This morning it is very likely that iFabric Corp (OTCMKTS:IFABF) is going to come on to the radars of investors after it announced its financial results for the fourth fiscal quarter and the fiscal year, both of which had ended on September 30, 2022. It could be a good move for investors to take a look at some of the highlights from the company’s performance in the fiscal year.
Market Action
On Thursday, IFABF stock ended flat at $0.5920 with 100 shares, compared to volume of 288 shares. The stock moved within a range of $0.5920 – 0.5920 after opening trade at $0.5920.
iFabric Corp Reports Revenues and Earnings for Its Financial Year Ended September 30, 2022
In 2022, the total revenues generated by iFabric Corp came in at $19,743,008 and that was marginally lower than the revenues of $19,763,672 generated in the previous year. However, it should be noted that the 2022 revenues did not include the non-recurring revenues benefits that had been booked for the year.
The company noted that the revenues from its Intelligent Fabric Division actually went down by as much as 19% year on year to hit $12,658,907 and that reflected a hit of as much as $3,013,562. However, that was somewhat offset by the fact that the Intimate Apparel Division managed to record a year on year rise of as much as 75% and recorded revenues of $6,976,621. It may be a good idea for investors to keep an eye on the iFabric Corp stock today.
Key Quote
“I am pleased to report that iFabric matched the record revenue achieved in fiscal 2021 without the benefit of the non-recurring revenue the Company booked during fiscal 2021. If not for the ongoing disruptions impacting global supply chains that resulted in supplier shipping delays during the year that were outside of our control, fiscal 2022 would have been another record sales year for iFabric,” stated Hylton Karon, President and CEO of iFabric.
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