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The impact of these changes was partially offset by lower share based compensation costs of $374,949 in 2016 versus 2015. Working capital amounted to $5,300,067 compared to $5,419,934 at September 30, 2015, a decrease of $119,867. This was mainly attributable to the loss for the year. Long term debt relating to the building owned by the Company increased by $484,916 attributable to capital improvements and infrastructure expansion, from $1,408,893 at September 30, 2015 to $1,893,809 as at September 30, 2016. At the same time property, plant and equipment increased by an amount of $450,771 from $2,487,880 in 2015 to $2,938,651 in 2016 mainly in respect of expenditures on building renovations that were made to house the additional staff that will be required to service the projected growth in both of iFabric' s Divisions in 2017 and beyond. The Company's land and buildings have been appraised by independent appraiser in an amount of $4,400,000 representing an increase of $1,621,411 over the carrying value of this asset. Cash at year end was $1,260,213. Bank operating debt line at year end was $889,903 leaving $1,110,097 of unutilized bank operating line available to the Company. Complete Financial Statements are available on www.sedar.com and the company's website www.ifabriccorp.com BUSINESS OUTLOOK: Hylton Karon, President and CEO of iFabric, provided the following comments regarding the business outlook for iFabric and financial performance for the fourth quarter of fiscal 2016 and the 2016 fiscal year: "Our Intelligent Fabrics division has secured a strong customer base across all segments of our target markets, including medical scrubs, hospital curtains, bedding, sportswear, yoga wear, outerwear, travel luggage and accessories, plastics and footwear amongst others. Our product offerings have been adopted by some of the world's leading brands.
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comments Bostons New Balance athletic shoe brand is being sued over its Made in the USA sneakers. Three California residents filed a proposed class-action lawsuit, claiming New Balance has sold hundreds of thousands of sneakers to California consumers that are misrepresented as Made in the USA when they include a substantial percentage of foreign-made components. The sales violate California laws including those governing false advertising and unfair competition, according to the complaint filed in U.S. District Court in California. New Balance publicly acknowledges it advertises that its shoes are Made in the USA, when domestic value is at least 70 percent, the lawsuit states. Put differently, New Balance admits that it has a common policy of advertising that its shoes are Made in the USA, even when up to 30 percent of the value of the shoes is attributable to foreign-made components and/or labor. New Balances pricier Made in the USA sneakers are sold at stores and online for $164.99 to $399.99. New Balance said it has worked diligently to be transparent in its consumer communications, including advertising, packaging and on its website, that where domestic content is at least 70 percent, the brands footwear is labeled Made in the USA. The complaint brought forward today by the plaintiffs actually acknowledges New Balances extensive efforts in transparency, the company said. New Balance noted its five New England factories employ 1,300-plus workers who make shoes. Some of New Balances factories are located in historically industrial areas that have struggled with rising unemployment after the footwear industry and manufacturing moved overseas, New Balance said. Although we cannot comment further on the specifics of the case, we will vigorously defend our brand against this lawsuit. More On:
For the original version including any supplementary images or video, visit http://www.bostonherald.com/business/business_markets/2016/12/suit_claims_new_balance_shoes_not_us_made
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