NEW BERLIN, Wis.--(BUSINESS WIRE)--FIRSTIME DESIGN LIMITED (FTDL) today announced net sales for the three months ended December 31, 2015 of $2,487,000, an increase of 8.2% compared to the same period last year. Revenue for the twelve months ended December 31, 2015 of $10,894,000 increased 18.8% compared to the same period last year. Fourth quarter net income was $855,000 or $0.56 per common share, an increase of 1405.6% over the same period last year. Full year net income was $1,749,000, or $1.15 per common share, an increase of 208.2% over the same period last year. Fourth quarter and full year net income included a non-recurring gain of $589,000, or $0.39 per share, due to the partial release of the valuation allowance the Company keeps on its Net Operating Losses. Excluding the impact of the non-recurring gain, net income increased 368.1% in the fourth quarter over the same period last year and 104.4% for the full year over the same period last year. The Company ended the quarter with $3,042,000 of cash and cash equivalents on the balance sheet.
Christopher Bering, CEO, said “we laid the foundation in 2014 for a strong 2015 which did not disappoint. We continue to work to execute the articulated strategy of organic growth through market share gains. Additionally, a burgeoning online business has allowed us to widen our distribution channels and diversify our customer base.”
Additionally, Andrew Bass, Chairman of the Capital Allocation Committee, said “we continue to evaluate potential opportunities to maximize per share value for shareholders over multi-year market cycles.”
Forward Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). The words “believe,” “expect,” “anticipate,” “estimate,” “guidance,” “target” and similar expressions identify forward-looking statements. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements. Certain risks and uncertainties are identified from time to time in the Company’s reports. Some factors that could cause results to differ materially from those projected in the forward-looking statements include: market conditions, liquidation value of assets, and the market value and future liquidity of FirsTime Design Ltd. stock. The Company claims the protection of the safe harbor for forward-looking statements contained in the 1995 Act.
About FirsTime Design Limited
FirsTime Design Limited, through its subsidiary, FirsTime Manufactory, Inc., is an industry leading designer, marketer and distributor of decorative timepieces, thermometers and other home décor products sold at major-national retailers. More information can be found at: www.firstimeonline.com or http://www.otcmarkets.com/stock/FTDL/quote