iFabric Corp announced its financial results for the third quarter ended 30th June 2013. iFabric has a 30th September year end.
Q3 HIGHLIGHTS:
In the quarter ended 30th June 2013, revenues increased to $2,709,015 compared to $1,802,833 in the corresponding quarter in 2012, an increase of 50%. Gross profit in the quarter was $1,504,110 (or 56% of sales), compared to $936,183 (or 52% of sales) in the corresponding quarter in 2012, representing an increase of $567,927 (or 61%) over 2012.
Operating income, before taxes and before non-recurring items for the third quarter ended 30th June 2013 was $600,382 or $0.020 per share, fully diluted, compared with $133,381 in the corresponding quarter of 2012 or $0.006 per share, fully diluted, an increase of 350%. Net profit after tax for the third quarter ended 30th June 2013 was $199,715 or $0.008 per share, after non-recurring expenses of $263,065 comprised of $73,065 attributable to share based compensation due to the granting of stock options to directors and officers of the company as well as approximately $190,000 in design, selling and marketing costs expensed ahead of future sales programs. Net loss after tax in the corresponding quarter in 2012, was $550,149 or a loss of $0.024 per share.
The Company's Balance Sheet remains strong. With a working capital ratio of 2.7 to 1, operating debt of $659,983 and cash of $339,126, the Company is well capitalized to fund its operations. Shareholders' Equity increased to $5,430,212 from $4,772,563.
Operating income before taxes and before non-recurring items for the nine months ended 30th June 2013 was $1,185,240 or $0.046 per share, fully diluted, compared with $427,193 in the corresponding nine months in 2012 or $0.018 per share, fully diluted. For the nine months ended 30th June 2013, revenues increased to $6,148,879 compared to $3,974,425 in the corresponding nine months of 2012, an increase of 55%. Gross profit for the nine months was $3,462,291 (or 56% of sales), compared to $2,136,156 (or 54% of sales) in the corresponding nine months, representing an increase of $1,326,135 (or 62%).
Net profit after tax for the nine months ended 30th June 2013 was $231,439 after non-recurring expenses of $736,210 comprised of $346,210 attributable to share based compensation due to the granting of stock options to directors and officers of the Company as well as approximately $390,000 in design, selling and marketing costs expensed ahead of future sales programs. Net loss in the corresponding nine months in 2012 was $327,672.
"Sales for the nine months have now exceeded those for the full 2012 financial year and with sales of our Cliniweave technology to major customers expected to commence in the fourth quarter I am confident that we are on track to achieve the growth objectives that we set for the Company when we listed in June of 2012. This is our second consecutive record quarter which, is indicative of strong momentum that was initially fueled by the launch of new Intimates programs in the early part of the year and which I anticipate will, in the near future, be sustained by sales of intelligent textile technologies to the wider market", stated Mr. Hylton Karon, CEO & President of iFabric.
CLINIWEAVE provides long-term effective control against a wide range of common pathogens, including mold, mildew, fungi and odor causing bacteria. Its efficacy and safety has been documented in peer reviewed publications and certified laboratory tests. It is durable through repeated washing and is proven to kill bacteria associated with hospital acquired infections. Medical facility uses for Cliniweave include bedding, curtaining, air filters, scrubs, masks and surfaces amongst others.
