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or Name
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iFabric Corp
Symbol IFA
Shares Issued 26,161,000
Close 2017-11-29 C$ 3.60
Market Cap C$ 94,179,600
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iFabric expects $6.6-million in total revenue for Q4

2017-11-30 09:50 ET - News Release

Mr. Hilton Price reports

IFABRIC ANNOUNCES PRELIMINARY REVENUE NUMBERS FOR FISCAL 2017

iFabric Corp. has released its preliminary revenue results (unaudited) for its fourth quarter and full year ending Sept. 30, 2017. The preliminary results are subject to the company's annual audit including a review of its revenue recognition policies under IFRS (international financial reporting standards). The company's audited financial results will be available near the end of December, 2017.

Fourth quarter preliminary revenue highlights

The company anticipates the following revenue for the fourth quarter ending Sept. 30, 2017:

  • Total revenue in the range of $6.6-million compared with $4.1-million in Q4, F2016, or an increase of 59 per cent compared with last year.
  • Intelligent Fabric revenue in the range of $900,000 compared with $1.3-million in Q4, F2016, or a decrease of 30 per cent compared with last year.
  • Apparel revenue in the range of $5.7-million compared with $2.9-million in Q4, F2016, or an increase of 97 per cent compared with last year.

Fiscal 2017 preliminary revenue highlights

The company anticipates the following revenue for the fiscal year ending Sept. 30, 2017:

  • Total revenue in the range of $18.8-million compared with $13.5-million in fiscal 2016, or an increase of 39 per cent compared with last year.
  • Intelligent Fabric revenue in the range of $4.8-million compared with $2.2-million in fiscal 2016, or an increase of 118 per cent compared with last year.
  • Apparel revenue in the range of $13.9-million compared with $11.2-million in fiscal 2016, or an increase of 24 per cent compared with last year.

"I am extremely pleased by our preliminary revenue numbers for fiscal 2017, which are the highest in company history," stated Hylton Karon, president and chief executive officer of iFabric. "Whilst the record increase in apparel revenue in Q4 was anticipated as a result of new sleepwear programs launched earlier in the year, Intelligent Fabric revenues were lower than anticipated due to seasonal considerations as well as programs for new major customers that were expected to commence in Q4 but that will instead commence in our next quarter. In terms of fiscal 2018, we are planning for continued solid sales growth, particularly in our Intelligent Fabrics division. I will provide additional information on our outlook for next year when we report final audited results for fiscal 2017 in December," concluded Mr. Karon.

About iFabric Corp.

Headquartered in Markham, Ont., iFabric currently has 26.2 million shares issued and outstanding. Through its wholly owned subsidiaries, Intelligent Fabric Technologies (North America) Inc. (IFTNA) and Coconut Grove Pads Inc., the company offers a variety of products and services in both of its strategic divisions: IFTNA is focused on proprietary chemical formulations that render fabrics, foams, plastics and numerous other surfaces intelligent, thereby improving the safety and well-being of the consumer. Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies intimate apparel products, accessories and sleepwear.

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