iFabric Corp Reports Q3 2024 Results
iFabric Corp reported Q3 2024 results with revenues decreasing 11% to $4.28M compared to $4.81M in 2023. The Intelligent Fabric Division saw a 29% revenue decrease, while the Intimate Apparel Division grew 42%. Gross profit margin improved to 41% from 37%. The company maintains its FY2024 outlook of $28M-$32M, with Q4 revenue expected to exceed $11M. A potential Vancouver port strike could impact Q4 deliveries. Working capital stood at $17.5M, with cash increasing to $4.09M. The company reported a net loss of $105,616 ($0.003 per share) compared to $139,545 loss in 2023.
iFabric Corp ha riportato i risultati del Q3 2024 con ricavi in diminuzione dell'11% a $4,28 milioni rispetto ai $4,81 milioni del 2023. La Divisione Tessuti Intelligenti ha registrato una diminuzione dei ricavi del 29%, mentre la Divisione Abbigliamento Intimo è cresciuta del 42%. Il margine di profitto lordo è migliorato al 41% rispetto al 37%. L'azienda mantiene le previsioni per l'anno fiscale 2024 tra $28 milioni e $32 milioni, con il fatturato del Q4 atteso a superare gli $11 milioni. Un possibile sciopero al porto di Vancouver potrebbe influenzare le consegne del Q4. Il capitale circolante si è attestato a $17,5 milioni, con la liquidità in aumento a $4,09 milioni. L'azienda ha riportato una perdita netta di $105.616 ($0,003 per azione) rispetto a una perdita di $139.545 nel 2023.
iFabric Corp informó sobre los resultados del Q3 2024, con ingresos que disminuyeron un 11% a $4.28 millones comparado con $4.81 millones en 2023. La División de Tejidos Inteligentes experimentó una disminución del 29% en sus ingresos, mientras que la División de Ropa Interior creció un 42%. El margen de beneficio bruto mejoró al 41% desde el 37%. La compañía mantiene su perspectiva para el FY2024 entre $28 millones y $32 millones, con ingresos del Q4 que se espera superen los $11 millones. Una posible huelga en el puerto de Vancouver podría impactar las entregas del Q4. El capital de trabajo se situó en $17.5 millones, con un aumento en efectivo a $4.09 millones. La compañía reportó una pérdida neta de $105,616 ($0.003 por acción) en comparación con una pérdida de $139,545 en 2023.
iFabric Corp는 2024년 3분기 실적을 발표했으며, 수익이 11% 감소한 428만 달러로 2023년 481만 달러에 비해 줄어들었습니다. 지능형 직물 부문은 29%의 수익 감소를 겪었고, 속옷 부문은 42% 성장했습니다. 총 이익률은 37%에서 41%로 개선되었습니다. 회사는 2024 회계연도 전망을 2800만~3200만 달러로 유지하고 있으며, 4분기 수익은 1100만 달러를 초과할 것으로 예상됩니다. 밴쿠버 항구에서의 잠재적인 파업이 4분기 배송에 영향을 미칠 수 있습니다. 운전 자본은 1750만 달러로 유지되었고, 현금은 409만 달러로 증가했습니다. 회사는 2023년 139,545달러의 손실과 비교하여 105,616달러($0.003 주당)의 순손실을 기록했습니다.
iFabric Corp a annoncé ses résultats du 3ème trimestre 2024, avec des revenus diminuant de 11% pour atteindre 4,28 millions de dollars contre 4,81 millions de dollars en 2023. La Division des Tissus Intelligents a connu une baisse de 29% de ses revenus, tandis que la Division de Lingerie a crû de 42%. La marge brute a amélioré à 41% contre 37%. La société maintient ses prévisions pour l'exercice 2024 entre 28 millions et 32 millions de dollars, avec des revenus du 4ème trimestre prévus à plus de 11 millions de dollars. Une grève potentielle au port de Vancouver pourrait affecter les livraisons du 4ème trimestre. Le fonds de roulement s'élevait à 17,5 millions de dollars, avec une liquidité augmentant à 4,09 millions de dollars. La société a déclaré une perte nette de 105.616 dollars (0,003 dollars par action) par rapport à une perte de 139.545 dollars en 2023.
iFabric Corp hat die Ergebnisse für Q3 2024 bekannt gegeben, mit einem Umsatzrückgang von 11% auf 4,28 Millionen Dollar im Vergleich zu 4,81 Millionen Dollar im Jahr 2023. Die Intelligente Stoffabteilung verzeichnete einen Rückgang des Umsatzes um 29%, während die Unterwäscheabteilung um 42% wuchs. Die Bruttogewinnmarge verbesserte sich von 37% auf 41%. Das Unternehmen hält an seiner Prognose für das Geschäftsjahr 2024 von 28 Millionen bis 32 Millionen Dollar fest, wobei der Umsatz im Q4 voraussichtlich 11 Millionen Dollar übersteigen wird. Ein potenzieller Streik am Hafen von Vancouver könnte die Lieferungen im Q4 beeinflussen. Das Betriebsvermögen belief sich auf 17,5 Millionen Dollar, wobei die Liquidität auf 4,09 Millionen Dollar gestiegen ist. Das Unternehmen berichtete von einem Nettverlust von 105.616 Dollar (0,003 Dollar pro Aktie) im Vergleich zu einem Verlust von 139.545 Dollar im Jahr 2023.
