iFabric Corp Reports Record Revenues and Strong Performance for Q2 2024
iFabric Corp (TSX:IFA, OTCQX:IFABF) reported record revenues and strong performance for Q2 2024 ended June 30. Key highlights include:
- Record revenues of $5,796,220, up 10% year-over-year
- Intelligent Fabrics Division revenues increased 20% to $3,499,504
- Gross profit margin improved to 42% from 40% in 2023
- Adjusted EBITDA rose to $356,817 from $260,415 in 2023
- Net earnings of $56,103 or $0.002 per share
The company attributes its success to innovation, strategic growth, and a focus on leveraging advanced technologies. iFabric maintains a strong financial position with $17.7 million in working capital and $2.95 million in cash. Management remains confident in sustained growth and delivering shareholder value.
iFabric Corp (TSX:IFA, OTCQX:IFABF) ha riportato ricavi record e una performance solida per il secondo trimestre del 2024, terminato il 30 giugno. I punti salienti includono:
- Ricavi record di $5,796,220, in aumento del 10% rispetto all'anno precedente
- I ricavi della Divisione Tessuti Intelligenti sono aumentati del 20%, raggiungendo $3,499,504
- Il margine di profitto lordo è migliorato dal 40% del 2023 al 42%
- L'EBITDA rettificato è salito a $356,817, rispetto ai $260,415 del 2023
- Utile netto di $56,103, equivalente a $0.002 per azione
L'azienda attribuisce il suo successo all'innovazione, alla crescita strategica e a un focus sull'uso di tecnologie avanzate. iFabric mantiene una solida posizione finanziaria con $17,7 milioni in capitale circolante e $2,95 milioni in liquidità. La direzione rimane fiduciosa in una crescita sostenuta e nella creazione di valore per gli azionisti.
iFabric Corp (TSX:IFA, OTCQX:IFABF) reportó ingresos récord y un sólido rendimiento para el segundo trimestre de 2024, finalizado el 30 de junio. Los aspectos destacados incluyen:
- Ingresos récord de $5,796,220, un incremento del 10% en comparación con el año anterior
- Los ingresos de la División de Tejidos Inteligentes aumentaron un 20%, alcanzando $3,499,504
- El margen de ganancia bruta mejoró al 42% desde el 40% en 2023
- El EBITDA ajustado aumentó a $356,817 desde $260,415 en 2023
- Ganancia neta de $56,103 o $0.002 por acción
La empresa atribuye su éxito a la innovación, el crecimiento estratégico y el enfoque en el aprovechamiento de tecnologías avanzadas. iFabric mantiene una sólida posición financiera con $17.7 millones en capital de trabajo y $2.95 millones en efectivo. La dirección sigue confiando en un crecimiento sostenido y en la generación de valor para los accionistas.
iFabric Corp (TSX:IFA, OTCQX:IFABF)는 2024년 6월 30일에 종료된 2분기에 기록적인 수익과 강력한 성과를 보고했습니다. 주요 내용은 다음과 같습니다:
- 기록적인 수익 $5,796,220, 전년 대비 10% 증가
- 지능형 원단 부문 수익이 20% 증가하여 $3,499,504에 도달
- 총 이익률이 2023년 40%에서 42%로 개선됨
- 조정 EBITDA가 2023년 $260,415에서 $356,817로 상승
- 순이익 $56,103, 주당 $0.002
회사는 혁신, 전략적 성장, 첨단 기술 활용에 집중한 덕분에 성공을 거두었다고 밝혔습니다. iFabric은 $17.7백만의 운전 자본과 $2.95백만의 현금을 보유해 강력한 재무 상태를 유지하고 있습니다. 경영진은 지속적인 성장과 주주 가치를 창출하는 데 대해 확신하고 있습니다.
iFabric Corp (TSX:IFA, OTCQX:IFABF) a annoncé des revenus record et une solide performance pour le deuxième trimestre de 2024, se terminant le 30 juin. Les points clés incluent :
- Revenus record de $5,796,220, en hausse de 10 % par rapport à l'année précédente
- Les revenus de la division des tissus intelligents ont augmenté de 20 % pour atteindre $3,499,504
- La marge brute a été améliorée à 42 % contre 40 % en 2023
- L'EBITDA ajusté a augmenté à $356,817 contre $260,415 en 2023
- Bénéfice net de $56,103 ou $0.002 par action
L'entreprise attribue son succès à l'innovation, à la croissance stratégique et à un accent mis sur l'exploitation des technologies avancées. iFabric maintient une solide position financière avec $17,7 millions en fonds de roulement et $2,95 millions en liquidités. La direction reste confiante dans la croissance durable et la création de valeur pour les actionnaires.
