PEWAUKEE, WI / ACCESSWIRE / July 20, 2020 / FIRSTIME DESIGN LIMITED (FTDL) today announced net sales for the three months ended June 30, 2020 of $4,305, an increase of 43.4% compared to the same period last year. The Company reported second quarter 2020 consolidated net income of $463 or $0.40 per share, compared to a $72 or $0.06 per share
in the same period last year.
The Company ended Q2 2020 with $1,435 of net debt compared to $1,886 at the end of Q2 2019. The Company continues to use its excess cash flow to reinvest into growth and pay down debt.
Christopher D. Bering, Chairman & CEO said "we continue to benefit from the shift in consumer spending patterns in 2020. We look forward to continued profitability and growth through the balance of the year. We are working diligently to prepare for what we hope will be a strong holiday season."
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.firstimeonline.com or http://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:
Christopher D. Bering
Chairman & CEO
262-364-5200 ext. 100
cbering@firstime.com
SOURCE: FirsTime Design Limited
View source version on accesswire.com:
https://www.accesswire.com/598164/FirsTime-Design-Limited-Announces-Second-Quarter-2020-Results
