Home / Knowledge / News / Textiles / iFabric Corp' Q2 FY'13 sales skyrocket 111%
iFabric Corp' Q2 FY'13 sales skyrocket 111%
30
May '13
iFabric Corp.,announced its financial results for the second quarter ended 31st March 2013.

In the quarter ended 31st March 2013, revenues increased to $2,254,113 compared to $1,067,362 in the corresponding quarter of 2012, an increase of 111%. Gross profit in the quarter was $1,305,933 (or 58% of sales), compared to $586,750 (or 55% of sales) in the corresponding quarter of 2012, representing an increase of $719,183, or an increase of 123% over the corresponding quarter of 2012.

Net profit after tax for the second quarter ended 31st March 2013 was $24,478 after non-recurring expenses of $473,145 comprised of $273,145 attributable to share based compensation due to the granting of stock options to directors and officers of the company in January 2013 as well as approximately $200,000 in design, selling and marketing costs expensed ahead of future sales programs. Net profit after tax in the corresponding quarter of 2012, when the company was still private, amounted to $93,781.

The Company's Balance Sheet remains strong. With a working capital ratio of 3.7 to 1, operating debt of $452,000, cash of $144,000 and an unutilized bank line of credit of $1,692,000, the Company is well capitalized to fund its operations. Shareholders' Equity increased to $5,087,597 at the end of the quarter.

For the six months ended 31st March 2013, revenues increased to $3,439,864 compared to $2,171,592 in the corresponding six months of 2012, an increase of 58%. Gross profit for the six months was $1,958,181 (or 57% of sales), compared to $1,199,973 (or 55% of sales) in the corresponding six months, representing an increase of $758,208 (or 63%), over the corresponding six months of 2012.

Net profit after tax for the six months ended 31st March 2013 was $36,889 after non-recurring expenses of $473,145 comprised of $273,145 attributable to share based compensation due to the granting of stock options to directors and officers of the company in January 2013 as well as approximately $200,000 in design, selling and marketing costs expensed ahead of future sales programs. Net profit after tax in the corresponding six months in 2012, when the company was still private, was $222,477.

"I am very pleased so say that we have exceeded our expectations with regard to the Splendid Intimates program launch. With the Ella Moss program launching in the next quarter and sleepwear later in the year, our lingerie business is growing at a healthy rate," stated Mr. Hylton Karon, CEO and President of iFabric.

"We have also developed a substantial amount of momentum with regard to the company's Cliniweave technology which, continues to attract tremendous interest in a variety of applications with volume shipping anticipated to commence in the fourth quarter of 2013," added Mr. Karon.

iFabric Corp

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search