NEW BERLIN, Wis.--(BUSINESS WIRE)--FIRSTIME DESIGN LIMITED (FTDL) today announced net sales for the nine months ended September 30, 2016, of $5,652,000 a decrease of 20.6% compared to the same period last year. The Company reported consolidated net income of $529,000 or $0.35 per common share, a decrease of 40.8% compared to the same nine-month period last year. Third quarter net income was $154,000 or $0.10 per common share, a decrease of 63.2% as compared to the same three-month period last year. FTDL ended the quarter with $3,502,000 of cash and cash equivalents on the balance sheet.
Christopher D. Bering, President, and Chief Executive Officer, commented, “Despite the Q3 and YTD reported numbers, we remain optimistic given newly acquired customers and strengthening legacy customer relationships. FirsTime has also seen improved gross profit margins, operating more efficiently this year. Additionally, we continue to invest in our e-commerce business, which is continuing to report profitable, double-digit revenue increases.”
Bering concluded, “The Capital Allocation Committee, formed to review and recommend to the Board of Directors regarding prudent external capital investments, remains highly active. The Committee spent half of 2015, and the early part of 2016 vetting a potential transaction, though the Board of Directors unanimously voted against it for the benefit of the company and our shareholders. The Committee continues to remain active in its exploration for, and vetting of, transactions that will benefit the company, and equally as important, the shareholders’ interests in an effort to create value over market cycles.”
About FirsTime Design Limited
FirsTime Design Limited, through its subsidiary, FirsTime Manufactory, Inc., is an industry leading designer, marketer and distributor of 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.