Innovative Designs, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended July 31, 2023
September 25, 2023 at 12:53 pm EDT
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Innovative Designs, Inc. reported earnings results for the third quarter and nine months ended July 31, 2023. For the third quarter, the company reported sales was USD 0.12465 million compared to USD 0.135048 million a year ago. Net loss was USD 0.083964 million compared to net income of USD 0.212357 million a year ago. Basic loss per share from continuing operations was USD 0.002 compared to basic earnings per share from continuing operations of USD 0.006 a year ago. Diluted loss per share from continuing operations was USD 0.002 compared to diluted earnings per share from continuing operations of USD 0.006 a year ago.
For the nine months, sales was USD 0.223546 million compared to USD 0.235164 million a year ago. Net loss was USD 0.255649 million compared to USD 0.1955 million a year ago. Basic loss per share from continuing operations was USD 0.007 compared to USD 0.006 a year ago. Diluted loss per share from continuing operations was USD 0.007 compared to USD 0.006 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. 
