PEWAUKEE, WI / ACCESSWIRE / October 25, 2021 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the third quarter period ending September 30, 2021. Third-quarter highlights include:
- The Company opened its sixth distribution facility, located near the port of Los Angeles, to support planned growth
- The Company is in the process of migrating to a new Oracle ERP system which will be completed in early 2022 which will help scale business operations
- The Company has undertaken its first full financial audit which it expects will be completed by the end of Q1 2022 for Fiscal Year 2021
Financial Results Summary
Income Statement Summary | Third Quarter Period | Year to Date Period | ||||||||||||||
| 9/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | |||||||||||||
Net Sales | $ | 5,995,000 | $ | 6,355,000 | $ | 18,609,000 | $ | 14,000,000 | ||||||||
Sales Growth % | -5.7% | 82.2% | 32.9% | 45.3% | ||||||||||||
EBITDA | $ | 564,000 | $ | 833,000 | $ | 1,449,000 | $ | 1,500,000 | ||||||||
Margin % | 9.4% | 13.1% | 7.8% | 10.7% | ||||||||||||
Net Income | $ | 470,000 | $ | 774,000 | $ | 1,138,000 | $ | 1,338,000 | ||||||||
Margin % | 7.8% | 12.2% | 6.2% | 9.6% | ||||||||||||
Earnings per Share | $ | 0.41 | $ | 0.67 | $ | 0.99 | $ | 1.16 | ||||||||
EPS Growth % | -38.9% | 509.1% | -11.4% | 163.3% | ||||||||||||
Wtd. Avg. Shares Out. | 1,154,651 | 1,154,651 | 1,154,651 | 1,154,651 | ||||||||||||
| Balance Sheet Summary | Year to Date Period | |||||
| 9/30/2021 | 9/30/2020 | |||||
Net Tangible Working Capital | $ | 13,654,000 | $ | 6,672,000 | ||
Net Debt | $ | 7,596,000 | $ | 3,110,000 | ||
Total Shareholder's Equity | $ | 10,201,000 | $ | 5,670,000 | ||
Operational Results Summary
Chairman and CEO Christopher D. Bering said "I am extremely pleased with the organization's accomplishments despite the unprecedented global logistical headwinds that all businesses are facing today. Regardless, the Company performed well, even when compared to the same period in 2020, which COVID-19 positively influenced."
Bering went on to say, "Though the operating environment is extremely challenging with supply chains backed up, and container and shipping costs up over 400% versus what they were a year ago, we have been largely spared from the worst impact because the Company made strategic investments into our supply chain in early 2020 to mitigate the substantial global congestion. We continued those investments in the third quarter of 2021 with additions to our West Coast distribution facilities which now comprise over 500,000 square feet in space. Longer-term, we remain extremely optimistic in our strategy. The Company continues to make major investments into infrastructure including a state-of-the-art ERP system as well as human capital that will continue to support the higher growth rates that we are experiencing. Our highly successful core business remains a design company and I strongly believe that our investments today will lead to continued profitable growth in the years to come."
Andrew Bass, Chairman of the Capital Allocation Committee, said that "the Company remains on track to have its first financial audit completed in the first quarter of 2022 for Fiscal Year 2021. This will be a big milestone in the history of the Company as it will continue to improve the level of confidence in the credibility of the business. We remain focused on three core strategies. Investing into our core design-oriented e-commerce business in the home furnishing space which has extraordinary potential, focusing on building per share intrinsic value over multi-year market cycles, and continuing to improve credibility, professionalism, and transparency toward our shareholders."
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 e-commerce channels. More information about the Company 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 full year ending December 31, 2021.
Contact name: Andrew Bass
[email protected]
SOURCE: FirsTime Design Limited