Business
FGI INDUSTRIES ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2021 RESULTS
EAST HANOVER, N.J., March 28, 2022 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) ("FGI" or the "Company"), a leading global supplier of kitchen and bath
About this update from Fgi Industries Ltd.
[{"type":"text","content":"EAST HANOVER, N.J., March 28, 2022 /PRNewswire/ -- FGI Industries Ltd. (Nasdaq: FGI) (\"FGI\" or the \"Company\"), a leading global supplier of kitchen and bath products, today announced results for the fourth quarter and full-year 2021.\n\n \n \n \n \n \n \n\n \nFGI Industries Ltd. (Nasdaq: FGI) today announced results for the fourth quarter and full-year 2021. \nFOURTH QUARTER 2021 RESULTS(As compared to the Fourth Quarter of 2020)\nTotal Revenues of $52.2 million, +47.0% y/y Operating Income of $0.7 million, -39.7% y/y Net Income of $1.0 million, +45.9% y/y Adjusted Operating Income of $0.7 million, -39.7% y/y Adjusted Net Income of $0.7 million, -1.5% y/yFULL-YEAR 2021 RESULTS (As compared to the Full-Year 2020)\nTotal Revenues of $181.9 million, +34.9% y/y Operating Income of $7.7 million, +23.0% y/y Net Income of $7.9 million, +67.1% y/y Adjusted Operating Income of $7.8 million, +24.8 y/y Adjusted Net Income of $6.3 million, +32.8% y/yTotal revenue increased by 47% on a year-over-year basis in the fourth quarter of 2021, driven primarily by broad-based growth across both the Sanitaryware and Bath Furniture product categories in all major geographic markets. The Company reported operating income of $0.7 million in the fourth quarter of 2021, a decline of $0.5 million versus the prior-year period, as strong organic revenue growth was offset by supply chain disruptions, inflationary pressures, and public company costs. For the three months ended December 31, 2021, the Company reported GAAP net income of $1.0 million, or $0.15 per diluted share, versus net income of $0.7 million, or $0.10 per diluted share, in the fourth quarter of 2020. The Company reported fourth quarter 2021 adjusted net income of $0.7 million, or $0.10 per diluted share, which excludes a tax benefit of $0.3 million. \nMANAGEMENT COMMENTARY\n\"As a leading global supplier of kitchen and bath products with an established base of distribution partners across mass retail, wholesale and commercial channels, we believe FGI is well-positioned to capitalize on the favorable secular growth trends evident across our core repair, remodel and new home construction markets,\" stated David Bruce, President and Chief Executive Officer of FGI. \"In our first quarter reported as a public company, we delivered significant year-over-year revenue growth, supported by strong ...