iFabric Corp.

February 27, 2014 09:15 ET

iFabric Corp Reports Record First Quarter Operating Results

MARKHAM, ONTARIO--(Marketwired - Feb. 27, 2014) - iFabric Corp (TSX VENTURE:IFA), hereinafter referred to as "iFabric" or the "Company", today announced its financial results for its financial quarter ended December 31, 2013.


  • Revenues of $3,005,785 as opposed to $1,241,673 in the quarter ended December 31, 2012, an increase of 142%. This increase was attributable to new intimate apparel programs as well as initial shipments of anti-microbial products.
  • Operating profit for the quarter was $314,023 compared to an operating loss of $46,946 in 2012, an increase of $360,969.
  • After tax loss of $491,531 or $0.019 per share compared to an after tax profit of $12,411 or $0.001 per share for the quarter ended December 31, 2012. The loss for the quarter is largely attributable to an amount of $752,532 in share based compensation, expensed as required under International Financial Reporting Standards ("IFRS"), in connection with the issuance of warrants and share options.
  • Working capital increased to $5,119,970 as at December 31, 2013, an increase of $1,718,544 since September 30, 2013. The increase in working capital is attributable to net cash proceeds of $1,430,288 from an equity offering, which closed on December 13, 2013, as well as the net operating income for the quarter.
  • Shareholder Equity increased to $6,855,460 from $5,164,171 as at September 30, 2013, representing an increase of $1,691,289. Increases in shareholder equity during the quarter resulted from net proceeds of $1,430,288 from the issue of 407,250 common shares pursuant to the above mentioned equity offering, as well as the value of $704,861 recognized in respect of 246,387 warrants issued in terms of the offering. The net after tax loss of $491,531 for the quarter accounted for a reduction in equity.

"I am extremely encouraged that our ladies intimate apparel division continues to show solid growth and whilst initial sales of anti-microbial products were modest in the quarter, customer response to-date has been excellent and we look forward to sustained sales growth in this division in the future," said Hylton Karon, President and CEO of iFabric.

Complete Financial Statements are available on www.sedar.com.

Quarter Ended December 31
2013 2012
$ $
Revenue 3,005,785 1,241,673
Income from operations 314,023 (46,946 )
Share based compensation (752,532 ) -
EBITDA (319,059 ) (20,493 )
Net income (loss) after tax (491,531 ) 12,411
Net income (loss) per share (0.019 ) 0.001


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 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.

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