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Intelligent textiles maker iFabric reports record sales

23 Aug '14

2 min read

iFabric Corp, a producer of intelligent textiles and also a marketer of intimate apparel, said it has posted record revenues and also record income from operations in the third fiscal quarter ending June 30, 2014.

iFabric Corp posted revenues of $3,881,993 in third fiscal quarter of 2014, up 42 percent over corresponding quarter in 2013, while income from operations totalled $566,224 a hike of 53 percent, from a year earlier.

Gross profit in the third fiscal quarter of 2014 reached $1,931,281 or 50 percent of sales, compared with $1,536,327 or 56 per cent of sales in the corresponding quarter in 2013.

iFabric Corp attributed the decline in gross margin percentage to increases in discounts and margin guaranty rebates provided to customers, as well as the clearance of end-of-season fashion goods at lower margins.

Net profit after tax for the third quarter ended June 30, 2014 stood at $245,088 or 0.9 cent per share compared with an after-tax profit of $199,715 or 0.8 cent per share for the quarter ended June 30, 2013.

iFabric Corp informed that net profit in the third fiscal quarter fell $84,208, arising from losses in foreign exchange fluctuations, resulting from the strengthening of the Canadian dollar.

iFabric Corp said its balance sheet remains strong. With a working capital ratio of 4:1, operating debt of $388,663 and cash of $494,613 as well as unutilized bank lines of approximately $1.6-million, it noted that, it is well capitalized to finance its continuing operations.

Shareholders' equity increased to $7,549,379 from $5,164,171 as at Sept. 30, 2013.

"The revenue and income from operations for the quarter ended June 30, 2014, are the largest in the company's history to date. We have a great base of blue chip customers from which to build future revenues and profitability," CEO Hylton Karon informed.

Fibre2fashion News Desk - India

Industrial Textiles

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Intelligent textiles maker iFabric reports record sales

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