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Operating profit nearly doubles at iFabric in FY'13
29
Jan '14
iFabric Corp announced its financial results for the year ended September 30th 2013 and the fourth quarter ended September 30th 2013.
 
2013 YEAR ENDED SEPTEMBER 30th HIGHLIGHTS:
Revenues of $8,165,983 vs $6,074.766 in 2012, an increase of 34.42%. This increase was mainly attributable to new intimate apparel programs which commenced shipping in January 2013
 
Operating profit for the year ended September 30, 2013 of $602,513 compared to $330,910 in 2012.
 
After tax loss of $144,806 or $0.006 per share compared to an after tax loss of $214,349 or $0.009 per share for the year ended September 30th 2012. 
 
The loss in 2013 is largely attributable to share based compensation costs of $436,414 incurred in connection with the issuance of stock options to directors, officers and employees of the company, an impairment loss of $300,254 attributable to the termination of the Company’s joint venture agreement with Intelligent Fabric Technologies PLC, an unrelated company, as well as a net operating loss incurred by the intelligent textiles division amounting to $303,728, of which approximately $240,000 comprised marketing expenses and other costs incurred during the roll out phase of anti-microbial products.
 
Working capital amounted to $3,401,416 at September 30th 2013. Long term debt was reduced by $717,150 to $2,084,741 during the year. Shareholder Equity increased by $391,608 from $4,772,563 in 2012 to $5,164,171 at September 30th, 2013
 
Q4 2013 HIGHLIGHTS:
Revenues of $1,936,414 vs $2,006,645 in Q4 2012. The company had budgeted for an increase in revenues for Q4 2013 of approximately $500,000. However, a number of shipments scheduled for delivery in Sept 2013 were received late from the supplier and were shipped to customers in October 2013. Accordingly, these revenues will be reflected in Q1, 2014.
 
The net loss after tax amounted to $381,410, compared to net income after tax of $113,386 earned in the same quarter of 2012. The loss for the quarter included an impairment loss of $300,253 attributable to the termination of the Company’s joint venture agreement with Intelligent Fabric Technologies PLC, an unrelated company, as well as share based compensation costs of $90,204.
 
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