iFabric Corp (TSX:IFA, OTCQX:IFABF) berichtete von Rekordumsätzen und einer starken Leistung für das zweite Quartal 2024, das am 30. Juni endete. Zu den wichtigsten Punkten gehören:
- Rekordumsatz von $5,796,220, ein Anstieg von 10% im Vergleich zum Vorjahr
- Die Umsätze der Intelligent Fabrics Division stiegen um 20% auf $3,499,504
- Die Bruttomarge verbesserte sich von 40% im Jahr 2023 auf 42%
- Das bereinigte EBITDA stieg auf $356,817 von $260,415 im Jahr 2023
- Nettoergebnis von $56,103 oder $0.002 pro Aktie
Das Unternehmen führt seinen Erfolg auf Innovation, strategisches Wachstum und einen Fokus auf die Nutzung fortschrittlicher Technologien zurück. iFabric bleibt mit $17,7 Millionen an Working Capital und $2,95 Millionen in Bar eine starke Finanzposition erhalten. Das Management bleibt zuversichtlich in Bezug auf nachhaltiges Wachstum und die Schaffung von Shareholder-Werten.
- Record quarterly revenues of $5,796,220, up 10% year-over-year
- Intelligent Fabrics Division revenues increased 20% to $3,499,504
- Gross profit margin improved to 42% from 40% in 2023
- Adjusted EBITDA rose to $356,817 from $260,415 in 2023
- Strong financial position with $17.7 million in working capital and $2.95 million in cash
- Unutilized $6,750,000 bank operating line available for future business financing
- Net earnings decreased to $56,103 from $132,546 in Q2 2023
- Selling, general and administrative costs increased by 34% to $2,363,950
- Intimate Apparel Division revenues decreased by 3% to $2,294,966
- Cash decreased to $2,951,308 from $3,461,111 at the end of the previous quarter
MARKHAM, ON / ACCESSWIRE / August 14, 2024 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), today announced its financial results for the second quarter ended June 30, 2024. The Company reported record revenues and notable increases in gross profit and adjusted EBITDA, reflecting continued strong performance.
"iFabric Corp's impressive performance in Q2 2024 reflects our ongoing commitment to innovation and strategic growth. Achieving record revenues and significant improvements in gross profit and adjusted EBITDA underscores the strength of our Intelligent Fabrics Division and our ability to navigate the evolving market landscape," stated Mr. Karon.
"Our focus remains on leveraging our advanced technologies and expanding our product offerings to drive continued success. We are confident that our investments in personnel, advertising, and infrastructure will position us for sustained growth and deliver value to our shareholders. I want to thank our dedicated team for their hard work and our customers for their continued support as we advance towards our long-term goals," concluded Mr. Karon.
Q2 2024 HIGHLIGHTS:
Record revenues of
$5,796,220 in Q2 2024 compared$5,278,331 in the same period of 2023, representing an increase of$517,889 or10% .Revenues in the Intelligent Fabrics Division, increased by
20% or$584,347 t o$3,499,504 In 2024 from$2,915,157 in 2023.Revenues in the Intimate Apparel Division decreased by
3% or$62,958 , to$2,294,966 in 2024 from$2,357,924 in 2023.Gross profit as a percentage of revenue increased to
42% in Q2 2024 compared40% in 2023, primarily as a result of product mix, with a higher proportion of higher margin products being shipped in the current quarter. Gross profit in dollars increased by13% or$281,813 t o$2,416,118 in Q2 2024 compared to$2,134,305 in 2023, attributable to the higher gross margin and increased revenues.Selling, general and administrative costs increased by
$596,557 (or34% ) to$2,363,950 in Q2 2024 compared to$1,767,393 in 2023, mainly as a result of increased personnel, advertising and travel costs incurred to support future revenue growth.During the quarter, the Company collected the Canadian dollar equivalent amount of
$361,980 against a legal claim currently being pursued in China. Accordingly, the previously established impairment provision was reduced by this amount in the current quarter. The process for collecting the balance of the Company's legal claim is ongoing.Adjusted EBITDA for Q2 2024 amounted to
$356,817 compared to adjusted EBITDA of$260,415 in 2023, representing an increase of$96,402. The net earnings attributable to iFabric's shareholders during Q2 2024 was
$56,103 ($0.00 2 per share, basic and diluted) compared to net earnings of$132,546 in 2023 ($0.00 4 per share, basic and diluted).Working capital (excluding a demand loan classified as current, but not requiring repayment in 2024) amounted to
$17,689,894 at the end of Q2 2024 compared to$17,320,228 at the end of the previous quarter.Cash amounted to
$2,951,308 at the end of Q2 2024 compared$3,461,111 at the end of the previous quarter.The Company's bank operating line was unutilized at both June 30, 2024 and at the end of the previous quarter, leaving the full line of
$6,750,000 available to finance future business.
