note: Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization and share based compensation.
ABOUT iFABRIC CORP:
Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com currently has 26.2 million shares issued and outstanding. Through its wholly-owned subsidiaries, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove"), the Company offers a variety of products and services in both of its strategic divisions:
IFTNA is focused on performance apparel as well as proprietary chemical formulations that render fabrics, foams, plastics and numerous other surfaces intelligent, thereby improving the safety and well-being of the consumer.
Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies intimate apparel products and accessories.
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.
FOR FURTHER INFORMATION, please contact:
Hilton Price, CFO
Tel: 647.465.6161
Email: [email protected]
Gary Perkins - Investor Relations
Tel: 416.882.0020
Email: [email protected]
Jean-François Dubé (Québec) - Investor Relations
Tel: 514.233.9551
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42808