Thugmuffin
4年前
$FTDL FirsTime Design Limited Announces Fourth Quarter 2021 ResultsPress Release | 05/11/2022
PEWAUKEE, WI / ACCESSWIRE / May 11, 2022 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the fourth quarter period ending December 31, 2021. Fourth-quarter highlights include:
The Company completed and received its first clean Financial Audit for Fiscal Year End 2021
The Company made further progress in migrating to a new Oracle ERP system which will be fully implemented by Q3 2022
The Company expanded into a new freight forwarding relationship, as well as procured additional warehousing space near the east coast, to further strengthen its supply chain
Financial Results Summary
Income Statement Summary
Fourth Quarter Period Year to Date Period
12/31/2021 12/31/2020 12/31/2021 12/31/2020
Net Sales
$ 4,949,000 $ 7,927,200 $ 23,558,000 $ 21,927,000
Sales Growth %
-37.6 % 92.9 % 7.4 % 59.5 %
EBITDA
$ (541,000 ) $ 1,133,400 $ 908,000 $ 2,633,000
Margin %
-10.9 % 14.3 % 3.9 % 12.0 %
Net Income
$ (584,000 ) $ 3,413,000 $ 405,000 $ 4,751,000
Margin %
-11.8 % 43.1 % 1.7 % 21.7 %
Earnings per Share
$ (0.51 ) $ 2.95 $ 0.35 $ 4.11
EPS Growth %
-117.2 % 4826.5 % -91.5 % 514.1 %
Wtd. Avg. Shares Out.
1,154,651 1,154,651 1,154,651 1,154,651
Balance Sheet Summary
Year to Date Period
12/31/2021 12/31/2020
Net Tangible Working Capital
$ 13,463,000 $ 9,493,000
Net Debt
$ 7,991,000 $ 4,652,000
Total Shareholder's Equity
$ 9,480,000 $ 9,083,000
Operational Results Summary
Chairman and CEO Christopher D. Bering said "though I have not seen an operational environment this challenging in the over 20 years that I have been managing international supply chains, I am elated at how we have not only navigated through the challenging times but also strengthened the business for massive scale once the supply chain environment begins to settle down. While the cost to bring product into the United States went hyperinflationary with container prices increasing by 400% seemingly overnight starting in late Summer 2021, we took a few swift and decisive actions including halting all product importing until container costs normalize, staging finished goods inventory in Asia in the event that if we saw further importing restrictions we would not be reliant upon sub-component manufacturers, and diversifying our freight forwarding relationships in order to create a competitive cost environment."
Bering continued with "while we were managing through the hyperinflationary environment, we cultivated further action to strengthen our model for when we get through these unprecedented times. We have fully tested and vetted our late 2021 product rollout of over 300 items which positions us well for when the environment normalizes to restart the flow of inventory for that program, as well as we developed our next round of product rollouts which amounts to over an additional 500 items. Additionally, we made significant progress on our ERP implementation strategy with a Companywide rollout to occur in the third quarter of this year, and we have fully vetted and set up relationships for new warehousing space on the east coast of the United States which will not only provide some diversity away from the Port of Los Angeles, but also allow us to stage more inventory closer to our customers. In the long run, these actions should allow us to stay competitively positioned and grow at above market rates in the future."
Andrew Bass, Chairman of the Capital Allocation Committee, said that "Christopher and the team are doing an exceptional job of navigating through these challenging times and strengthening the business model for when the operating environment normalizes. At a corporate level, the Company has completed its first Financial Audit for Fiscal Year 2021 which will set up the business for opportunities in the future. Finally, the Company remains focused on long term profitability to use its sizable Federal Net Operating Loss."
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.
