Delta, British Columbia--(Newsfile Corp. - November 29, 2024) - Fab-Form Industries Ltd. (TSXV: FBF) ("Fab-Form ®" or "Company") released results for the quarter ended 30 September 2024. The Company experienced a decline in revenue of 6.9% compared to same period in 2023, as a result of lower housing starts. High construction costs and mortgage rates strained affordability leading to this slowdown.
Despite this fall in revenue, the Company showed a strong annualized return on shareholders' equity of 20.83%.
Bracing sales showed a decline of 20.6% while Fastfoot® was flat over same period in 2023. Fast-Tube® showed an exceptional growth of 5,857% as the company focused on this innovative product. Nudura sales remained flat, reflecting the low level of housing starts.
The quarter's cash flow from operations was $333,605. Cash and cash equivalents were $1,708,050 at end of the quarter. Short-term investments of $2,590,982 achieved excellent returns and remained accessible for operational needs. During the year, exposure to the US Dollar was further reduced by conversion to Canadian dollars. The company is well capitalized to face any uncertainties in the future.
Total number of fully and diluted shares as of the 28 November 2024 was 9,174,507 (30 June 2024: 9,174,507).
Update on new products
The Company achieved multiple key milestones from year end to date including filing of two patent applications. See news releases below:
Fab-Form Industries Ltd. Announces Completion of Patent Application for New Product, SPACE-R
https://www.newsfilecorp.com/release/217154/FabForm-Industries-Ltd-Announces-Completion-of-Patent-Application-for-New-Product-SPACER
Fab-Form Industries Ltd. Announces Patent, Trademark Applications and Completion of Prototypes of Level-R and Monopour HD
https://www.newsfilecorp.com/release/227503/FabForm-Industries-Ltd-Announces-Patent-Trademark-Applications-and-Completion-of-Prototypes-of-LevelR-and-Monopour-HD
Fab-Form Industries Ltd. Announces Patent for a Method of Installing and Supporting a Fabric Column Form
https://www.newsfilecorp.com/release/231134/FabForm-Industries-Ltd-Announces-Patent-for-a-Method-of-Installing-and-Supporting-a-Fabric-Column-Form
For comprehensive information on the product updates, visit the company's website at https://www.fab-form.com/investor/newProducts.php, or visit Sedarplus at www.sedarplus.ca for Company information.
About Fab-Form
Fab-Form Industries Ltd. is an industry leader in innovative concrete forming solutions, dedicated to improving construction efficiency and sustainability worldwide.
The Company has traded on the TSX Venture Exchange ("TSXV" under the symbol FBF) since 2000.
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: Joseph Fearn | joey@fab-form.com | 604 596-3278
For additional information please visit: www.fab-form.com
SEDAR: www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231942
SOURCE: Fab-Form Industries Ltd.