- Gross profit margin improved to 41% from 37% in Q3 2024
- Intimate Apparel Division revenue increased 42% to $1.71M
- Cash position improved by $1.14M to $4.09M
- Full $6.75M bank credit line remains available
- Nine-month adjusted EBITDA increased to $1.21M from $792K
- Q3 revenue decreased 11% to $4.28M
- Intelligent Fabric Division revenue declined 29% to $2.57M
- Net loss of $105,616 in Q3 2024
- Vancouver port strike threatens Q4 deliveries
- Selling, general and administrative costs increased 7% over nine months
MARKHAM, ON / ACCESSWIRE / November 14, 2024 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), a leader in technology enhanced apparel, today announced its results for its third quarter and nine months ended September 30, 2024.
"We demonstrated steady performance with an equal quarter-over-quarter financial performance with a notable increase in percentage gross margin. This sets the stage for a record fourth quarter, as the company continues to capitalize on growth opportunities and drive operational efficiencies. With a robust order book and strategic initiatives underway, iFabric is well-positioned for sustained success and value creation for its shareholders." stated Hylton Karon, President, and CEO of iFabric.
"The previously announced fiscal year 2024 outlook, in the range of
THREE MONTHS ENDED SEPTEMBER 30, 2024, HIGHLIGHTS:
Revenues decreased by
11% or$524,938 t o$4,280,564 in Q3 2024 compared to$4,805,502 in 2023.Intelligent Fabric Division revenue decreased by
29% or$1,027,622 t o$2,569,137 in 2024 from$3,596,759 in 2023, attributable to the elimination of several low margin programs in Canada.For the Intimate Apparel Division, revenue increased by
42% or$502,684 t o$1,706,177 in 2024 from$1,203,493 in 2023, as a result of new programs for US retailers.Gross profit contribution was virtually unchanged at
$1,756,730 (41% margin) in 2024, compared$1,771,862 (37% margin) in 2023. The increase in gross margins is primarily attributable to the elimination of low margin programs as discussed above.Selling, general and administrative costs decreased by
13% or$259,856 t o$1,742,051 in 2024 from$2,001,907 in 2023, mainly due to a timing difference in bonus payments.Adjusted negative EBITDA of
$1,943 in 2024 compared to adjusted negative EBITDA of$123,821 in 2023.Net loss attributable to iFabric's shareholders in 2024, amounted to
$105,616 ($0.00 3 per share, basic and diluted) compared to net loss attributable to shareholders of$139,545 in 2023 ($0.00 5 per share, basic and diluted).Working capital, (excluding a demand term loan classified as current under IFRS, but not requiring repayment in 2025) amounted to
$17,502,506 at the end of Q3 2024 compared to$17,689,894 at the end of the previous quarter.Cash increased by
$1,141,212 t o$4,092,520 as at September 30, 2024 from$2,951,308 as at the end of the previous quarter, due to improved efficiencies in collections and inventory management.The Company's bank credit line of
$6,750,000 was unutilized at the end of Q3 2024, leaving the full line available to finance future growth.
NINE MONTHS ENDED SEPTEMBER 30, 2024, HIGHLIGHTS:
Revenue increased by
1% to$16,831,408 for the nine months ended September 30, 2024, compared to$16,726,396 in 2023, despite the elimination of several low margin programs during the period.Gross margins improved to
42% during the nine months, compared to39% in the comparable period of 2023, as a result of the product mix for the period. Gross profit dollars increased by9% or$569,295 in the current period to$7,133,970 in 2024 from$6,564,675 in 2023.For the nine months ended September 30, 2024, selling, general and administrative costs increased by
$430,024 (or7% ) to$6,227,215 compared to$5,797,191 in 2023, as a result of increased personnel, advertising and travel costs incurred to support future revenue growth.Adjusted EBITDA for the first nine months of 2024 amounted to
$1,210,254 compared to adjusted EBITDA of$792,287 in 2023, representing an increase of$417,967.
Complete Financial Statements are available on www.sedar.com and the company's website at www.ifabriccorp.com.
