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iFabric Corp Reports Record 3rd Quarter Revenues


MARKHAM, ON / ACCESSWIRE / August 11, 2022 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF) , today announced its financial results for its third quarter and nine months ended June 30, 2022.

"I am extremely pleased to report record Q3 revenue, up 26% compared to Q3 2021. Our business continues to grow with solid deliveries in the quarter," said Hylton Karon, President and CEO of iFabric. "The strategy to boost inventory well in advance of customer demand, served us in maintaining our exceptional fulfillment capability in a time of global logistics challenges," continued Mr. Karon.

"With orders and inventory in hand for Q4 (traditionally our largest revenue quarter), 2022 looks to be on track for another record year for the Company. Taking recently announced license agreements into account, I have every reason to believe that this record setting momentum will continue in 2023," concluded Mr. Karon.

Q3 2022 HIGHLIGHTS:

NINE MONTH HIGHLIGHTS:

Complete Financial Statements are available on www.sedar.com

FINANCIAL HIGHLIGHTS

Quarter Ended June 30 Nine Months Ended June 30
2022 2021 2022 2021
$ $ $ $
Revenue
5,238,900 4,155,829 13,710,058 14,559,390
Earnings from operations
411,218 759,275 206,167 2,342,131
Share based compensation
2,150 5,653 332,581 18,996
Adjusted EBITDA *(Note)
536,578 900,721 528,053 2,880,114
Net earnings before tax
484,383 854,556 64,520 2,734,178
Net earnings (loss) after tax attributable to shareholders
344,805 705,406 (158,915) 2,166,533
Other comprehensive income (loss)
14,132 (68,795) 102,409 (386,045)
Total comprehensive earnings (loss)
360,469 643,445 (46,142) 1,799,231
Net income (loss) per share - basic
0.012 0.024 (0.005) 0.078
Net income (loss) per share - diluted
0.012 0.023 (0.005) 0.075

*Note: Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization and share based compensation.

*USE OF NON-GAAP MEASURES

Certain measures in this document do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS") and, therefore, are not considered generally accepted accounting principles ("GAAP") measures and may not be comparable to similar measures presented by other issuers. Where non-GAAP measures or terms are used, definitions are provided. The Company believes that certain non-GAAP financial measures provide important information regarding the operational performance and related trends of the Company's business. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.

Adjusted EBITDA

The Company uses Adjusted EBITDA to assess its operating performance without the effects of (as applicable): current and deferred tax expense, finance costs, interest income, depreciation and amortization of plant assets, other gains and losses, impairment loss, share-based compensation and other non-recurring items. The Company adjusts for these factors as they may be non-cash, unusual in nature and do not reflect its operating performance. Adjusted EBITDA is not intended to be representative of net earnings from operations or an alternative measure to cash provided by operating activities determined in accordance with IFRS.

The table below reconciles Adjusted EBITDA and Net earnings attributable to owners of the Company, calculated in accordance with IFRS:

Three months Nine months
For the period ended June 30,
2022 2021 2022 2021
Net earnings (loss) after tax attributable to shareholders
344,805 705,406 (158,915) 2,166,533
Add (deduct):
Net earnings attributable to non-controlling interest
1,532 6,834 10,364 18,743
Provision for income taxes
138,046 142,316 213,071 548,902
Share-based compensation
2,150 5,653 332,581 18,996
Amortization of deferred development costs
6,705 6,705 20,115 20,115
Depreciation of plant, property and equipment and right-of-use assets
30,629 21,584 76,566 63,565
Interest expense
12,711 12,223 34,271 43,260
Adjusted EBITDA
536,578 900,721 528,053 2,880,114
Add (deduct):
Share-based compensation
(2,150) (5,653) (332,581) (18,996)
EBITDA
534,428 895,068 195,472 2,861,118


ABOUT iFABRIC CORP:

Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and, currently has 29.6 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove").

IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide "intelligent" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.

Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies' intimate apparel products and accessories.

FORWARD LOOKING STATEMENTS

Forward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained in this news release constitute forward looking statements. The use of any words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors, including the risk factors described in the Company's annual information form dated December 23, 2020 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR at www.sedar.com.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.

Given the impacts of COVID-19 and the war in Ukraine resulting in ongoing uncertainty, there can be no assurances regarding: (a) the COVID-19 and the war in Ukraine related impacts on the Company's business, operations and performance, (b) the Company's ability to mitigate such impacts; (c) credit, market, currency, operational, and liquidity risks generally; and (d) other risks inherent to the Company's business and/or factors beyond its control which could have a material adverse effect on the Company.

Any financial outlook or future oriented financial information in this news release, as defined by applicable securities legislation, has been approved by management of iFabric. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

FOR FURTHER INFORMATION, please contact:

Hilton Price, CFO
Tel: 647.465.6161
Email: hilton.price@rogers.com
Website: www.ifabriccorp.com

Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE: iFabric Corp.



View source version on accesswire.com:
https://www.accesswire.com/711758/iFabric-Corp-Reports-Record-3rd-Quarter-Revenues


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