Delta, British Columbia--(Newsfile Corp. - May 31, 2024) - Fab-Form Industries Ltd. (TSXV: FBF) ("Fab-Form" or the "Company") has released its financial results for the three months ended March 31, 2024. The company achieved a net profit of $85,157 during this quarter, a 23% decrease compared to the corresponding period in 2023. Revenue for the three months ended on March 31, 2024, amounted to $748,002, a 5.79% increase compared to the same period in 2023. The operating income for this period was $119,801, an 18.98% decline compared to the corresponding period in 2023.
YTD revenue stood at $3.30Mn compared to $3.82Mn in 2023, and YTD net profits reported $549,527 compared to $716,074 in the nine-month period ended March 31, 2023.
Several milestones were achieved in the quarter ended 31 March 2024: launched the Fab-Form online store for Fast-Tube with a dedicated and fully functional website (www.fast-tube.com). The first online order was received on 08 March 2024. Expanded Fast-Tube production to attract retail customers, where Fast-Tube is now available with 12-foot sections covering 8", 10", 12", 14", and 16" diameters.
"The Third quarter was an exciting quarter for Fab-Form. We have been evaluating the requirements for an online store for many years, and we are proud that we achieved that milestone, which will play a pivotal role in taking the Fast-Tube to the global market," said Joey Fearn, President, and CEO.
For further details and comprehensive information related to the financial statements, please visit the company's website at https://www.fab-form.com/investor/financials.php, or visit SEDAR+ at www.sedar.com. Alternatively, you can request additional information directly from Fab-Form's head office in Delta.
About Fab-Form
Fab-Form Industries Ltd., located in Vancouver, BC, Canada, is recognized as a prominent manufacturer of concrete forming products. The company was founded in 1986 and has been dedicated to creating and commercializing sustainable and efficient foundation products for the building industry. Fab-Form has been listed 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: Joey Fearn| joey@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/211324
