Shares of iFabric Corp (OTCMKTS:IFABF) (TSX:IFA) have been trading within a narrow range over the past few sessions.
On Monday, IFABF stock ended flat at $2.72 with 200 shares, compared to its average volume of 1K shares. The stock moved within a range of $2.7257 – 2.7257 after opening trade at $2.70.
iFabric Corp Announces Q1 2022 Financial Results
iFabric Corp (OTCMKTS:IFABF) (TSX:IFA) on February 14, 2022 announced financial results for quarter one ending December 31, 2021. Hylton Karon, President and CEO of iFabric said that the company’s core business remains robust and continues to grow. This is despite the fact that shipment times from Asia have been tardy.
Karon added that both balance sheet and liquidity remain strong. The CEO believes that the financials are adequate for supporting revenue growth both in second half of 2022 and beyond. iFabric Corp’s total revenues for the quarter was $4,993,871 as compared to $7,520,901 in the previous year. This demonstrates a decline in revenues by 34%.
iFabric’s gross profit margins reduced by 2% in the quarter vis-à-vis 39% in the same quarter last year. This can be attributed to increase in shipping costs. The company’s administrative costs surged to $1,433,744 In Q1 2022, which was an increase of $337,050 due to professional fees, royalties and commissions. The net earnings after tax waswas $167,960 ($0.006 per share basic and diluted) as compared to $1,602,282 in the previous year.
Headquartered in Ontario, iFabric is listed on TSX and has over 29.6 million shares outstanding and issued. The two strategic devisions provide several products and services through wholly-owned subsidiaries, especially Intelligent Fabric Technologies Inc and Coconut Grove Pads Inc.
“iFabric’s core business remains strong and growing, despite the challenge of prolonged shipment times for goods coming from Asia,” said Hylton Karon, President and CEO of iFabric. “Our balance sheet and liquidity remain robust, and in my opinion are sufficient to support the accelerating revenue growth anticipated during the second half of fiscal 2022 and beyond,” concluded Mr. Karon.
IFABF stock is trading above the 20-Day and 50-Day Moving averages of $2.62 and $2.30 respectively. Moreover, the stock is trading above the 200-Day moving average of $2.70.