IFabric Corp. Announces Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2013; Announces Impairment Charges
For the year, the company reported net loss after tax of $144,806 or $0.006 per share on revenue of $8,165,983 compared to net loss after tax of $214,349 or $0.009 per share on revenue of $6,074,766 reported in the same period last year. Income from operations was $602,513 against $330,910 reported last year. EBITDA was $113,365 against EBITDA loss of $123,473 reported last year. The loss in 2013 is largely attributable to share based compensation costs of $436,414 incurred in connection with the issuance of stock options to directors, officers and employees of the company, an impairment loss of $300,254 attributable to the termination of the company's joint venture agreement with Intelligent Fabric Technologies PLC, an unrelated company, as well as a net operating loss incurred by the intelligent textiles division amounting to $303,728, of which approximately $240,000 comprised marketing expenses and other costs incurred during the roll out phase of anti-microbial products. Increase in revenue was mainly attributable to new intimate apparel programs which commenced shipping in January 2013
For the quarter, the company also reported impairment loss of $300,253.