Innovative Designs, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended April 30, 2023
July 07, 2023 at 10:23 pm IST
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Innovative Designs, Inc. reported earnings results for the second quarter and six months ended April 30, 2023. For the second quarter, the company reported sales was USD 0.027249 million compared to USD 0.037717 million a year ago. Net loss was USD 0.112591 million compared to USD 0.275816 million a year ago. Basic loss per share from continuing operations was USD 0.003 compared to USD 0.008 a year ago. Diluted loss per share from continuing operations was USD 0.003 compared to USD 0.008 a year ago.
For the six months, sales was USD 0.098896 million compared to USD 0.100116 million a year ago. Net loss was USD 0.171686 million compared to USD 0.407857 million a year ago. Basic loss per share from continuing operations was USD 0.005 compared to USD 0.012 a year ago. Diluted loss per share from continuing operations was USD 0.005 compared to USD 0.012 a year ago.
Innovative Designs, Inc. operates in two separate business segments, such as cold weather clothing and house wrap for the building construction industry. Both of its segment lines use products made from INSULTEX, which is a low-density foamed polyethylene with buoyancy, scent block, and thermal resistant properties. The Company's apparel segment offers a range of extreme cold weather apparel and related items. Its House Wrap segment offers its INSULTEX House Wrap, which has an R-value of three and an R-value of six and its own seam tape. Floating Swimwear is its swimwear product, which is designed to be a swim aid. Its other products containing INSULTEX include Hunting Apparel Line and Arctic Armor Line. It also offers a product that helps restore the waterproof character of the outer side of its Arctic Armor clothing. Its Arctic Armor line products are used by Ice fisherman, Snowmobilers, Utility workers, Oil/gas pipeline workers, Railroad workers, Construction workers, and others.