In 2012 revenues increased to $5,981,070 compared to $5,557,574 in 2011, an increase of $423,496 or 7.6%. Gross profit in 2012 was $3,202,612 compared to $2,795,375 in 2011. Gross profit margins increased to 54% in 2012 compared to 50% in 2011, attributable to favorable product mix and savings in warehouse costs from establishing higher minimum customer order levels.
Net loss for the year ended 30th September 2012 was $214,349 or $0.01 per share, compared to a profit of $485,519 or $0.04c per share for the year ended 30th September 2011, on a fully diluted basis. The loss in 2012 is largely attributable to listing expenses of $572,170 incurred in connection with the company's public listing via reverse takeover of a capital pool corporation, as well as selling and design costs of approximately $400,000 relating to new sales programs which have been expensed ahead of initial sales of product from these programs, which are anticipated to commence shipping in the Company's January to March 2013 quarter.
The Company's balance sheet continues to improve. With working capital of $4,011,541and no operating debt, the Company is well capitalized to fund its operations. Shareholders' Equity increased to $4,772,563 an increase of $823,651 or 21% resulting from net proceeds of funds raised via private placement as part of the going public process in June 2012.
"The Company achieved sales growth in a very difficult year for retailers, especially in our key UK market" said Hylton Karon, president and CEO of iFabric. "With a strong order book on hand for our core products in the ladies intimate apparel division, the 2013 outlook for this division is encouraging. Sales are expected to show significant growth commencing in the quarter January to March. In addition, Cliniweave, a key technology in our intelligent fabrics division, received EPA (Environmental Protection Agency) registrations for its anti-bacterial and anti-viral versions in October and December 2012 respectively, now allowing the Company to sell Cliniweave technologies into the USA market. We are working with some key customers to integrate Cliniweave into their production schedules," added Mr. Karon.
ABOUT iFABRIC CORP:
iFABRIC CORP currently has 25.2 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.
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