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.
