iFabric Corp. Reports Strong First Quarter Results
iFabric Corp., a leading provider of intelligent fabrics and intimate apparel, has announced its financial results for the first quarter of fiscal 2024, ending March 31, 2024. The company, reported record revenues and EBITDA for the quarter, attributing the success to the acquisition of new customers, innovative programmes and solid margins.
Hylton Karon, President and CEO of iFabric, expressed satisfaction with the company’s performance, stating, “New customers, new programmes and solid margins propelled iFabric to record revenues and EBITDA for the quarter.” He further confirmed the company’s commitment to achieving its recently announced revenue target of $28 to $32 million for fiscal 2024.
Key highlights from Q1 ended March 31, 2024:
Total Revenues: iFabric reported total revenues of $6,754,624 for Q1 2024, a 2% increase compared to $6,642,563 in Q1 2023.
Segment Performance: The Intelligent Fabrics Division saw revenues of $4,666,289, up 6% from $4,413,977 in Q1 2023, driven by increased chemical sales. However, the Intimate Apparel Division experienced a decrease in revenues to $2,088,335 from $2,223,336 in Q1 2023, primarily due to reduced sales in Canada.
Gross Profit Margins: Gross profit margins increased by 4% to 44% in Q1 2024 compared to 40% in Q1 2023, attributed to a favourable product mix with a higher proportion of higher margin products shipped in the current quarter.
Net Earnings: Net earnings after tax attributable to iFabric’s shareholders for Q1 2024 were $550,596 ($0.018 per share, basic and diluted), compared to $469,419 ($0.015 per share, basic and diluted) in Q1 2023.
