Delta, British Columbia--(Newsfile Corp. - November 22, 2022) - Fab-Form Industries Ltd. (TSXV: FBF) ("Fab-Form") releases its third quarter results. The third quarter was another strong period with record revenue, profit from operations, and net cash generated. Operating margins remained above 35%, with total cash in hand ending at $2.87Mn. Total earnings for the third quarter increased 33% compared to 2021. The total earnings for the nine months ended 30 September 2022 increased to $1,122,334, an increase of $448,907 (67%) over 2021. Total sales for the quarter increased by $495,466 over 2021, a 31% increase QOQ basis. Net assets attributable to shareholders at the end of nine months increased by 41.28%.
Fab-Form achieved its target sales of $5Mn for the year by the end of Q3, a 42% increase over 2021, representing $0.7mn revenue per employee. ICF area increased by 28,946 sq.ft. compared to corresponding quarter in 2021, a 20% increase. It is expected that both the ICF and bracing markets will have a significant growth potential not only in North America but in other continents as well. Fab-Form intends to exploit these markets.
Supply chain bottlenecks remain challenging due to volatility in lead-times and unexpected covid-related shutdown of suppliers' production facilities in China. International freight costs have come down to pre-covid levels. Cost of delivery in Canada and USA remain at higher levels compared to 2021 due to inflation.
Fab-Form remains focused on improving existing products in terms of their usability and quality. Research and development activities related to the development of new products continues to make good progress.
Q3 2022 Update:
About Fab-Form
Fab-Form Industries Ltd ("Fab-Form") is a leading eco-friendly 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 greener and more sustainable 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 are not guaranteeing 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 | | 604 596-3278
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