(Filed Under Financial and General Interest News). Toronto-based iFabric reported record annual revenue of $19,763,672 (in Canadian dollars, about $15.7 million at today’s exchange rates), for its fiscal year ended September 30, 2021. Net earnings after tax attributable to shareholders were $2,369,698 (about $1.9 million).

In the fiscal year ended September 30, 2020, iFabric lost $617,770 (about $491,000), on revenue of $11,521,676 (about $9.2 million).

In fiscal 2021, the company’s Intelligent Fabric Division revenue jumped to $15,672,469, in Canadian dollars, up from $8,077,444 in 2020. The firm’s Intimate Apparel Division revenue increased to $3,979,319 in Canadian dollars, up from $3,324,125 in 2020.

“It is with great pride that I confirm record achievements in both revenues and earnings in 2021,” said Hylton Karon, president and CEO. “Our team has delivered the highest volume of products in the greatest array of categories. The continued confidence our customers have shown in our technologies, product design and manufacturing, along with timely delivery, underlines the abilities of our talented team to build our business. We look forward to continue to set new records in 2022.”

In another matter, the company released a statement in early January regarding a dispute with a Chinese supplier in 2020 over the production of N95 masks, announcing that the Shanghai International Economic Trade Arbitration Commission had ruled in its favor in the case.

According to iFabric, its Intelligent Fabric division contracted in May 2020 for the supply of a million N95 masks. The contract was partially fulfilled, then the supplier defaulted on the remainder of the contract citing supply constraints. iFabric “terminated the contract for breach in July 2020 and demanded repayment of its remaining deposit of U.S. $2,905,000 together with liquidated damages.” It stated that it is “pleased to announce that it has now received a favorable ruling by the arbitrator which, includes the obligation of the supplier to: return the outstanding deposit of U.S. $2,905,000 as of the date that the contract was terminated; pay liquidated damages, including legal costs, in an amount of U.S. $146,942; pay interest at the rate of 12% per annum calculated from the date of payment of the deposit,” and reimburse the full cost of the arbitration hearing, amounting to Chinese RMB 445,902, which iFabric paid prior to the hearing. — NM

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Published 01-22-2022 by Nick Monjo