Fri, 27 Nov 2020

PEWAUKEE, WI / ACCESSWIRE / October 19, 2020 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the third quarter and year to date periods ending September 30, 2020. Third quarter highlights include:

  • Q3 2020 net sales and EPS growth of 82% and 498%, respectively
  • Increased working capital line of credit availability by 140%
  • Grand opening of the Company's West Coast distribution facility

Financial Results Summary

Operational Results Summary

Christopher D. Bering, Chairman & CEO, said, 'we are delighted with the organization's overall performance, both top and bottom line. These results come from years of strategic initiatives that have allowed us to take advantage of the shift in consumer spending patterns. The diversification of our customers, and the increase in our eCommerce presence, combined with our global manufacturing base with locations in China, Egypt, Italy, Vietnam, Taiwan, India and the USA, has allowed us to successfully overcome the supply issues from COVID-19. I am also very excited to announce the opening of our new West Coast distribution facility. This location complements our already diversified distribution capabilities in the Midwest and East Coast. This new facility allows us to get our products to market expeditiously which is critical to our continued success. I am enthusiastic about the Company's operational positioning, which has taken several restructurings over many years to complete. These moves have allowed the organization to stay agile and fluid, imperative in these ever-changing markets. In addition, the COVID-19 pandemic has challenged all of us to think, live, and work in new ways. The Company is working with all employees to offer flexibility by supporting individual work styles while balancing operational needs, and more importantly, safety for them and their families.'

Mr. Bering concluded, 'the business momentum is strong, and the trends we are experiencing gives me the confidence in the vision and path forward. We remain focused on value-driving strategies, which should continue to create favorable results in the years to come.'

Andrew Bass, Chairman of the Capital Allocation Committee, added that 'the Company secured a meaningful increase in its Line of Credit in the third quarter. This increase will ensure that our balance sheet can keep up with the higher business activity that we started to see in 2020. Accordingly, this has led to sizable improvements in income generation, allowing the Company to continue to use its over $14 million Federal and $5 million State Net Operating Loss. The Company does not expect to pay any meaningful amounts of cash taxes for the foreseeable future, which significantly benefits our ability to generate free cash flow and maintain high returns on invested capital. In addition to running a growing and profitable business, we continue to explore ways to increase our per-share intrinsic value over market cycles.'

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 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:

Andrew Bass
FirsTime Design Ltd.
abass@firstime.com
262.364.5200

SOURCE: FirsTime Design Limited



View source version on accesswire.com:
https://www.accesswire.com/611094/FirsTime-Design-Limited-Announces-Third-Quarter-2020-Results

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