iFabric Corp. (TSX:IFA) is a Markham-based women’s apparel company. Some of its business segments include Intelligent Fabrics, Intimate apparel, and others. iFabric stock was down 1.52% at the bottom of the noon hour on April 9, but the stock has surged 14.8% week over week following the release of results from its annual shareholder meeting.
The company released its first quarter results on February 12. Revenues jumped 66% from Q1 2017 to a record $5.13 million in the quarter. The largest increase was in the Apparel division, which climbed 95% to $3.47 million. Gross profit rose 126% to $2.58 million and the company reported adjusted EBITDA of $1.42 million compared to a negative adjusted EBITDA of $58,555 in the prior year.
iFabric stock is still down 7% in 2018 thus far but shares are up 14.9% year over year. There is a lot to be excited about in its most recent earnings report, and the stock remains near a bargain price of $3.25 as of early afternoon trading on April 9. The company achieved record revenues in 2017 of $18.8 million which represented a 39% increase from 2016. Gross profit also jumped 35% to $8.4 million.
Leadership projected that it will see similar growth in 2018 in comparison to the increases seen in 2017. This should pique investor interest especially in the midst of slumping stock prices on the Toronto Stock Exchange (TSX).
