MARKHAM, Ontario, Nov. 30, 2017 (GLOBE NEWSWIRE) -- iFabric Corp (TSX:IFA) today announced preliminary revenue results (unaudited) for its fourth quarter and full year ending September 30, 2017. The preliminary results are subject to the Company’s annual audit including a review of its revenue recognition policies under IFRS. The Company’s audited financial results will be available towards the end of December 2017.
Fourth Quarter Preliminary Revenue Highlights:
The Company anticipates the following revenue for the fourth quarter ending September 30, 2017:
- Total Revenue in the range of $6.6 million compared to $4.1 million in Q4, F2016, or an increase of 59% compared to last year.
- Intelligent Fabric revenue in the range of $0.9 million compared to $1.3 million in Q4, F2016, or a decrease of 30% compared to last year.
- Apparel revenue in the range of $5.7 million compared to $2.9 million in Q4, F2016, or an increase of 97% compared to last year.
Fiscal 2017 Preliminary Revenue Highlights:
The Company anticipates the following revenue for the fiscal year ending September 30, 2017:
- Total Revenue in the range of $18.8 million compared to $13.5 million in fiscal 2016, or an increase of 39% compared to last year.
- Intelligent Fabric revenue in the range of $4.8 million compared to $2.2 million in fiscal 2016, or an increase of 118% compared to last year.
- Apparel revenue in the range of $13.9 million compared to $11.2 million in fiscal 2016, or an increase of 24% compared to 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 CEO 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 Hylton Karon.
ABOUT iFABRIC CORP:
Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com 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. ("Coconut Grove"), 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.
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. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s products.
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.
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
Gary Perkins - Investor Relations
Tel: 416.882.0020
Email: garyperkins@rogers.com
Jean-François Dubé (Québec) – Investor Relations
Tel: 514.233.9551
Email: jfdube@mac.com
Website: http://www.ifabriccorp.com/
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