SIX MONTH HIGHLIGHTS:
Total revenues of
$12,550,844 for the six months ended June 30, 2024 compared to of$11,920,894 in 2023, representing an increase of$629,950 or5% .Gross profit as a percentage of revenue was
43% for the six months ended June 30, 2024 compared to40% in 2023, primarily due to product mix, with a higher proportion of higher margin products being shipped during the current period. Gross profit in dollars increased by12% or$584,427 t o$5,377,240 in 2024 compared to$4,792,813 in 2023, attributable to the higher gross margin and increased revenues.Net earnings attributable to iFabric's shareholders during the six months ended June 30, 2024 was
$606,699 ($0.02 0 per share, basic and diluted) compared to net earnings of$601,965 in 2023 ($0.02 0 per share, basic and diluted). The increase in the attributable net earnings is primarily attributable to increased gross profit dollars, which was partially offset by increased expenditures.Adjusted EBITDA for the six months ended June 30, 2024 amounted to
$1,212,197 compared to adjusted EBITDA of$916,108 in 2023, representing an increase of$296,089.
Complete Financial Statements are available at: https://www.sedarplus.ca/landingpage/
Hylton Karon, CEO of iFabric, will participate in a webinar hosted by Adelaide Capital at 2pm ET on August 19th.
Register here: https://streamyard.com/watch/QMBDCHYxZ9hq
The webinar livestream will also be available to watch on the Adelaide Capital YouTube Channel, where a replay will be posted after the event: https://bit.ly/adcap-youtube
FINANCIAL HIGHLIGHTS
| Quarter Ended June 30 |
|
| Six Months Ended June 33 |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
|
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
| |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
| |
Revenue |
|
| 5,796,220 |
|
|
| 5,278,331 |
|
|
| 12,550,844 |
|
|
| 11,920,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings from operations |
|
| 126,044 |
|
|
| 301,925 |
|
|
| 805,097 |
|
|
| 875,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Share based compensation |
|
| (208,410 | ) |
|
| (3,909 | ) |
|
| (285,600 | ) |
|
| (3,909 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted EBITDA *(Note) |
|
| 356,817 |
|
|
| 260,415 |
|
|
| 1,212,197 |
|
|
| 916,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net earnings before tax |
|
| 68,713 |
|
|
| 195,428 |
|
|
| 763,238 |
|
|
| 794,403 |
|
|
|
|
|
|
|
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|
|
|
|
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| |
Net earnings after tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
attributable to shareholders |
|
| 56,103 |
|
|
| 132,546 |
|
|
| 606,699 |
|
|
| 601,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other comprehensive earnings (loss) |
|
| 54,388 |
|
|
| (133,962 | ) |
|
| 147,362 |
|
|
| (145,305 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total comprehensive earnings (loss) |
|
| 112,370 |
|
|
| (1,435 | ) |
|
| 756,102 |
|
|
| 457,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
Net earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 0.002 |
|
|
| 0.004 |
|
|
| 0.020 |
|
|
| 0.020 |
|
Diluted |
|
| 0.002 |
|
|
| 0.004 |
|
|
| 0.020 |
|
|
| 0.020 |
|
*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 |
|
| Six months |
| |||||||||||
For the period ended June 30, |
| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
| ||||
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|
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|
|
|
|
|
|
|
|
| |||||
Net earnings (loss) after tax attributable to shareholders |
|
| 56,103 |
|
|
| 132,546 |
|
|
| 606,699 |
|
|
| 601,965 |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to non-controlling interest |
|
| 1,879 |
|
|
| (19 | ) |
|
| 2,041 |
|
|
| 1,189 |
|
Provision for income taxes |
|
| 10,731 |
|
|
| 62,901 |
|
|
| 154,498 |
|
|
| 191,249 |
|
Share-based compensation |
|
| 208,410 |
|
|
| 3,909 |
|
|
| 285,600 |
|
|
| 3,909 |
|
Amortization of deferred development costs |
|
| 8,901 |
|
|
| 6,705 |
|
|
| 17,802 |
|
|
| 13,410 |
|
Depreciation of plant, property and equipment and right-of-use assets |
|
| 46,026 |
|
|
| 31,918 |
|
|
| 93,902 |
|
|
| 61,026 |
|
Interest expense |
|
| 24,767 |
|
|
| 22,455 |
|
|
| 51,655 |
|
|
| 43,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted EBITDA |
|
| 356,817 |
|
|
| 260,415 |
|
|
| 1,212,197 |
|
|
| 916,108 |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
| (208,410 | ) |
|
| (3,909 | ) |
|
| (285,600 | ) |
|
| (3,909 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA |
|
| 148,407 |
|
|
| 256,506 |
|
|
| 926,597 |
|
|
| 912,199 |
|
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
FAQ
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