FirsTime Design Limited Announces First Quarter 2021 Results
PEWAUKEE, WI / ACCESSWIRE / May 24, 2021 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the first quarter period ending March 31, 2021. First quarter highlights include:
- Q1 2021 net sales and EPS growth of 119% and 519%, respectively
- Increased working capital line of credit availability by 117% to $13,000,000
- Paid off the Company’s 5-Year Term Loan in under three years
- Officially opened an additional Distribution Center in the Pacific Northwest
Financial Results Summary
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Income Statement Summary
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First Quarter & Year to Date Period | |||||||
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3/31/2021 | 3/31/2020 | ||||||
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Net Sales
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$ | 7,309,000 | $ | 3,340,000 | ||||
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Sales Growth %
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118.8 | % | 6.1 | % | ||||
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EBITDA
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$ | 699,000 | $ | 144,000 | ||||
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Margin %
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9.6 | % | 4.3 | % | ||||
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Net Income
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$ | 625,000 | $ | 101,000 | ||||
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Margin %
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8.6 | % | 3.0 | % | ||||
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Earnings per Share
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$ | 0.54 | $ | 0.09 | ||||
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EPS Growth %
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518.8 | % | -65.4 | % | ||||
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Wtd. Avg. Shares Out.
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1,154,651 | 1,154,651 | ||||||
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Balance Sheet Summary
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First Quarter & Year to Date Period | |||||||
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3/31/2021 | 3/31/2020 | ||||||
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Net Tangible Working Capital
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$ | 10,552,000 | $ | 3,589,000 | ||||
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Net Debt
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$ | 4,885,000 | $ | 1,149,000 | ||||
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Total Shareholder’s Equity
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$ | 9,708,000 | $ | 4,433,000 | ||||
Operational Results Summary
In a statement made by Christopher D. Bering, Chairman and CEO, he shared, “The Company has posted record results in the first quarter of 2021. Traditionally, the Company’s first quarter is the lowest revenue-producing quarter of our fiscal year however 2021 proved to be a significant exception. In addition to strength in our core business, our recently launched new product introductions have proven exceedingly successful. The Company’s spring product roll-out – the largest and most diverse in our history – strongly represents our move into higher-value categories.”
Mr. Bering continued, “To effectively accommodate our continuing high level of sales growth, and to better position the Company for the ongoing market shift toward e-commerce, we have opened a new distribution facility in the Pacific Northwest. This places our geographic footprint strategically across the country on both the East and West Coast, the Midwest, and the Pacific Northwest. Though it took us many years for us to accomplish this extraordinary feat, we are proud of the fact that we are deliberately situated to continue to take market share in the sizeable multi-billion-dollar domestic home décor market.”
Andrew Bass, Chairman of the Capital Allocation Committee, added that “the Company secured another consequential increase in its Line of Credit. This increase will ensure that our balance sheet can keep up with the higher business activity as well as provide operational financing for the foreseeable future. Simultaneously, the Company paid off its 5-year term loan in under three years. This prepayment should allow the Company more flexibility in its capital structure to explore ways to meaningfully increase intrinsic value per share while we focus on the Company’s next multi-year business cycle.”
Mr. Bass concluded, “we have filed our 2020 Reviewed Financial Statements that can be found at www.otcmarkets.com/stock/FTDL/disclosure. As the Company works to further professionalize its infrastructure, we are currently working with our accountants to set up processes to get the Company fully audited at the conclusion of the 2021 Fiscal Year. We are committed to constant improvement and transparency, as we continue to execute on our multi-year business strategy.”
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 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 year ended 2020.
SOURCE: FirsTime Design Limited
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