Home / Knowledge / News / Textiles / Operating profit nearly doubles at iFabric in FY'13
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.
 
Click here to view more.

iFabric


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

India to be largest cotton producer in 2018-19: USDA

Textiles | On 22nd Jun 2018

India to be largest cotton producer in 2018-19: USDA

For the fourth consecutive season, India is expected to be the...

Organic Basics gets Polygiene help for advanced underwear

Apparel/Garments | On 22nd Jun 2018

Organic Basics gets Polygiene help for advanced underwear

Danish firm Organic Basics is working with Swedish company Polygiene, ...

Interviews View All

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Urmil Arya

Sushila International, a well established textile organisation established ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search