Innovative Designs, Inc. Reports Earnings Results for the Third Quarter Ended July 31, 2020
September 21, 2020 at 01:21 pm EDT
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Innovative Designs, Inc. announced earnings results for the third quarter ended July 31, 2020. For the third quarter, the company announced sales was USD 90,814. Operating loss was USD 51,832. Net loss was USD 54,005. Basic loss per share from continuing operations was USD 0.002. For the nine months, sales was USD 174,048 compared to USD 188,736 a year ago. Operating loss was USD 176,454 compared to USD 488,942 a year ago. Net loss was USD 185,289 compared to USD 514,171 a year ago. Basic loss per share from continuing operations was USD 0.006 compared to USD 0.019 a year ago.
Innovative Designs, Inc. operates in two separate business segments, such as cold weather clothing and house wrap for the building construction industry. Both of its segment lines use products made from INSULTEX, which is a low-density foamed polyethylene with buoyancy, scent block, and thermal resistant properties. The Company's apparel segment offers a range of extreme cold weather apparel and related items. Its House Wrap segment offers its INSULTEX House Wrap, which has an R-value of three and an R-value of six and its own seam tape. Floating Swimwear is its swimwear product, which is designed to be a swim aid. Its other products containing INSULTEX include Hunting Apparel Line and Arctic Armor Line. It also offers a product that helps restore the waterproof character of the outer side of its Arctic Armor clothing. Its Arctic Armor line products are used by Ice fisherman, Snowmobilers, Utility workers, Oil/gas pipeline workers, Railroad workers, Construction workers, and others.
INNOVATIVE DESIGNS, INC. 