PEWAUKEE, WI / ACCESSWIRE / July 16, 2021 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the second quarter period ending June 30, 2021. First quarter highlights include:
- Q2 2021 over Q2 2020 net sales and EPS growth of 23% and (91)%, respectively
- Q2 2021 over Q2 2019 net sales and EPS growth of 77% and (33)% respectively
- The Company began to roll out its new Spring 2021 product assortment which is the largest in Company history
Financial Results Summary
Income Statement Summary | Second Quarter Period | Year to Date Period | ||||||||||||||
| 6/30/2021 | 6/30/2020 | 6/30/2021 | 6/30/2020 | |||||||||||||
Net Sales | $ | 5,305,000 | $ | 4,305,000 | $ | 12,614,000 | $ | 7,645,000 | ||||||||
Sales Growth % | 23.2 | % | 43.4 | % | 65.0 | % | 24.3 | % | ||||||||
EBITDA | $ | 187,000 | $ | 523,000 | $ | 886,000 | $ | 667,000 | ||||||||
Margin % | 3.5 | % | 12.1 | % | 7.0 | % | 8.7 | % | ||||||||
Net Income | $ | 43,000 | $ | 463,000 | $ | 668,000 | $ | 564,000 | ||||||||
Margin % | 0.8 | % | 10.8 | % | 5.3 | % | 7.4 | % | ||||||||
Earnings per Share | $ | 0.04 | $ | 0.40 | $ | 0.58 | $ | 0.49 | ||||||||
EPS Growth % | -90.7 | % | 568.3 | % | 18.4 | % | 52.6 | % | ||||||||
Wtd. Avg. Shares Out. | 1,154,651 | 1,154,651 | 1,154,651 | 1,154,651 | ||||||||||||
Balance Sheet Summary | Year to Date Period | |||||||
| 6/30/2021 | 6/30/2020 | |||||||
Net Tangible Working Capital | $ | 11,870,000 | $ | 4,199,000 | ||||
Net Debt | $ | 6,133,000 | $ | 1,437,000 | ||||
Total Shareholder's Equity | $ | 9,727,000 | $ | 4,897,000 | ||||
Operational Results Summary
Chairman and CEO, Christopher D. Bering, said "we continue to be proud of the Company's results in this challenging operating environment. Fortunately, I have been managing the vicissitudes of consumer-based markets for over 20 years and in my time, I have seen it all. This time is no different. Though the market remains healthy and the consumer's appetite for our product assortment is strong, upward cost pressure has begun to creep into the market through increased product and shipping costs which impacted this quarter's profitability. We have already taken swift action to remain strong and nimble including managing operating expenses, raising product prices where we can, and making sure we have plenty of inventory on hand as we prepare for the fast-approaching holiday season."
Mr. Bering continued, "when we restructured the business in the 2017 to 2019 period to accelerate our growth plans, we deliberately created a flexible operating structure so we could successfully manage through all kinds of market environments. We remain committed to adhering to this philosophy paired with aggressive new product rollout plans. To that end, the Spring 2021 product rollout is the biggest in the Company's history and we have a very large pipeline of new products to be rolled out over the next twelve months. Over market cycles, we continue to believe we will grow our market share in the very large and fragmented online domestic home décor market."
Andrew Bass, Chairman of the Capital Allocation Committee said that "we reported Q2 2021 growth over Q2 2019 growth to show how we analyze the business over multi-year periods. In Q2 2020 we began to see the direct impact that COVID-19 had in accelerating the consumers push to shopping online which will continue to create difficult year over year comparisons through the balance of the year as the world reopens. Regardless, as we take a longer-term view of the business, we remain optimistic in our business model and our ability to increase per-share intrinsic value."
About FirsTime Design Limited
FirsTime Design Limited is an industry-leading designer, marketer, and distributor of home goods and sleep environment products, which are sold through multiple, national retailers as well as through a vast network of eCommerce channels. More information can be found at www.firstime.com or www.otcmarkets.com/stock/FTDL/quote.
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain forward-looking statements about FirsTime and its general business outlook. When used in this document, the words "anticipates", "can", "will", "look forward to", "expected" and similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the control of FirsTime, that could cause actual outcomes and results to be materially different from those projected, described, expressed, or implied in this document due to several risks and uncertainties. Potential risks and uncertainties include, among others, the possibility that the anticipated continued growth of FirsTime may not be achieved, general economic conditions in regions in which FirsTime does business, and the possibility that FirsTime may be adversely affected by other financial, business, and/or competitive factors. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of FirsTime. The Company's results are preliminary and unreviewed and are subject to change once FirsTime posts its financial results for the year ended 2020.
SOURCE: FirsTime Design Limited