SOURCE: FirsTime Design Limited
View source version on accesswire.com:
https://www.accesswire.com/700853/FirsTime-Design-Limited-Announces-Fourth-Quarter-2021-Results
Thugmuffin
4年前
$FTDL FirsTime Design Limited Announces Fourth Quarter 2021 ResultsPress Release | 05/11/2022
PEWAUKEE, WI / ACCESSWIRE / May 11, 2022 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the fourth quarter period ending December 31, 2021. Fourth-quarter highlights include:
The Company completed and received its first clean Financial Audit for Fiscal Year End 2021
The Company made further progress in migrating to a new Oracle ERP system which will be fully implemented by Q3 2022
The Company expanded into a new freight forwarding relationship, as well as procured additional warehousing space near the east coast, to further strengthen its supply chain
Financial Results Summary
Income Statement Summary
Fourth Quarter Period Year to Date Period
12/31/2021 12/31/2020 12/31/2021 12/31/2020
Net Sales
$ 4,949,000 $ 7,927,200 $ 23,558,000 $ 21,927,000
Sales Growth %
-37.6 % 92.9 % 7.4 % 59.5 %
EBITDA
$ (541,000 ) $ 1,133,400 $ 908,000 $ 2,633,000
Margin %
-10.9 % 14.3 % 3.9 % 12.0 %
Net Income
$ (584,000 ) $ 3,413,000 $ 405,000 $ 4,751,000
Margin %
-11.8 % 43.1 % 1.7 % 21.7 %
Earnings per Share
$ (0.51 ) $ 2.95 $ 0.35 $ 4.11
EPS Growth %
-117.2 % 4826.5 % -91.5 % 514.1 %
Wtd. Avg. Shares Out.
1,154,651 1,154,651 1,154,651 1,154,651
Balance Sheet Summary
Year to Date Period
12/31/2021 12/31/2020
Net Tangible Working Capital
$ 13,463,000 $ 9,493,000
Net Debt
$ 7,991,000 $ 4,652,000
Total Shareholder's Equity
$ 9,480,000 $ 9,083,000
Operational Results Summary
Chairman and CEO Christopher D. Bering said "though I have not seen an operational environment this challenging in the over 20 years that I have been managing international supply chains, I am elated at how we have not only navigated through the challenging times but also strengthened the business for massive scale once the supply chain environment begins to settle down. While the cost to bring product into the United States went hyperinflationary with container prices increasing by 400% seemingly overnight starting in late Summer 2021, we took a few swift and decisive actions including halting all product importing until container costs normalize, staging finished goods inventory in Asia in the event that if we saw further importing restrictions we would not be reliant upon sub-component manufacturers, and diversifying our freight forwarding relationships in order to create a competitive cost environment."
Bering continued with "while we were managing through the hyperinflationary environment, we cultivated further action to strengthen our model for when we get through these unprecedented times. We have fully tested and vetted our late 2021 product rollout of over 300 items which positions us well for when the environment normalizes to restart the flow of inventory for that program, as well as we developed our next round of product rollouts which amounts to over an additional 500 items. Additionally, we made significant progress on our ERP implementation strategy with a Companywide rollout to occur in the third quarter of this year, and we have fully vetted and set up relationships for new warehousing space on the east coast of the United States which will not only provide some diversity away from the Port of Los Angeles, but also allow us to stage more inventory closer to our customers. In the long run, these actions should allow us to stay competitively positioned and grow at above market rates in the future."
Andrew Bass, Chairman of the Capital Allocation Committee, said that "Christopher and the team are doing an exceptional job of navigating through these challenging times and strengthening the business model for when the operating environment normalizes. At a corporate level, the Company has completed its first Financial Audit for Fiscal Year 2021 which will set up the business for opportunities in the future. Finally, the Company remains focused on long term profitability to use its sizable Federal Net Operating Loss."
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.
