NEW BERLIN, Wis.--(BUSINESS WIRE)--FIRSTIME DESIGN LIMITED (FTDL) today announced net sales for the six months ended June 30, 2015 of $4,623,000 an increase of 16.4% compared to the same period of last year. The Company reported consolidated net income of $476,000 or $.31 per common share, an increase of 54.6% compared to the same six-month period of last year. Second quarter net income was $257,000 or $0.17 per common share, an increase of 52.7% as compared to the same three-month period of last year. FTDL ended the quarter with $1,874,000 of cash and cash equivalents on the balance sheet.
Additionally, the Company announced the formation of a Capital Allocation Committee to review and recommend to the Board of Directors “for” or “against” external capital investments, acquisitions, securities purchases or sales, mergers and general investments. Newly elected Chairman of the Committee, Andrew Bass, said “the Board of Directors and Company recognize that in addition to maintaining a profitable and growing core business, FTDL should explore opportunities to deploy capital, in a deliberative manner, with the intent of maximizing per share value.”
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