iFabric Corp Fourth Quarter Results Out

1 min read | December 24, 2020 10:32 AM EST | By Team Kalkine Media

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iFabric, the maker of women's intimate apparel and accessories, reported a revenue increase of 14% to $3,615,033 in the fourth quarter. The company’s gross profit increased by 11% to $159,606 in this period.
However, its gross profit margins fell 43% in Q4 2020.
Among its different divisions, the Intelligent Fabrics Division reported 105% increase in revenue to $3,615,033. The company attributed this to a performance apparel programs for a retailer and increased sales due to the success the division's Protx2 formulation in deactivating COVID-19 virus.
However, earnings of the Apparel Division fell due to a dip retail store business. Sales fell by 52% to $895,298 in Q4 2020.
IFabric reported an adjusted EBITDA of $480,720 for 2020 compared to $383,096 for 2019.
According to CEO Hylton Karon, the company’s retail instore sales are rebounding and the company expects normalcy after mid 2021. iFabric has also filed patents for new bras.
Karon said they will launch its brand of Personal Protective Equipment and lifestyle and travel products in 2021.

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