AskMuncher
5年前
$FTDL FirsTime Design Limited Announces Third Quarter 2021 Results
Press Release | 10/25/2021
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
Abass@firstime.com
SOURCE: FirsTime Design Limited
View source version on accesswire.com:
https://www.accesswire.com/669520/FirsTime-Design-Limited-Announces-Third-Quarter-2021-Results
AskMuncher
6年前
$FTDL FirsTime Design Limited Announces Third Quarter 2020 Results
Press Release | 10/19/2020
PEWAUKEE, WI / ACCESSWIRE / October 19, 2020 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the third quarter and year to date periods ending September 30, 2020. Third quarter highlights include:
Q3 2020 net sales and EPS growth of 82% and 498%, respectively
Increased working capital line of credit availability by 140%
Grand opening of the Company's West Coast distribution facility
Financial Results Summary
Third Quarter Period Year to Date Period
9/30/2020 9/30/2019 9/30/2020 9/30/2019
Net Sales
$ 6,355,478 $ 3,487,800 $ 14,000,100 $ 9,636,400
Sales Growth %
82.2 % -2.6 % 45.3 % -4.6 %
EBITDA
$ 832,349 $ 203,691 $ 1,499,900 $ 464,000
Margin %
13.1 % 5.8 % 10.7 % 4.8 %
Net Income
$ 773,734 $ 129,426 $ 1,338,000 $ 503,200
Margin %
12.2 % 3.7 % 9.6 % 5.2 %
Earnings per Share
$ 0.67 $ 0.11 $ 1.16 $ 0.44
EPS Growth %
497.8 % N/A 165.9 % N/A
Wtd. Avg. Shares Out.
1,154,651 1,154,651 1,154,651 1,154,651
Year to Date Period
9/30/2020 9/30/2019
Net Tangible Working Capital
$ 6,839,800 $ 4,287,300
Net Debt
$ 3,109,000 $ 2,347,100
Total Shareholder's Equity
$ 5,660,600 $ 4,057,100
Operational Results Summary
Christopher D. Bering, Chairman & CEO, said, "we are delighted with the organization's overall performance, both top and bottom line. These results come from years of strategic initiatives that have allowed us to take advantage of the shift in consumer spending patterns. The diversification of our customers, and the increase in our eCommerce presence, combined with our global manufacturing base with locations in China, Egypt, Italy, Vietnam, Taiwan, India and the USA, has allowed us to successfully overcome the supply issues from COVID-19. I am also very excited to announce the opening of our new West Coast distribution facility. This location complements our already diversified distribution capabilities in the Midwest and East Coast. This new facility allows us to get our products to market expeditiously which is critical to our continued success. I am enthusiastic about the Company's operational positioning, which has taken several restructurings over many years to complete. These moves have allowed the organization to stay agile and fluid, imperative in these ever-changing markets. In addition, the COVID-19 pandemic has challenged all of us to think, live, and work in new ways. The Company is working with all employees to offer flexibility by supporting individual work styles while balancing operational needs, and more importantly, safety for them and their families."
Mr. Bering concluded, "the business momentum is strong, and the trends we are experiencing gives me the confidence in the vision and path forward. We remain focused on value-driving strategies, which should continue to create favorable results in the years to come."
Andrew Bass, Chairman of the Capital Allocation Committee, added that "the Company secured a meaningful increase in its Line of Credit in the third quarter. This increase will ensure that our balance sheet can keep up with the higher business activity that we started to see in 2020. Accordingly, this has led to sizable improvements in income generation, allowing the Company to continue to use its over $14 million Federal and $5 million State Net Operating Loss. The Company does not expect to pay any meaningful amounts of cash taxes for the foreseeable future, which significantly benefits our ability to generate free cash flow and maintain high returns on invested capital. In addition to running a growing and profitable business, we continue to explore ways to increase our per-share intrinsic value over market cycles."
About FirsTime Design Limited
FirsTime Design Limited, through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, are industry-leading designers, marketers, and distributors 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 InnerSpace, including statements that involve risks and uncertainties concerning FirsTime's acquisition of InnerSpace and 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 synergies of FirsTime and InnerSpace may not be achieved, the combined operations may not be successfully integrated in a timely manner, if at all, general economic conditions in regions in which FirsTime and InnerSpace do business, and the possibility that FirsTime or InnerSpace 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 or InnerSpace.
Contact:
Andrew Bass
FirsTime Design Ltd.
abass@firstime.com
262.364.5200
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