FINANCIAL HIGHLIGHTS
|
| Quarter Ended September 30 |
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| Nine Months Ended September 30 |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Revenue |
|
| 4,280,564 |
|
|
| 4,805,502 |
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| 16,831,408 |
|
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| 16,726,396 |
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Earnings (loss) from operations |
|
| (196,502 | ) |
|
| (369,789 | ) |
|
| 608,595 |
|
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| 506,035 |
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|
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|
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|
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Share based compensation |
|
| (131,220 | ) |
|
| (81,100 | ) |
|
| 416,820 |
|
|
| 85,009 |
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|
|
|
|
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|
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|
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|
|
|
|
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| |
Adjusted EBITDA *(Note) |
|
| (1,943 | ) |
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| (123,821 | ) |
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| 1,210,254 |
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| 792,287 |
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| |
Net earnings (loss) before tax |
|
| (213,124 | ) |
|
| (263,565 | ) |
|
| 550,114 |
|
|
| 530,838 |
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Net earnings (loss) after tax attributable to shareholders |
|
| (105,616 | ) |
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| (139,545 | ) |
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| 501,083 |
|
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| 462,420 |
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Net income (loss) per share - basic |
|
| (0.003 | ) |
|
| (0.005 | ) |
|
| 0.017 |
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| 0.015 |
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Net income (loss) per share - diluted |
|
| (0.003 | ) |
|
| (0.005 | ) |
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| 0.017 |
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| 0.015 |
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*Note: Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization and share based compensation.
*USE OF NON-GAAP MEASURES
Certain measures in this document do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS") and, therefore, are not considered generally accepted accounting principles ("GAAP") measures and may not be comparable to similar measures presented by other issuers. Where non-GAAP measures or terms are used, definitions are provided. The Company believes that certain non-GAAP financial measures provide important information regarding the operational performance and related trends of the Company's business. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.
Adjusted EBITDA
The Company uses Adjusted EBITDA to assess its operating performance without the effects of (as applicable): current and deferred tax expense, finance costs, interest income, depreciation and amortization of plant assets, other gains and losses, impairment loss, share-based compensation and other non-recurring items. The Company adjusts for these factors as they may be non-cash, unusual in nature and may not optimally represent its operating performance. Adjusted EBITDA is not intended to be representative of net earnings from operations or an alternative measure to cash provided by operating activities determined in accordance with IFRS.
The table below reconciles Adjusted EBITDA and Net earnings attributable to owners of the Company, calculated in accordance with IFRS:
| Three months |
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| Nine months |
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For the period ended September 30, |
| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Net earnings (loss) after tax attributable to shareholders |
|
| (105,616 | ) |
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| (139,545 | ) |
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| 501,083 |
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| 462,420 |
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Add (deduct): |
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Net earnings attributable to non-controlling interest |
|
| (405 | ) |
|
| (1,827 | ) |
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| 1,636 |
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|
| (638 | ) |
Provision for income taxes |
|
| (107,103 | ) |
|
| (122,193 | ) |
|
| 47,395 |
|
|
| 69,056 |
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Share-based compensation |
|
| 131,220 |
|
|
| 81,100 |
|
|
| 416,820 |
|
|
| 85,009 |
|
Amortization of deferred development costs |
|
| 8,901 |
|
|
| 6,705 |
|
|
| 26,703 |
|
|
| 20,115 |
|
Depreciation of plant, property and equipment and right-of-use assets |
|
| 47,178 |
|
|
| 29,371 |
|
|
| 141,080 |
|
|
| 90,397 |
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Interest expense |
|
| 23,882 |
|
|
| 22,568 |
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|
| 75,537 |
|
|
| 65,928 |
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|
|
|
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|
|
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| |
Adjusted EBITDA |
|
| (1,943 | ) |
|
| (123,821 | ) |
|
| 1,210,254 |
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|
| 792,287 |
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Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Share-based compensation |
|
| (131,220 | ) |
|
| (81,100 | ) |
|
| (416,820 | ) |
|
| (85,009 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA |
|
| (133,163 | ) |
|
| (204,921 | ) |
|
| 793,434 |
|
|
| 707,278 |
|
About iFabric Corp:
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and, currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove").
IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide "intelligent" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.
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", "plans", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the extent and impact of health pandemic outbreaks on our business; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals.
A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's annual information form dated April 1, 2024 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
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. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
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 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.
FOR FURTHER INFORMATION please contact:
Hylton Karon, President and CEO
Tel: 905.752.0566 ext 201
Email: hyltonk@ifabriccorp.com
Hilton Price, CFO
Tel: 647.465.6161
Email: hilton.price@rogers.com
Website: www.ifabriccorp.com
Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: iFabric Corp
View the original press release on accesswire.com
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