Delta, British Columbia--(Newsfile Corp. - May 29, 2023) - Fab-Form Industries Ltd. (TSXV: FBF) ("Fab-Form") releases 2023 first quarter results. The Company generated a net profit of $111,922 for the quarter compared to a net profit of $223,002 in the previous year as a result of a decrease in sales of 37.85%. The performance of Q1 was expected due to the contraction in the housing market as a result of higher interest rates. However, sales have picked up in April, with demand similar to Q2 2022. There has been an increase in the number of quotes for row houses/town houses in 2023 compared to 2022. Demand for ICFs will significantly increase when ICFs are accepted in this market segment.
We are excited to announce that Fab-Form has placed its first order of Fast-Tube fabric from Hagihara in May, which will be delivered in September. Production of Fast-Tube will commence in early October 2023 as planned. Fast-Tube will be produced using existing welding technology, with no significant change to the existing machinery. Development of polymer-based technology is currently in progress. Manufacturing using an augur will require five months of testing, with our supplier in Thailand having commenced production. Fab-Form expects the augur to arrive in August 2023 and testing of the polymer will commence immediately.
Q1 2023 Update: https://www.fab-form.com/investor/financials.php
About Fab-Form
Fab-Form Industries Ltd ("Fab-Form") is a leading concrete forming products manufacturer located in Vancouver, BC Canada. Since its inception in 1986, the Company has invented, developed, and commercialized foundation products that are more sustainable and efficient for the building industry.
The Company has traded on the TSX Venture Exchange ("TSXV" under the symbol FBF) since 1999.
Forward Looking Statements
Some statements contained in this news release constitute "forward-looking statements" as is defined in applicable securities laws. These statements include, without limitation, the success of developing, manufacturing, and distributing new products and other similar statements concerning anticipated future events, conditions, or results that are not historical in nature, and reflect management's current estimates, beliefs, intentions, and expectations. These statements do not guarantee future performance. The Company cautions that all forward-looking information is inherently uncertain, and that actual performance may be affected by several material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to product development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; potential defects in product performance; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; the uncertainty of capturing market share and other risks and uncertainties. Accordingly, actual future events, conditions, and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. These statements are made as of the Report Date and, except as required by law, the Company is under no obligation to update or alter any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contact: Richard Fearn | rick@fab-form.com | 604 596-3278
For additional information please visit our website at www.fab-form.com
View our profile on SEDAR.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167856
