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IFabric swings to profit in fiscal Q1

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IFabric swings to profit in fiscal Q1

iFabric Corp. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, was C$44,730, compared with a loss of C$110,040 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.3% from negative 3.6% in the year-earlier period.

Total revenue increased 9.4% year over year to C$3.3 million from C$3.0 million, and total operating expenses came to C$3.3 million, compared with C$3.3 million in the prior-year period.

Reported net income came to C$27,100, or 0 cents per share, compared to a loss of C$155,310, or a loss of 1 cents per share, in the year-earlier period.